Light Combat Helicopter gets cheaper with crucial indigenous AFCS

The indigenous Light Combat Helicopter, which is already a success story that has been ordered by the Indian Air Force (IAF) and the army, logged an important breakthrough today by flying with an “automatic flight control system” (AFCS) designed and developed by Hindustan Aeronautics Ltd (HAL).
An AFCS is a powerful computer that keeps a helicopter flying stably, by sensing any deviation from level flight in microseconds, and sending flight controls the correctives needed to revert to stable flight.
So far, the LCH had been flying with an expensive, imported AFCS.
“The development of indigenous AFCS is a HAL-funded project and will replace the high value imported system,” said T. Suvarna Raju, the chief of HAL.
HAL’s mission control systems R&D centre (MCSRDC), which has developed this system, is credited with a string of software development successes – notably the Jaguar fighter’s DARIN navigation-attack system that guides the aircraft with pinpoint accuracy to deliver bombs on a target hundreds of kilometers away.
HAL also announced on Wednesday that it had “indigenised the Cockpit Display System on LCH, namely the Integrated Architecture Display System (IADS) with the participation of Indian private industries.” This system, which is being flight tested, also replaces an expensive imported system.
These import-substitution measures are expected to cumulatively bring down the cost of the LCH from the Rs 231 crore per chopper that has been negotiated for the first 15 helicopters that the military ordered in December.
The LCH is one of HAL’s four major success stories in helicopter development. It started with the Dhruv advanced light helicopter (ALH), which is the mainstay of the army aviation corps. That was followed by an armed version of the Dhruv, called the Rudra, which participated in the Republic Day flypast last week.
Undergoing testing is the eponymous Light Utility Helicopter, which is in a race with the Russian Kamov-226T to enter production.
The LCH was accorded Initial Operational Clearance (IOC) on August 26, in the presence of the defence minister.
For the army, the LCH is a crucial force multiplier – by providing fire support at extremely high altitudes to Indian infantrymen, who can carry only limited weaponry in those rarefied altitudes. With an LCH at hand, they will benefit from its 20-millimetre turret gun, 70-millimetre air-to-ground rockets, and air-to-air and air-to-ground guided missiles.
The LCH, which is a 5.8-tonne, twin-engine helicopter will cost less than half the price of the AH-64E Apache, which the IAF has bought from Boeing, USA. The Apache is more heavily armed and armoured and has the sophisticated Longbow fire control radar. The LCH does not yet have radar, but HAL is in the process of developing one before mass production begins.

L&T Q3 net jumps 53% to Rs 15 bn; revenue rises 10% to Rs 287.5 bn

Engineering conglomerate Larsen & Toubro (L&T) witnessed a significant improvement in its overall profitability in the December quarter with a 53% jump in its consolidated net profit at Rs 14.9 billion. New orders for the company also saw a welcome respite after a lull seen in the first two quarters of the current financial year.
While the company remains hopeful to continue with the momentum, the management added key decisions taken in the run-up to the election year of 2019 will be crucial.
The net profit rose 53% over Rs 9.7 billion reported in the same period a year back at a consolidated level. In the quarter ending December 31, 2017, revenue for operations rose 10% to Rs 287.5 billion on a like to like basis against Rs 261.1 billion reported in the corresponding quarter last year. Earnings before interest, taxation, depreciation and ammortisation or Ebitda were at Rs 31.4 billion, 25% higher from Rs 25.1 billion reported in the same quarter a year back.
“It has been a very satisfactory quarter, there has been a welcome relief seen on the order inflow side with a growth of 38%. We have been able to convert orders to revenue, seeing a 10% growth in revenue," said Shankar Raman, whole time director and chief financial officer for L&T. Segments like infrastructure, hydrocarbon and heavy electrical contributed to the company’s revenue growth.
The company met street expectations. In a Bloomberg poll, 17 analysts estimated a consolidated net profit of Rs 14.05 billion. In November, L&T revised its order inflow guidance from 12 to 14% growth in the current fiscal to year to flattish owing to a weak order inflow seen in the first two quarters.
However, the company saw a rebound in orders in the December quarter leading to a 38% growth in its order inflow seen at Rs 481.3 billion. With this, the company's total outstanding order book now stands at Rs 2.7 trillion. A larger chunk of these orders are from the domestic market, with L&T expecting to end the financial year with 75% of its order book coming from the domestic market alone.
Despite the significant improvement in its order inflow, the company maintained its revised guidance of flat growth in order inflow and the 12% growth in revenue for the current financial year. S N Subrahmanyan, chief executive officer and managing director for the company, pointed out, “It depends on three factors- one the budget which direction it is going to take, there could be a tilt to social sector and capex could be lower or same as the last year. The other is if oil moves up, for us the Middle East will be good. The third factor is it (2019) being the election year, the decision making could get slowed down. Since the private capital has slowed down, for us a lot will depend on government spending with the central elections and four state elections.”
In the quarter under review, the companies also provisioned for receivables worth Rs 2 billion, which the company said, were claims pending with companies going through the proceedings of National Company Law tribunal (NCLT) and other liquidation processes.
The engineering conglomerate also raised concerns over the modalities of the proposed toll operate transfer (TOT) model for road projects. The management said the TOT model in the current form is one-sided, favouring the Government with no provisions for termination, interest rate risks, non competing rights and assurance of state support as TOT is a Central government initiative.
Commenting on the company’s plans to list its road assets under the infrastructure investment trusts (InvIT) model in the current financial year, Shankar Raman added, ”There are two months more left for the year end, we are in the process and we should hopefully conclude it.”

ICICI Bank Q3 net drops 32% to Rs 16.5 bn; smallest profit in 7 quarters

ICICI Bank, India's third-largest lender by assets, reported its smallest profit in seven quarters on lower treasury income and as provisions rose from a year earlier but said bad loan additions were slowing.
Net profit for the three months to Dec. 31 fell 32% year on year to Rs 16.5 billion ($259.4 million), the bank said on Wednesday. That compared with a Rs 19.54 billion average forecast from 24 analysts, Thomson Reuters data shows.
Soured loans have nearly doubled at Indian banks over the past four years as a prolonged economic slowdown took its toll on the ability of companies to repay debt.
The rise in non-performing loans has also been blamed on profligate lending in some cases.
While 21 state-run lenders account for bulk of the Rs 9.46 trillion of stressed loans at Sept. 30, private sector banks including ICICI also had more than a trillion rupees of non-performing and rolled-over debt.
ICICI's gross bad loans as a percentage of total loans was 7.82% at the end of December, compared with 7.87% at Sept. 30 and 7.2% a year earlier.
Growth in bad loans slowed to Rs 43.8 billion in the past quarter, from Rs 46.74 billion in the September quarter. That compared with Rs 70.37 billion a year ago.
Chief Executive Chanda Kochhar told reporters on a conference call that bad-loan additions were at their slowest in nine quarters but forecast provisions for such loans to remain at an "elevated" level as banks set aside more money for defaults by companies being pursued in bankruptcy court.
Provisions including for bad loans rose by 31.6% from a year earlier to Rs 35.7 billion in the quarter, the bank said.
Kochhar also said the bank did not need to disclose any additional bad loans for the last financial year to March 2017 after a central bank audit of its books. She did not give details of the audit but said it was below the threshold set by the Reserve Bank of India for banks to report so-called divergence in bad loans.
State-run IDBI Bank, which also reported third-quarter results on Wednesday, posted a fifth straight quarterly loss on higher provisions for bad loans, though the loss narrowed from last year.
On Wednesday, ICICI scrip on BSE closed 0.24% lower at Rs 353.45.

Delhi Hight Court asks Singh brothers to pay up Rs 35 bn to Daiichi

Malvinder Singh and Shivinder Singh, promoters of Fortis Healthcare, need to pay Japanese drug maker Daiichi Sankyo Rs 35 billion ($550 million), awarded in arbitration over the $4.6-billion sale of Ranbaxy Laboratories to Daiichi in 2008.
The verdict was pronounced by the Delhi High Court’s single-judge bench of Justice Jayant Nath. He rejected all objections raised by the Singh brothers and said the arbitration award was in line with Indian laws and policy. The ruling can still be appealed in a two-member panel of the Delhi HC or the Supreme Court.
The Japanese firm had moved the Delhi HC to enforce the arbitration award announced by a Singapore tribunal, which had found that the brothers had concealed critical information at the time of selling Ranbaxy to Daiichi. The brothers had contested that ruling in the Singapore court and also opposed implementation of the award in India.
Daiichi has also been appealing to the Delhi HC to stop the brothers from selling their assets to ensure they have enough funds to pay up the arbitration award. The brothers have been asked not to dilute their assets.
The court said Daiichi can claim the amount from the brothers and their companies but not from their children, who were also named in the suit filed by Daiichi.
RHC Holding, the holding company of the brothers, said, “Today’s judgment has given partial success to some of the sellers of shares of erstwhile Ranbaxy (respondents). The court has held the award to be unenforceable against the minors. However, we are disappointed with the ruling against the rest of the sellers.
After studying the order in detail, the respondents will decide on further course of action.”
Daiichi didn’t immediately respond to Business Standard’s email seeking comments. However, P&A Law Office, a firm representing the Japanese company issued a statement. “Daiichi will now file an application with the court seeking execution of the award with steps such as the sale of shares and assets held by companies controlled by the Singh brothers including Fortis and Religare,” said Amit Mishra, a spokesperson of the law firm.
While shares of Religare Enterprises fell 3.1 per cent to Rs 43.20 a share on the BSE on Wednesday, Fortis Healthcare declined 5.3 per cent to Rs 139.1 a share. The benchmark S&P BSE Sensex dropped 0.2 per cent on the day.
The brothers have been under pressure to sell assets to deal with debt at RHC Holding. The credit rating on RHC’s long-term non-convertible debt was downgraded to “default” by India Ratings & Research in July after RHC missed scheduled coupon payments on its non-convertible debentures the previous month and reflects the group’s impaired ability to service debt, as per the rating agency.
The sale of Ranbaxy to Daiichi took place just months before the US Food and Drug Administration banned imports from two of the generic drug maker’s Indian plants. That same year, the US department of justice launched a probe, eventually resulting in a guilty plea by Ranbaxy and a $500-million settlement for selling adulterated drugs. The bothers were not named in the Ranbaxy probe.
In 2012, Daiichi filed a case with an International Court of Arbitration in Singapore, accusing the Singhs of concealing and misrepresenting critical information about the US probes into Ranbaxy. In 2016, the tribunal decided the Singhs should pay Daiichi both damages and interest. Daiichi sold Ranbaxy to Sun Pharmaceutical Industries for $3.2 billion in 2014.

Ahead of Budget 2018, core sector growth slows to 5-month low of 4% in Dec

The country's output from eight core sectors rose four per cent in December, slowing from the much larger growth of 7.4 per cent in November.
Released a day before the government is set to announce the national budget, this dip in core sector growth rates have raised questions over a broad-based revival in industrial demand that seemed to have been heralded by the November figures.

However, economists also said a favourable base effect related to the temporary slowing in activity last year after demonetisation was likely to boost volume growth in a variety of sectors in the remainder (till March 31) of 2017-18.
Contributing 40 per cent to total industrial production, output in the core sectors saw sustained rise in cement production and healthy growth in refinery products, pushing the figures into positive territory.
Data issued by the commerce and industry ministry on Wednesday showed the eight segments - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - cumulatively grew four per cent in the first nine months (April to December) of this financial year. This was lower than the 5.3 per cent growth in the corresponding period of 2016-17.
"An unfavorable base effect for steel and refinery products, as well as the continued weak performance of coal, contributed to the sequential dip in core sector growth in December, relative to the upwardly revised 7.4 per cent expansion in November 2017," said Aditi Nayar, principal economist at rating agency ICRA.
Disaggregated data reveals broad-based sequential slowdown, with six of the eight constituents of the core sector (excluding cement and fertilisers) displaying a downtick in volume growth, she added.
Cement production remained the biggest growth puller, rising by 19.6 per cent in December and building on the 18.4 per cent growth the month before. This was after the sector saw a decline in seven months during the past one year.
However, growth in steel production crashed to 2.6 per cent after rising 16.6 per cent in November, shaking the hope of growth revival in the realty and infrastructure segments.
On the energy side, crude oil saw output contract by 2.1 per cent; natural gas rose one per cent. While natural gas production had been able to maintain above four per cent till September, crude oil has seen low or negative growth for the past one year.
The rate of rise in coal production fell for a fourth straight month, slipping into negative territory with a contraction of 0.1 per cent in December.
It had a high of 15.3 per cent in August.
As a result, electricity generation also took a small hit, rising 3.3 per cent, down from the 3.9 per cent rise in November. Fertiliser production rose by three per cent, from 0.3 per cent in November. Experts pointed to renewed demand in the rabi season and new production in manufacturing plants after earlier stocks got over.
Core sector growth is set to continue for the rest of the financial year. Growth in industrial output reached a 17-month high in November; after slowing for two months, the index of industrial production rose 8.4 per cent. Also, capital goods production showed a rising trend for a fourth straight month, up to a high 9.4 per cent from the 6.5 per cent rise in October.

FY17 GDP growth unchanged at 7.1% and GVA growth revised to 7.1% from 6.6%

The Central Statistics Office today revised the Gross Domestic Product (GDP) growth rate for 2015-16 to 8.2 per cent from the earlier estimates of 8 per cent and kept the 2016-17 growth unchanged at 7.1 per cent.
The real GDP or GDP at constant (2011-12) prices for the years 2016-17 and 2015-16 stands at Rs 121.96 lakh crore and Rs 113.86 lakh crore respectively, showing growth of 7.1 per cent during 2016-17 and 8.2 per cent during 2015-16, the CSO said in a statement.
In terms of real GVA (gross value added), it said the GVA at constant (2011-12) basic prices grew 7.1 per cent in 2016- 17, as against a growth of 8.1 per cent in 2015-16.
According to advance GDP estimates of CSO, the GVA growth on 2011-12 price was estimated at 6.6 per cent for 2016-17.
The CSO today released the first revised estimates of national account for 2016-17 along with second revised estimates for 2015-16 and third revised estimates for 2014-15 (with base year 2011-12).
Under the third revision, the CSO has estimated GDP growth in 2014-15 at 7.4 per cent from earlier estimates of 7.5 per cent.
The CSO said that the first revised estimates for 2016-17 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May 31, 2017.
The estimates of GDP and other aggregates for the years 2014-15 and 2015-16 have undergone revision due to use of latest available data on agricultural production; industrial production especially those based on the provisional results of Annual Survey of Industries (ASI): 2015-16 and final results of ASI: 2014-15; government expenditure and also more comprehensive data available from various source agencies and State/UT Directorates of Economics and Statistics.

Indian Hotels boosts online revenue with digital push, 24-hr command centre

The Indian Hotels Company (IHCL) may not have been the first-mover to the digital game in hospitality but a concerted push orchestrated over the past year has led to a 27 per cent boost in its online revenue, 30 per cent increase in room bookings, as well as additional dining reservations of 25,000 tables over the past nine months.
Chinmai Sharma, chief revenue officer for the Taj group of hotels, said the new tech platforms – which include revenue management systems, table management systems, and a cloud-based integrated architecture for better guest recognition – all integrate together in a command centre at the company's corporate office, where everything from customer complaints to online chatter around the brand is tracked.
Officials at Taj, the country's largest hotel chain, say they engage in 1,500-2,000 conversations daily and have pinched response time to online queries on the brand from what took a day to under 15 minutes now.
"We don't let them slip away," said Sharma, referring to millennials, who account for more than a third of IHCL's Taj InnerCircle loyalty programme members. The company reports a 120 per cent growth in enrolment of members, 100 per cent growth in InnerCircle-related revenue, and 127 per cent growth in mobile revenue.
That's important given that the Taj has historically lagged with its loyalty programme in comparison to Marriott and Hyatt.
At present, online travel agencies, or OTAs, are the biggest digital drivers of hospitality marketing and sales, which has left hotels no choice but to join their ranks. While hotels run their own websites, the search landscape is dominated by OTAs. "If you were spending money in traditional medium then you're likely talking to six million people when you may only want to talk to 60,000 people," said Rajiv Kaul, president of Leela Palaces, Hotels & Resorts. "It's sniper-targeting versus carpet-bombing," he added.
It's not unusual for the Taj to be fishing in digital waters for business. Auto players such as BMW launched cars exclusively online as early as 2010, in a bid to engage with customers who spend more time on the web and not at showrooms.
Sudhir Gupta, CEO of TLC Group, a loyalty programme company for hotels, said that while many companies were treading the digital path for marketing and sales, the Taj group's command centre is operational round-the-clock. "You can send a bottle of champagne to a regular who's walked in or flag off a crisis to a manager as it appears and it's all done in a matter of minutes," he said.
Digital is targeted because it can be done on the back of data analytics and, therefore, can be tweaked both in terms of the actual message as well the objective of the campaign. "In that sense, it's part of an overall strategy with real-time monitoring of results," Gupta added.

Telcos commit Rs 740-bn investment into infrastructure to curb call drops

As the problem of call drops continue to irk consumers, mobile operators have committed to invest over Rs 740 billion for upgrading the existing infrastructure and also expand the network capacity.
As per Telecom Secretary Aruna Sundararajan, Reliance Jio has committed to invest Rs 500 billion to install 100,000 towers in the coming fiscal whereas Bharti Airtel, which has invested Rs 160 billion on infrastructure and will be spending an additional Rs 240 billion on the network.
Others, including Vodafone and Idea Cellular, will also increase the mobile sites but the operators have not given an investment figure as the merger process is going on.
Sundararajan, who met the top executives of telecom companies on Tuesday, to discuss about call drops, said the operators have raised the issue of non-availability of sites for installing mobile towers.
Although the Department of Telecommunications (DoT) and sectoral regulator Telecom Regulatory Authority of India (Trai) is taking the issue of call drops seriously but still the problem persists mainly because of huge traffic and growth of data at much faster pace.
The Secretary said as per analysis presented by mobile operators, the call drops have stabilised but other problems like fading of voice calls have increased due to various issues, including some mobile phones not complying with required certification norms.
"They (telcos) raised the issue of illegal repeaters installed in networks (which) are creating interference and affecting call quality. We will look into enforcing rules more stringently," Sundararajan said.
The vigilance arm of DoT will look into issues of non-compliance raised by telcos.
Sundararajan highlighted the issue of network traffic which is huge in India. She said telecom operators informed her that in India, around 400 callers' use a mobile tower during same time whereas in countries like China and others this average is in the range of 200-300. "They are now discussing with equipment makers to handle this kind of issue," Sundararajan added.
Also, data usage continues to grow at 20-25 per cent every month but along with data, voice traffic is also growing two-times, which has increased the load on the networks.
The mobile operators have to invest in network at a much faster pace because of growth in data and voice. Both voice and data in India are growing very fast due to cheap tariffs and plans, many of which come bundled with unlimited calling and 1 GB data every day.
The entry of Reliance Jio has fastened the pace of voice and data growth. However, the networks of operators are finding it difficult to handle the humongous traffic leading to call drops and slow speed of data.
Trai has also asked mobile operators to report the network related data for checking quality under the new benchmarks. The regulator is likely to release the data in next few days regarding network quality under the new benchmarks, which were released last year.
Under the revised rules, to measure the 2 per cent benchmark for call drops, Trai will see if 90 per cent of the base transceiver station (BTS) or mobile towers are working properly for 90 per cent of days.

Why Indian IT will see little impact due to Trump's new tax act

Indian IT services companies will have a marginal impact due to The Tax Cuts and Jobs Act of US President Donald Trump which imposes a tax on payments made to offshore entities, as the benefits of moving work offshore to low-cost locations such as India outweigh the additional costs.
Most Indian companies have US subsidiaries that employ local resources to either pursue deals or engineers who deliver work onshore with clients. However, IT industry insiders say clients who look at clear benefits of delivering projects faster at lower costs could factor in the taxes in their deals with Indian firms.
" Clients are engaging with us to see and ensure that there is no disruption in the committed projects. If the contracts are negotiated, the impact of the new act will be felt. It is too early for now," said an executive of an IT company, who did not want to be named.
India's outsourcing industry earns nearly two-thirds of its export revenue from the US. The outcry of job losses and the protectionist stand by Trump administration has forced Indian firms to expand their local centres in the US.
They are hiring hundreds of fresh graduates from campuses, training them and deploying them on projects.
Yet there is a shortage of over one million engineers in the US, which forces them to rely on their tested model of having a large workforce in India.
It is not just Indian firms, even global firms are expanding their centres in India, hiring scores of workers in emerging areas to remain competitive. More than L1,100 global firms have set up local centres in India, hiring close to a million people. They are expanding.
"If you restrict talent coming in, it provides an incentive for the jobs going out. So, from that point of view, the (case for) captives expanding becomes stronger. However, the tax changes in (the US) now disincentives outsourcing to a related party. That in a sense is a counter," said R Chandrashekhar, President of Nasscom in an interview last week.
However, he added the taxes would be looked at the cost of doing business and companies may absorb that. "Whereas talent is not replaceable, if it is not there, you have to pay whatever extra costs are involved," he said.

No orange colour passports and printing of last page to continue: MEA

The external affairs ministry on Tuesday announced that it has reversed its decision on the issuance of an orange-coloured passport to those who have ECR status as also on printing of the last page with personal details.
The decision was taken at a meeting, chaired by External Affairs Minister Sushma Swaraj and attended by one of her two deputies V K Singh among others, yesterday, the ministry said.
Based on the recommendations of a three-member committee comprising officials of MEA and the women and child development ministry, it was decided not to print the last page of the passport booklet, the MEA said in a release.
The ministry had earlier decided to issue a passport with orange colour jacket to passport holders with ECR status, with a view to help and assist them on priority basis, it said.
However, "the MEA has received several individual and collective representations requesting to reconsider these two decisions... the decision of the MEA on both these issues was reviewed in the light of these representations," it said.
After comprehensive discussions with the various stakeholders, "the MEA has decided to continue with the current practice of printing of the last page of the passport and not to issue a separate passport with orange colour jacket to ECR passport holders", the release said.
The MEA decision was criticised by political parties, including the Congress which said the separate orange colour passports to ECR category shows the BJP's "discriminatory mindset".

Nearly 200% hike! SC judges to now get Rs 250,000, CJI to get Rs 280,000

Supreme Court and high court judges have got a nearly two-fold salary hike with President Ram Nath Kovind giving nod to a bill passed by Parliament in this regard.
The Chief Justice of India will now get a monthly salary of Rs 280,000, up from the present Rs 100,000.
Similarly, judges of the Supreme Court and chief justices of high courts will draw a monthly salary of Rs 250,000, up from the current Rs 90,000, according to the Act notified by the law ministry.
The judges of high courts, who get Rs 80,000 per month now, will get Rs 225,000 per month, the bill states.
The salary hike, which is in line with the recommendations of the 7th Pay Commission for officers of all-India services, will come into force retrospectively from January 1, 2016.
The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Act, 2018 will also revise the rates of house rent allowance with effect from July 1, 2017, and the rates of sumptuary allowance with effect from September 22, 2017.
In 2016, then Chief Justice of India T S Thakur had written to the government seeking a hike in the salaries of Supreme Court and high court judges.
As against the approved strength of 31, the Supreme Court on Tuesday has 25 judges.
The 24 high courts have an approved strength of 1,079, but 682 judges are handling work currently. The move will also benefit 2,500 retired judges.
Now, the salary of judges will be at par with those of the bureaucrats following the implementation of the recommendations of the 7th pay panel.

Saudi Aramco to enter India as part of Asia expansion: CEO tells Nikkei

Saudi Aramco, the state oil company of Saudi Arabia, is considering entering India as part of its Asian expansion, Nikkei said on Tuesday, citing Aramco's CEO who said that plans for an Indian refinery are crystallising.

"Saudi Aramco is looking at additional investments in China, and India is also a very important destination which we are giving great consideration, and (where we are) currently in discussion with some companies," Aramco CEO Amin Nasser told the Nikkei Asian Review in an interview.
The Saudi government has said it plans to sell about 5 per cent of Aramco, hoping to raise some $100 billion or more in what would likely be the world's biggest initial public offer (IPO).
"At the moment, we are prepared for a listing in the second half of 2018," Nasser confirmed to Nikkei.
Saudi officials have said they may list Aramco on one or more foreign markets such as New York, London and Hong Kong in addition to Riyadh, which would boost the company's global profile and reduce the strain on the Saudi market.

No tax relief, spending spree due in last budget before elections: Poll

India is expected to unveil only modest stimulus at this week's budget, a Reuters poll of analysts showed, despite it being the last before the next election, with government spending likely limited by longer-term efforts to trim the fiscal deficit.
Fiscal consolidation was first proposed by Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) government in its maiden budget in fiscal 2014/15, aiming to break a long line of Indian governments that preferred to borrow and spend.
But in following budgets, the timeframe for reaching a reduction to a 3.0 percent fiscal deficit target was pushed back.
The latest Reuters poll shows the government is expected to delay the timeframe for hitting that target by another year, for the third year in a row, due to setbacks in the economic outlook.
The median forecast from over 40 economists polled Jan 24-29 was for India's government to borrow 3.2 percent of gross domestic product (GDP) in fiscal 2018-19.
"As the current government will present its last full-year budget before the 2019 general elections, many in the market expect a heavier dose of populism. However, the government has limited financial resources to propose any targeted scheme for the poor," wrote Gautam Duggad, head of research at Motilal Oswal Securities, in a research note.
"We also do not expect much relief on the tax front, except some reduction in the corporate tax rate for medium-sized companies."
The government's own economic survey presented to parliament on Monday suggested that pushing further out the fiscal deficit target would give the economy some momentum.
For the current fiscal year, the target is 3.2 percent and the government is unlikely to meet that as it has already overshot its full-year goal. With less than one quarter of the fiscal year left, the government is unlikely to meet its deficit target.
Three-quarters of the 40 economists polled, based in India, Singapore and Europe, said that fiscal consolidation is likely to be Finance Minister Arun Jaitley's dominant theme when he unveils his budget on Thursday.
Just under 10 percent of survey respondents said he will focus on boosting subsidies while about 18 percent expect a significant increase in borrowing and spending.
Among those expecting a more populist budget are economists that say the government will announce new subsidies, such as loan waivers for farmers, an increase in healthcare spending, a cut to taxes on fuel and a ramp up in rural housing schemes.
Some also said the focus on the potential budget provisions could address rising rural dissatisfaction shown by the increase in farmer protests and suicides across India.
"We expect India's upcoming Union Budget to focus extensively on the agriculture sector, especially given that the government has only one year left in its current term and will want to boost its popularity before the next election," noted Kunal Kundu, India economist at Societe Generale.
With the Reserve Bank of India holding interest rates for now, demand for fiscal stimulus has increased after the ban of high-value currency notes in November 2016 and the implementation of a goods and services tax (GST) last year.
The economy, which likely marked its weakest pace of growth in four years in fiscal year ending in March, is still recovering from those two measures.
Shilan Shah, senior India economist at Capital Economics, a consultancy, wrote in a note to clients that the government is unlikely to meet its deficit targets for this year and next.
India's economy is forecast to grow by 6.6 percent in the current fiscal year, which would be its weakest since before a new calculation was introduced in fiscal 2014-15, a Reuters poll of economists found earlier in January.
It is forecast to pick up to 7.3 percent in 2018-19.

India 6th wealthiest country with total wealth of $8,230 billion: Report

India has been ranked sixth in the list of wealthiest countries with total wealth of $8,230 billion, while the United States topped the chart, says a report.
According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to $64,584 billion, followed by China at the second place with $24,803 billion and Japan with $ 19,522 billion at third.
Total wealth, refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.
Others in the list include United Kingdom (4th, $ 9,919 billion), Germany (5th, $9,660 billion), France (7th, $6,649 billion), Canada (8th, $6,393 billion), Australia (9th, $6,142 billion) and Italy (10th, $ 4,276 billion).
The report further noted that India was the best performing wealth market globally in 2017 as its total wealth swelled from $6,584 billion in 2016 to $8,230 billion in 2017, registering a 25 per cent growth.
Meanwhile, during the period under consideration China's wealth saw an increase of 22 per cent and global wealth rose by 12 per cent (from $192 trillion at the end of 2016 to $ 215 trillion at the end of 2017).
Over the past decade (2007-2017) India's total wealth increased from $3,165 billion in 2007 to $8,230 billion in 2017, a jump of 160 per cent.
The report further noted that India, is home to 3,30,400 HNWIs (individuals with $1 million or more in net assets). Globally, India was ranked 9th in this aspect while US topped the list with 50,47,400 HNWIs (high-net-worth individuals).
India is also home to 20,730 multi-millionaires, 7th largest in the world. And in terms of resident billionaires, India with 119 such individuals was named among the top three countries globally, after the US and China.
A billionaire is defined as an individuals with $ 1 billion or more in net assets.
"In general, it was a good year for all W10 (wealthiest 10) markets, thanks to strong global stock market gains - the MSCI world index was up 23 per cent and the Dow Jones (DJIA) was up 26 per cent during the year (in $ terms)," the report said, adding "wealth held in China, India, USA, Japan and Australia all grew strongly over the past year".

Sanjay Leela Bhansali's 'Padmaavat' zooms past Rs 1 bn in opening weekend

Sanjay Leela Bhansali's "Padmaavat" has marched past the Rs 1 billion mark at the box office in its opening weekend, bringing cheer to the Bollywood cash registers despite facing a long period of struggle for release.
According to Viacom18 Motion Pictures, one of the banners behind the period drama, "Padmaavat" made a total of Rs 1.14 billion by January 28 after releasing on January 25 across 4,000 screens in India.

It hit the screens a day before the Republic Day holiday, but paid previews on January 24 had given its earnings a jump-start of Rs 50 million. This was followed by Rs 190 million on January 25, Rs 320 million on January 26 and Rs 27 crore on January 27 and Rs 310 million on January 28.
Trade analyst Taran Adarsh tweeted: "Protests... Disturbances...
No screening in few states... Yet, 'Padmaavat' does excellent business in its extended weekend. The film lost out on substantial business (approximately Rs 350 million to Rs 370 million), but the superb trending in other circuits helped put up a majestic total."
"Padmaavat", based on 16th century poet Malik Muhammad Jayasi's poem "Padmaavat", was caught in a row after protests from Shri Rajput Karni Sena which contended that it distorts historical facts and dents the pride of the Rajput community.
As a result of the ensuing violence, the movie did not release in Rajasthan, Gujarat and Madhya Pradesh as well as in some theatres across Uttar Pradesh and Bihar.
It has received mixed reviews, with some appreciating the movie for its visual brilliance and impeccable performances, while some slamming it for glorifying the practice of Jauhar (self-immolation) and for showcasing Alauddin Khilji as demon-like.
The film's cast -- Deepika Padukone, Ranveer Singh and Shahid Kapoor -- are on a high after receiving positive reviews.
"Padmaavat" is even doing well in the US as well as in Pakistan. However, in Malaysia, the film has reportedly been barred from release over "sensitivities of Islam".

Economic Survey 2018: Indians go on producing children till they have sons

The Economic Survey 2017-18 reveals that Indian parents, still keen to have more and more male children, continue producing “until they have the desired number of sons”. The survey calls this phenomenon the son meta-preference, which involves parents adopting "fertility-stopping rules”, or having children until the desired number of sons are born.
The country’s sex ratio, skewed in favour of males, has led to the identification of “missing” women. But there may be a meta-preference manifesting itself in fertility-stopping rules, contingent on the sex of the last child, which notionally creates “unwanted” girls, estimated at about 21 million, the Survey adds. “Consigning these odious categories to history soon should be society's objective,” notes the Survey.
.ALSO READ: Investments trump savings: 10 new facts revealed by Economic Survey 2018
Among the startling facts revealed by the Survey is that the sex ratio of last birth (females per 100 births) has come down by 40 basis points from 39.4 per cent in 2005-06 to 39 per cent in 2015-16. The Survey suggests that women making their own income has seen no change in 10 years between 2005-06 and 20015-16. Only 13 per cent more women are getting educated – up from 59.4 per cent 10 years ago, to 72.5 per cent now.
Another startling observation in the Survey is that fewer women are now involved in decisions related to contraception.
Also noted is the fact that women’s employment has declined over time. “Another such area is in the use of female contraception: nearly 47 per cent of women do not use any contraception, and of those who do, less than a third use female-controlled reversible contraception. These outcomes can be disempowering, especially if they are the consequence of restrictions on reproductive agency”, noted the survey.
Poonam Mutreja from the Population Foundation of India (PFI), It is no surprise given that we are still focussing on sterilisation. Supply of care healthcare to provide sterilisation is dismal. It is ridiculous that we have not used 40 per cent of the budget for family planning remains unutilised. Making contraceptives available is very important and not yet available fully.

Economic Survey 2018: Climate change may lower farm incomes by 20-25%

The 2017-18 Economic Survey while laying down medium-term risks to Indian agriculture from climate change – it projects incomes to decline by 20-25 per cent in un-irrigated areas – does not dwell much on the immediate concerns of falling prices of farm produce and dwindling incomes.
At current levels of farm income, the Survey says, adverse impacts of climate change translates into more than a Rs 3,600 per year drop in income for the median farm household.
Quoting from the Manoj Kumar movie ‘Upkaar’, “Mere desh ki dharti sona ugle, ugle heerey moti” (My country’s soil, where crops grow like gold, diamonds, and pearls), to Tulsidas in Ramcharit Manas, “Kaa barkha, jab krishi sukhanee” (What is the use of rain after the crop has dried up), and Allan Savory, “Agriculture is not crop production as popular belief holds -- it is the production of food and fibre from the world’s land and waters”, the Economic Survey 2017-18 says Indian history and literature has contributed to the farmer acquiring mythic status.
In a detailed analysis, the Survey says that the proportion of dry days (rainfall less than 0.1 mm per day), as well as wet days (rainfall greater than 80 mm per day) has increased steadily over time.
“For example, an extreme temperature shock in unirrigated areas reduces yields by 7 per cent for kharif and 7.6 per cent for rabi,” the survey said.
“From a medium-term perspective, the Economic Survey talks of challenges from climate change and increasing weather vagaries, to that extent the direction is fine, but it does not address or talk much about the current problems of Indian agriculture… problems in marketing and falling prices,” Ashok Gulati, Infosys Chair professor for agriculture at the Indian Council for Research on International Economic Relations (ICRIER), told Business Standard.
The survey on its part says that to minimise the impact of climate change the government should drastically extend drip and sprinkler irrigation, replace targeted subsidies in power and fertilisers by cash transfers and review the cereals-centric policy.
On farm wages and prices, the Survey says the trend of acceleration in rural wages (agriculture and non-agriculture), seems to have decelerated beginning just before the kharif season of 2017-18, but it is still greater than much of the last three years.
The survey also for the first time computes an index of crop diversification that finds Maharashtra, Karnataka and Gujarat had greater crop diversification in 2014-15.
Education, health and sanitation
The Survey notes that the Centre and the states have not increased their expenditure on education, health and sanitation as a per cent of the GDP in the past few years because of fiscal constraints.
“The expenditure on social services by the Centre and states as a proportion of the GDP remained in the range of 6 per cent during 2012-13 to 2014-15. There was a marginal decline to 5.8 per cent in 2015-16 which has moved up to 6.6 per cent in 2017-18 (BE),” the Survey said.
The Survey said various government schemes such as Beti Bachao, Beti Padhao and the Right to Free and Compulsory Education have resulted in an improved student classroom ratio, pupil teacher ratio and gender parity index in education.
The survey emphasised that the both Centre and states need to check the prices for diagnostic tests as out of pocket expenses (OoPE) continues to be high in the country.
“Although, OoPE has declined approximately 7 percentage points during the period 2004-05 to 2014-15, its share is still at 62 per cent as per the National Health Survey 2014-15,” the Survey noted.
"An analysis of prices of diagnostic tests across various cities in India reveals that there are not only wide differences in average prices of diagnostic tests, but the range of prices is substantial," it said. For instance, a lipid profile test can cost anywhere between Rs 90 and Rs 7,110.

Eco Survey: Growth back on track; 50% rise in indirect taxpayers under GST

In the Economic Survey for 2017-18 that was tabled in Parliament on Monday, Chief Economic Advisor Arvind Subramanian struck an optimistic note about economic growth going forward. The Survey noted that there were “robust signs of growth” in the second half of the financial year, and predicted that growth for the full 2017-18 financial year would be 6.75 per cent year on year, higher than the Central Statistics Organisation’s prediction of 6.5 per cent. The Survey further estimated that the fading of shocks to economic activity like demonetisation together with a recovery in global demand and some domestic policy actions would raise growth in the coming financial year to 7-7.5 per cent. If this is borne out, that would mean India would again be the fastest growing large economy in the world. However, there are aspects to the analysis of the ongoing financial year that suggest the Survey has taken an optimistic view of growth. It admitted that in 2017-18, “fiscal deficits, the current account, and inflation were all higher than expected”. Manufacturing was still struggling, with the ration of factory exports to GDP declining, along with the manufacturing trade balance. And agriculture has not seen an increase in real value added for four years.
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Asked whether the Survey’s growth forecast was too optimistic, Subramanian said the Survey clearly acknowledged the fact that in the first half of 2017, India’s economy “temporarily decoupled, decelerating as the rest of the world accelerated”. The reason lay in the series of actions and developments that buffeted the economy: Demonetisation, teething difficulties in the new goods and service tax (GST), high and rising real interest rates, an intensifying overhang from the twin balance sheet challenge, and sharp falls in certain food prices that impacted agricultural incomes. However, in the second half of the year, the impact of GST and demonetisation has faded and the economy is seeing signs of revival. The agenda for the next year remains staying the course by stabilsing the GST, completing the twin balance sheet actions, and staving off threats to macro-economic stability, he said, adding his projections were less optimistic than what has been projected by the International Monetary Fund and the World Bank.
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Overall, this Economic Survey contained fewer big-bang policy ideas than its predecessors, reflecting the changed and more defensive economic environment. In its workmanlike approach to the achievements of the government in the past year and the challenges for the economy going forward, the question of reviving private investment stood out. The Survey argued that the government had taken major steps towards resolving the “twin balance sheet” problem, in which indebted companies combined with banks that had a large proportion of stressed assets to reduce the rate of investment. This problem, which the Survey described as the “festering, binding constraint” on growth, had been addressed in the past year by the movement on recognition of stressed assets, a recapitalisation package that amounted to 1.2 per cent of GDP, as well as the implementation of the asset resolution process mandated by the Insolvency and Bankruptcy Code (IBC). The Survey indicated that movement on bank reform would aid in the recovery of the investment mechanism, a prerequisite for growth.
The Survey warned also of down-side risks to the economy, including the danger of a delayed recovery in private investment which could not be substituted by public spending given the worries about a growing general government fiscal deficit. Consumption growth might be hit by rising oil prices and elevated stock prices might engender a “sudden stall” in growth if they underwent a serious correction.
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The Survey examined the reasons behind high Indian share prices and argued that what was “driving India’s valuations are a fall in the [equity risk premium, how much savers prefer shares to other assets] reflected in a massive portfolio re-allocation by savers towards equity in the wake of policy-induced reductions in the return on other assets.” In other words, demonetisation and other measures may have reduced the incentive to hold gold and real estate and raised the relative value of stocks.
The Survey also highlighted the effect of recent actions on the tax front on revenue collections, insisting that personal income tax collection would hit a new record of 2.3 per cent of GDP. The Survey also claimed that, post the GST, indirect tax collections would stabilise 12 per cent higher than before.
The analysis in the Economic Survey of India’s agricultural sector will be particularly closely watched because of the political constraints on the Union government, as the general election approaches. The Survey, in addition to highlighting stagnant revenues in the farm sector, has pointed out that yields in Indian agriculture are highly sensitive to variations in rain and temperature. Thus the effects of climate change will have a serious impact on productivity in agriculture going forward; and consequently, also on farmers’ incomes, a major political priority. The Survey estimated that climate change might reduce farm incomes by 20-25 per cent in the medium term.
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The Survey also used data from GST filings and the Employees’ Provident Fund Organisation to claim that formal employment in India was considerably higher than previously estimated. It said that formal employment increased by “more than 30 per cent when formality is defined in terms of social security (EPFO/ESIC) provision” and by “more than 50 per cent when [formality is] defined in terms of being in the GST net”. The Survey argues that more than half of the non-agricultural workforce is already in the formal sector, a significant departure from conventional wisdom.
The Survey included a consistent argument against the “stigmatisation” of capital that it warned would delay a growth recovery. While recent policy changes such as GST and demonetisation might raise the savings rate, the Survey marshalled cross-country data to argue that it is an investment recovery that is of greater importance for recovery. It warned that “though the cost of equity has fallen to low levels, corporates have not raised commensurate amounts of capital, suggesting that their investment plans remain modest”. The message is that further essential growth-improving reforms will crucially require an end to the stigmatisation of capital.

Economic Survey 2018: Telcos under stress due to debt pile, tariff war

The Economic Survey 2017-18 on Monday said the telecom sector is going through stress due to a huge debt pile, tariff war and irrational spectrum costs and called for policy measures to minimise over-bidding of assets during auctions.
The survey document, tabled in Parliament today, said auctions in case of spectrum as also coal and renewables led to transparency and avoided rent-seeking, although they "may have led to a winners' curse, whereby firms overbid for assets, leading to adverse consequences in each of the sectors".
It also noted that FDI equity inflows (April-October) in top 10 sectors grew by 15 per cent, as compared to 0.8 per cent growth in total FDI equity inflows, mainly due to higher FDI in two sectors telecom and computer software and hardware.
"However, it is important to note that the telecom sector is going through a stress period with growing losses, debt pile, price war, reduced revenue and irrational spectrum costs," the survey said.
The survey, in an apparent reference to Reliance Jio, said that low-cost data services by a new entrant has disrupted the market and the revenue of incumbent players has fallen.
"The crisis has also severely impacted investors, lenders, partners and vendors of these telecom companies," the survey said.
The survey recommended rationalisation of the cost of spectrum and other assets procured through auctions.
"The lesson is that policy design must minimise these costs wherever possible. More specifically, there should be: greater reliance on using incentives and carrots than on sticks," the survey said.
It identified bottlenecks created in the sector with rise in legal disputes.
"It is noteworthy that in two cases telecommunications and electricity the explosion in pendency resulted from interventions by the Supreme Court," the survey said.
It noted that the government is in the process of formulating the New Telecom Policy which is targeted to be released in 2018.
The major themes that the policy shall try to address include regulatory and licensing frameworks impacting the sector, connectivity for all, quality of services, ease of doing business and absorption of new technologies including 5G and internet of things (IoT).
As of end of September 2017, total subscribers stood at 1,207.04 million, out of which 501.99 million connections were in the rural areas and 705.05 million in the urban areas, it said.

Economic Survey 2018: India needs $4.5 trillion by 2040 to develop infra

India will need about $4.5 trillion in the next 25 years for infrastructure development, of which it will be able to garner about $3.9 trillion, the Economic Survey said.
"The Global Infrastructure Outlook reflects that rising income levels and economic prosperity is likely to further drive demand for infrastructure investment in India over the next 25 years.
"Around $4.5 trillion worth of investments are required by India till 2040 to develop infrastructure to improve economic growth and community well being," the Survey tabled by Finance Minister Arun Jaitley in Parliament today said.
It said the current trend shows that India can meet around $3.9 trillion infrastructure investment out of $4.5 trillion.
"The cumulative figure for India's infrastructure investment gap would be around $526 billion by 2040," it said ... The Global infrastructure outlook shows that the gap between required infrastructure investment and current trend of investment is expected to be widened over the year," it said.
The Survey stressed the need to fill the infrastructure investment gap by financing from private investment, institutions dedicated for infrastructure financing like National Infrastructure Investment Bank (NIIB) and also global institutions like Asian Infrastructure Investment Bank (AIIB) and New Development Bank (erstwhile BRICS Bank).
Stating that there was massive underinvestment in the sector, it attributed the causes behind this to "collapse of Public Private Partnership (PPP) especially in power and telecom projects; stressed balance sheet of private companies; issues related to land & forest clearances."
Terming road transport as a dominant mode of transport in India which contributes significantly to the national economy, the Survey said measures to boost it resulted augmenting of the road length to 57.17 million km from 33.73 million km in 2001 while the vehicles grew by four times to 229 million during the period.
Also, it emphasised that Indias road density at 1.66 km/sq km of area is higher than that of Japan, USA, China, Brazil and Russian Federation while surface road length was 61 per cent of the total road lento, much lower than the UK, Korea, Russia and China.
It also highlighted that as on September 2017, out of the 1,263 total ongoing monitored projects across sectors, there are 482 projects in Road Transport and Highways with a cost of Rs 3.17 trillion. Of these, 43 projects face cost overruns and 74 projects time overruns.
About railways sector, the Survey said that it is facing stiff competition from other modes of transportation and the government is initiating various transformative measures to keep railways on track.
About metro rail, it said there are 425 km of metro rail systems operational in the cities of Delhi, NOIDA, Gurugram, Kolkata, Mumbai, Chennai, Bengaluru, Hyderabad, Jaipur, Lucknow and Kochi and another about 684 km are under construction in various cities by December 2017.
About civil aviation, it said, "Provision of Rs 45 billion for revival of 50 unserved and underserved airports/air strips has been taken up with budgetary support of government to be completed by December 2018."
On shipping, the Survey said, "In 2017-18, projects with an investment of around Rs 100 billion and capacity addition of about 80 MMTPA are targeted for award. Of these, 15 projects involving an investment of around Rs 31.59 billion and capacity addition of 18 MTPA have already been awarded."
Listing Bharatmala and Sagarmala as important initiatives for highways and shipping sectors respectively, the Survey said under Sagarmala ports master plans have been finalised under which 131 port capacity expansion projects with project cost of Rs 853.46 billion have been identified for implementation over next 20 years.
The Survey said all-India installed power generation capacity has increased substantially over the years and reached 330860.6 MW as on November 30, 2017.
About logistics sector, the Survey highlighted that "the Indian logistics market is expected to reach about $215 billion in 2020, growing at a CAGR of 10.5 per cent".
For the telecom sector, it said under phase II of Bharat Net to connect 1.5 lakh gram panchayats with high speed broadband is likely to be completed by March 2019.

'One daughter is equivalent to ten sons': Full text of Modi's Mann Ki Baat

Prime Minister Narendra Modi on Sunday lauded the women achievers who have contributed immensely to the positive transformation of the country.
Addressing the nation in his monthly and this year's 'Mann Ki Baat' first radio address, the Prime Minister said that "women power has contributed a lot in the positive transformation being witnessed in our country and society."
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"Woman power is playing a pioneering role and establishing milestones and there are no upper limits for Nari Shakti," he added.
Modi also highlighted works of some winners whose names were announced on the eve of Republic Day, and said common people, who are not living in big cities and not seen in newspapers and TV, have received it.
Here is the full text of Prime Minister Narendra Modi's 'Mann Ki Baat' address:
My dear countrymen, Namaskar. This is the first episode of ‘Mann Ki Baat’ in the year 2018. Just a couple of days ago, we celebrated our Republic Day festival with gaiety & fervour. This is the very first time in history that heads of 10 Nations attended the ceremony.
My dear countrymen, Shriman Prakash Tripathi has written a rather long letter on the Narendra Modi App, urging me to touch upon the subjects he has referred to. He writes, “The 1st of February is the death anniversary of astronaut Kalpana Chawla. She left us in the Columbia space shuttle mishap, but not without becoming a source of inspiration for millions of young people the world over”. I am thankful to Bhai Prakash ji for beginning his long letter with the sad departure of Kalpana Chawla. It’s a matter of sorrow for all of us that we lost Kalpana Chawla at that early age, but her life, her work is a message to young women across the world, especially to those in India, that there are no upper limits for Nari Shakti …. the power of women. If one possesses the will & the determination, a firm resolve to achieve something, nothing is impossible. It’s a matter of joy that women in India are taking rapid strides of advancement in all fields, bringing glory to the Nation.
In our country, respect for women, their status in society and their contribution has proved to be awe inspiring to the entire world, since ancient times. There has been a long tradition of Vidushis… women exponents or women champions. Many Vidushis of India have contributed in composing the verses of the Vedas. Lopamudra, Gargi, Maitreyee…it’s a long list of names. Today, we talk about ‘Beti Bachao, Beti Padhao’, ‘save the girl child, educate her’. But centuries ago, it has been mentioned in our ancient texts, in the Skand Puran :
Dashputra-samaakanya, dashputraan pravardhayan
yata phalam labhate maryah tat labhyam kanyakaikaya
This means, a daughter is the equivalent of ten sons. The ‘Punya’ that you earn through ten sons amounts to the same earned through just one daughter. This underscores the importance that has been given to women in our society. And that is why, in our society, women have been accorded the status of ‘Shakti’. This woman power binds closely together society as a whole, the family as a whole, on the axis of unity & oneness. Be it the erudition of the Vidushis of the Vedic Period… Lopamudra, Gargi, Maitreyee; be it the learning & devotion of Akka Mahadevi or Meerabai, be it the governance of Ahilyabai Holkar or the valour of Rani Lakshmibai, woman power has always inspired us. They have always brought glory to the Nation.
Shriman Prakash Tripathi has further cited some examples. He writes that the flight of our courageous Defence Minister Nirmala Seetharaman in a Sukhoi 30 fighter plane is inspirational for him. He also refers to INSV Tarini, with an all women crew on board under the command of Vartika Joshi, which is currently circumnavigating the globe. Three braveheart women Bhavna Kanth, Mohana Singh and Avani Chaturvedi have become fighter pilots and are undergoing training on the Sukhoi- 30. An Air India Boeing jet with an all woman crew led by Kshamata Vajpayee flew from Delhi to San Francisco, USA and back. These are all women achievers. You are absolutely right. Today women are not just advancing in myriad fields; they are leaders. Today there are many sectors where our woman power is playing a pioneering role, establishing milestones. A few days ago, Hon’ble President took an initiative. He met a group of extraordinary women who have achieved something significanty new in their respective fields. Women achievers of our country… the first female Merchant Navy Captain, the first female passenger train driver, the first female fire fighter, the first female Bus Driver, the first woman to set foot on Antarctica, the first woman to reach Mount Everest… ‘First Ladies’ in every field. Our woman power achieved extraordinary feats, breaking the age old shackles of social mores, creating new records. They proved that through perseverance, grit and a firm resolve, all kinds of obstacles and barriers can be broken & crossed, to chart out an all new path… a path that could act as a beacon of inspiration not just to their contemporaries, but for generations to come. It will infuse a fresh energy, newer enthusiasm into them. A book has been compiled on these women achievers, first ladies, so that, the entire country comes to know about the power of these women and derive inspiration from their life & work. This is also available as an e-book on the Narendra Modi Website.
The country’s woman power has contributed a lot in the positive transformation being witnessed in our country & society these days. Today, as we speak of women empowerment, I would like to refer to a railway station. You must be wondering what a railway station has got to do with women empowerment. Matunga station in Mumbai is the first station in India which is run by an all woman staff. All departments have women performing duties… the commercial department, Railway Police, Ticket checking, Announcing, Point persons, it’s a staff comprising over 40 women. This time, after watching the Republic Day Parade, many people wrote on Twitter and other social media that a major highlight of the parade was the BSF biker contingent comprising women participants. Daredevil stunts performed by them was awe inspiring for our foreign guests. Empowerment is another form of self reliance. Today our Nari Shakti is assuming leadership roles. It is becoming self reliant. By the way, this also reminds me of tribal women of Chattisgarh, who have done something extraordinary and set a remarkable example. When we refer to Adivasi women, a stereotypical image comes to our minds, comprising jungles, pathways in the woods and women carrying kindlewood on their heads. But the woman power of Chattisgarh, the tribal women there broke this stereotype & presented an all new picture of themselves. Dantewada in Chattisgarh is a Maoist infested region. Violence, torture, explosives, guns, pistols… the Maoists have created a scary reign of terror. In this dangerous atmosphere, Adivasi women are becoming self reliant by driving e-rickshaws. In a short span of time, a number of women have become part of this phenomenon. This has three benefits- on the one hand self-employment has empowered them; on the other, the Maoist infested region is witnessing a transformation. And simultaneously as a consequence, it is strengthening efforts towards protecting the environment. I laud the efforts of the District Administration which has played a significant role in the successful endeavour of these women by ensuring availability of grants & imparting training to them.
Time and again we keep hearing people utter ‘There is something special that we as a people possess… no threat is big enough to annihilate our existence’. What is that ‘Special Something’? That ‘Something’ is flexibility, the ability of transformation. Leaving out things that are beyond the constraints of time and accepting betterment in things wherever necessary. And this is a salient feature of our society… relentless efforts towards self-improvement, self correction. We have inherited this Indian tradition as a cultural legacy. The benchmark of any living society is its self correcting mechanism. In our country, there have been unending endeavours against social ills and evil practices, both individually & collectively. Just a while ago, Bihar launched an interesting initiative. In order to uproot social ills in the state, the world’s longest human chain spanning over thirteen thousand kilometers was formed.
This campaign made people aware of social maladies such as child-marriage and the dowry system. The entire state thus resolved to fight against these social evils. Children, the elderly, the youth full of energy and enthusiasm, women, girls turned out to participate in this battle. The human chain that commenced formation from Gandhi Maidan in Patna gained momentum, touching the state borders. In order to ensure that the fruits of progress rightly reach all sections of society, it is imperative that our society is freed of these ills. Come, let us pledge to come together to wipe out these evil customs from our social fabric… let us build an empowered, capable New India. I appreciate the people of Bihar, the Chief Minister, the administration, in fact every member of the human chain for this massive, special initiative towards social welfare.
My dear countrymen, Shriman Darshan from Mysore, Karnataka has written on My gov. He was undergoing an expenditure of six thousand rupees a month on medicines alone for the treatment of his father. Earlier, he wasn’t aware of the Pradhan Mantri Jan Aushadhi Yojana. But now that he’s come to know of the Jan Aushadhi Kendra, he has begun purchasing medicines from there and his expenses have been reduced by about 75%. He has expressed his wish that I mention this in ‘Mann Ki Baat’, so that it reaches the maximum number of people and they can benefit from it. Over some time lately, many have written on this subject; many of them have been telling me about it.
I too have seen videos put up on social media by beneficiaries of this scheme. It is a matter of joy learning about happenings like these. It gives you inner satisfaction. I felt good to see Shriman Darshan ji think about sharing with others what he gained from it. The motive behind this scheme is making healthcare affordable and encouraging Ease of Living. Medicines available at the Jan Aushadhi Centres are 50% to 90% cheaper than branded drugs available in the market. This is great help for the common man, especially for senior citizens who require medicines on a daily basis and results in a lot of savings. Generic medicines sold under this scheme strictly conform to prescribed standards set by the World Health Organisation. That is why good quality medicines are made available at affordable prices. Today, over three thousand Jan Aushadhi Kendras have been set up across the country. This has led to not only availability of cheaper medicines, but also new employment opportunities for individual entrepreneurs. Affordable medicines are now available at ‘Amrit Stores’ at Pradhan Mantri Bharatiya Jan Aushadhi Centres & at hospitals. The sole aim behind this step is ensuring availability of Quality & affordable health service to the poorest of the poor, so that a healthy & prosperous India comes into being.
My dear countrymen, Shri Mangesh from Maharashtra has shared a photo on the Narendra Modi Mobile App. It was such a striking photo that my attention was magnetically drawn towards it. The photo showed that a grandson was participating in the 'Clean Morna River' along with his grandfather. I came to know that the citizens of Akola had organized a cleanliness campaign to clean the Morna river under the 'Swachh Bharat Abhiyan'. The Morna river was a perennial river flowing throughout the twelve months of the year but now it has become seasonal. The second painful fact was that the river was completely filled with wild grass and hyacinth. A lot of garbage was being dumped into the river and along its banks. An action plan was chalked out and on January 13th a day before Makar-Sankranti, in the first phase of 'Mission Clean Morna' sanitation of the two sides of the bank of the Morna river at fourteen places spread over an area of four kilometers, was carried out.
This noble and grand task named 'Mission Clean Morna', involved more than six thousand denizens of Akola, more than 100 NGOs, Colleges, Students, children, the elderly, mothers, sisters, almost everybody participated in this task. On January 20th, 2018, this Sanitation Campaign continued in the same vein and I’ve been told that this campaign will continue every Saturday morning till the Morna river is completely cleaned. 'Mission Clean Morna' shows that if a person is determined to do something, then nothing is impossible. Huge social reforms can be brought about through mass movements. I congratulate the people of Akola, the district and the municipal corporation’s administration, all the citizens who were associated with this mass movement, I laud your efforts which are not only very much appreciated but this will inspire the other citizens of the country.
My dear countrymen, these days you must be hearing a lot about the Padma Awards. These awards also attract attention in newspapers and television also. But if you scrutinize, then you will be proud of the fact that there many loftier personalities amidst us and you will naturally be proud of the very fact that today the common man is being cited for Padma awards without any recommendations. There was a certain methodology of awarding Padma Awards every year, but this entire process has been changed for the past three years. Now any citizen can nominate any person in our country. Transparency has been brought about in the entire process by making it operable online. In a way, the selection of these awards has been transformed completely. You may have noticed that many ordinary people not visible in big cities, in newspapers or on TV are being awarded with Padma citations. Now the identity of the awardee is not the deciding factor of the award, rather the importance of his work is increasing. You must have heard the name of Arvind Gupta ji. It will gladden your heart to know, that Arvind ji, a student of IIT Kanpur, spent all his life creating toys for children. He has been making toys from garbage for over four decades so that children can increase their curiosity towards science.
He has been trying to get children inspired to conduct scientific experiments using waste; towards this end he has been encouraging children by showing them films made in 18 languages in three thousand schools across the country. What a wonderful life, what a dedicated mission! A similar story is that of Sitavaa Jodatti from Karnataka. She has not been hailed as 'Goddess of women empowerment' just for nothing! For the past three decades, in Belagavi, she has made a great contribution towards changing the lives of countless women. At the age of seven she had dedicated herself as a Devadasi but in a turnaround, for the welfare of the Devdasis, she has spent her entire life. Not only this, she has done unprecedented work for the welfare of Dalit women too. You must have heard the name of Bhajju Shyam of Madhya Pradesh, Shri Bhajju Shyam was born in a very poor tribal family. He was employed in a small job for eking out his living, but he was also fond of painting in the traditional tribal art form. Today, due to this hobby, he garnered respect not only in India but the entire world. He has exhibited his paintings in many countries like Netherlands, Germany, England and Italy. The talent of Bhajju Shyam ji, who made India proud in many nations abroad, was also recognized and he was awarded the Padma Shri.
You will be pleasantly surprised listening to the story of Kerala's tribal lady Lakshmikutti. Laxmikutty is a teacher in Kallar and still resides in a hut made of palm leaves in a tribal tract amidst dense forests. She has created five hundred herbal medicines relying solely on her memory. She has mastery in synthesizing medicines used for treatment of snake bites. Lakshmi Ji is continuously serving society with her knowledge of herbal medicines. Identifying her anonymous persona, she has been honoured with the Padma Shri for her contribution to society. I would like to mention another name today, that of 75 year old Subhasini Mistri, hailing from West Bengal, who was selected for the award. Subhasini Mistri is a woman who, in order to construct a hospital, cleaned utensils in the homes of others and also sold vegetables. At the age of 23 she lost her husband due to lack of proper treatment, and this incident inspired her to build a hospital for the poor. Today, thousands of poor people are treated free of cost in this hospital that has come up through hard-work. I am convinced that there are many men and women in our land filled with gems, Bahuratna-Vasundhara, many gifted women and men who remain faceless or unknown. The failure to identify such people is also a loss to the society, the Padma awards are only a medium of acknowledgement, but I would also like to tell the countrymen that people serving the society around us, people giving up all that they have got for the sake of society, millions of people who have worked for a life time for us bestowed with one or the other useful attribute should be acknowledged in our midst. They do not labour for any honor, but their work inspires us. These people should be invited to schools and colleges to share their experiences. Beyond awards, there should be some more efforts from our society in acknowledging their contribution.
My dear countrymen, we celebrate Pravasi Bharatiya Divas on January 9th every year. It was on the 9th of January, when our revered Mahatma Gandhi returned to India from South Africa. On this day, we celebrate the unbreakable bond that exists between Indians in India and Indians living around the globe. This year we organized a program on Pravasi Bharatiya Divas, where all MPs and Mayors of Indian origin were invited. You will be pleased to know that in this programme, Malaysia, New Zealand, Switzerland, Portugal, Mauritius, Fiji, Tanzania, Kenya, Canada, Britain, Surinam, South Africa and America, and many other countries wherever our Mayors or MPs of Indian Origin exist, all of them participated. I am happy that the people of Indian origin who live in different countries continue to serve those countries and at the same time they have maintained their strong relationship with India as well
This time, the European Union, has sent me a calendar, in which they have displayed the contributions by Indians in various fields of life living in different countries of Europe; whether working in the field of cyber security, or dedicated to Ayurveda, entertaining the society through music, or through poetry; someone researching on climate change or working on ancient Indian texts, someone driving a truck for livelihood, who went on to construct a Gurudwara or has built a mosque – wherever our people are, they have in their own way embellished or adorned the land of their adoption. I would thus like to thank the European Union, for recognizing the people of Indian origin and through them in making people in India and people the world over aware of their exemplary work.
The 30th of January is the death anniversary of our revered Bapu, who showed us a new path. On that day we also observe 'martyrs day' in solemn memory of the great martyrs who sacrificed their lives for the defense of the country and pay our homage at 11 in the morning. The path of peace and non-violence, is the path of Bapu and this is applicable not only for India or the world, but also for a person or a family or a society. The ideals which Bapu practiced in his life, things that he imparted are relevant even today. They were not just mere theories. At present we witness at every step how accurate Bapu's words were. What can be a bigger tribute than taking a vow that we shall tread the path of Bapu - and walk, as far as possible?
My dear countrymen, with my best wishes to all of you for 2018, my speech draws to a close. Thank you very much. Namaskar.

Govt may target raising up to Rs 1 trn through asset sales in FY18: Experts

India's government may look to raise as much as a record 1 trillion rupees ($15.7 billion) from the sale of state assets in the next fiscal year to help meet tough fiscal deficit limits while giving it room to boost spending and woo voters before general elections that must be called by early 2019.
Investment bankers and economists expect the finance minister, Arun Jaitley, to set an ambitious target for the year beginning on April 1 following strong sales in the current fiscal year to the end of March.
The government is on track to raise about 925 billion rupees this fiscal year after state-run ONGC, an upstream oil company, agreed to pay 369 billion rupees to buy just over 51 percent of refiner HPCL.
The deal is set to close this month and would take the government's asset-sales tally beyond the budget goal of 725 billion rupees, marking the first time in eight years that India had exceeded its targets.
The government accelerated asset sales in this current fiscal year after a chaotic rollout of a new national goods and services tax undermined tax collection targets.
As part of a goal to gradually bring down the fiscal deficit, India's government has set a target for the current fiscal year of limiting the deficit to 3.2 percent of GDP and to 3 percent for the upcoming year. Analysts say the government is likely to miss this year's target and may also revise next year's goal.
Buoyed by this year's bumper sales and with India's stock markets at record highs, market participants expect Jaitley to unveil an asset-sale target of between 600 billion rupees and 1.2 trillion rupees when he unveils the fiscal 2018/19 budget on Feb. 1.
"Between this year and next year, I see them doing 2 trillion rupees worth of divestments," said a senior banker who has worked closely with India's Department of Investment and Public Asset Management on stake sales.
"We still have two months left in this fiscal year. If the big ones still expected this year do not happen by March, those would add to the proceeds next year - so I'd look for 1 trillion plus next year," said the banker, declining to be named as he is not authorised to speak to the media about the government's plans.
The top bureaucrat overseeing the asset sales programme, Neeraj Gupta, declined to be interviewed on the plans for asset sales.

Strong pipeline
Another government official, who also asked not to be identified, said the government may set a divestment target of at least 600 billion rupees to 700 billion rupees in 2018/19.
Citigroup and Deutsche Bank estimated asset-sale proceeds would top 1 trillion rupees, while Credit Suisse, Goldman Sachs, Macquarie Bank and Morgan Stanley forecast 650 billion rupees to 900 billion rupees.
The government official said the government's efforts to sell a majority stake in flag-carrier Air India is expected to close in 2018.
Four state-run companies including guided weapon systems maker Bharat Dynamics and engineering consultant Rites Ltd have filed preliminary applications in the past month for initial public offerings that would likely happen in fiscal 2018/2019.
India has also sought advisers to help it sell stakes in nearly 20 companies, including several more IPOs based on proposals for adviser appointments reviewed by Reuters.
The government is planning secondary sales in two of India's biggest companies, Indian Oil and Coal India, and an IPO in Hindustan Aeronautics. Banking advisers for those deals have been named.
A proposed sale of 10 percent stake in Coal India would be worth 185 billion rupees ($2.9 billion), while a planned 3 percent stake sale in Indian Oil would be worth 57 billion rupees ($897 million), based on their current share prices. The government-owned 78.6 percent of Coal India and 57 percent of Indian Oil at the end December.
The government has said it plans to take three more general insurance companies public after listing two in 2017, and bankers expect at least one of those sales to happen in 2018/19.
More oil sector deals could also be in the offing, bankers said, because Indian Oil and Bharat Petroleum Corp Ltd have expressed interest in buying stakes in two other state-run oil companies.
A government of India vehicle SUUTI is sitting on stakes in three big private-sector companies worth nearly $8 billion, and has already tapped banks to sell part of these stakes down the road.

Budget 2018: Arun Jaitley's last full one to focus on two aspects

The last full Union Budget to be presented by Finance Minister Arun Jaitley in the forthcoming session of Parliament beginning on Monday will be unlike his previous four such exercises because of the complete overhaul of the indirect tax regime affected by implementing the goods and services tax (GST) last year.
The Budget, to be the last for the BJP in view of the general elections due in the first half of 2019, usually has two main components.
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The first part deals with new schemes and outlays for various existing schemes and sectors for the coming financial year, while the second contains announcements on direct and indirect taxes.
With GST realising the dreams of the pre-Independence nationalist bourgeoisie of a unified market through a single tax regime, replacing the earlier system of multiple central and state taxes, this year's budget will need to take into account only those items like petroleum products that still remain outside the purview of GST.
The 2018-19 budget could thus contain changes in customs and excise duties on these remaining products, which for most others have been subsumed under GST.
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In the area of direct taxes like income tax and corporate tax, Jaitley hinted at some relief for taxpayers as he made a case for rationalisation of the direct tax structure considering the fact that "the tax base has expanded".
Addressing an event here on Saturday to mark International Customs Day, Jaitley said: "In income tax, the base has become larger; it's bound to enlarge. And, therefore, charging higher rates from few selected groups -- which has traditionally been done -- is an area which has been changing."
The country's net direct tax collections witnessed an increase of 18.7 per cent till January 15 this fiscal, compared with the corresponding period last year.
With the general elections due in 2019, the government will present next year, instead of a full Budget, a vote-on-account, which only deals with the expenditure. Besides, new schemes and changes to taxation are not presented in a vote-on-account.
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Moreover, with major states bound for polls this year, observers expect the budget to be weighed in favour of the farm sector at a time when data shows a dip in agriculture growth and the sector under stress.

Communal clashes in UP's Kasganj claim one life; 50 held, curfew imposed

At least three shops, two private buses and a car were torched on the second day of violence in Uttar Pradesh's Kasganj city on Saturday, police said after a young boy was killed in clashes following stone-pelting on a motorcycle rally that was taken out to celebrate the Republic Day.
Internet services had also been suspended till 10 pm on January 28 in trouble-torn areas in western UP, where a curfew was imposed after clashes yesterday, to prevent the spread of rumours on social media, they said.
ALSO READ: Communal riot in UP: Mob sets buses, shops on fire in Kasganj, 9 arrested
Elaborating about the extent of damage, Additional Director General of Police (Law and Order) Anand Kumar told PTI: "In all, three shops have been damaged, by pouring petrol below the shutter and setting it afire. A fire was also set on the seats of two private buses, but the engine of the buses are intact. One empty kiosk was also set ablaze by the anti-social elements. In the evening, the seats of an abandoned car were set ablaze."
He claimed that no violence took place on Saturday, and "violence took place only Friday".
The ADG added, "Some anti-social elements had tried to break into the gate of a mosque yesterday, but were unable to do so, as police chased them away."
Meanwhile, District Magistrate R P Singh said, "Internet services were also suspended in the trouble-torn area till 10 pm on January 28."
Principal Secretary (Home) Arvind Kumar said, "Two cases were registered yesterday. As many as nine arrests in two cases, 40 more preventive arrests have been made. ADG Agra Zone/Commissioner Aligarh/IG Aligarh range have been camping there since yesterday, an IG-level officer, D K Thakur, has reached there from Lucknow and camping since yesterday night."
He added, "Five companies of PAC and 1 RAF company had reached there yesterday along with additional civil police officers/policemen from the zone. one more Company of RAF has been provided today."
The principal secretary (home) also informed, "After the peaceful cremation in the morning, some miscreants have tried to disturb peace which has been strictly dealt with. Only sporadic attempts of arson in the outskirts took place today.
A government spokesperson said prohibitory orders still remained in effect, but did not say whether the curfew had been lifted.
A strong posse of RAF and PAC personnel have intensified vigil in the district, whose borders have been sealed to stop elements detrimental to peace from sneaking into the city.
"In all, 50 accused persons have been arrested.
Efforts are on to arrest the rest of the accused," the ADG said, adding that the figure was likely to go up.
Elaborating on the genesis of the clashes, the police said in a statement that a few people were riding motorcycles carrying the tricolours and were chanting 'Vande Mataram' and 'Bharat Mata Ki Jai'.
As the procession reached minority community-dominated Baddunagar, "anti-social elements" pelted stones and opened fire. "In this (firing), Chandan was killed and Naushad was injured. Naushad was referred to Aligarh for treatment," it said. Another man, identified as Akram, received head injuries.
The two were undergoing treatment at Jawaharlal Nehru Medical College in Aligarh. Naushad was out of danger and Akram was being operated upon, the hospital authorities said.
The motorcycle rally was taken out by VHP and ABVP volunteers as part of celebrations on the 69th Republic Day.
Meanwhile, the police had stopped firebrand leader Sadhvi Prachi in Aligarh and prevented her from visiting Kasganj.
She, however, said: "If the district administration really wanted, it would not have allowed the violence."
Earlier on Saturday, Additional DG (Law and Order) Anand Kumar said, "Anti-social elements today tried to set on fire a small shop on the city's outskirts... Some of them have been taken into custody, while others were chased away."
"Our main job at this point is to ensure...that brotherhood among communities remain intact," Kumar told reporters.
The police were trying to make people "understand communal bonhomie", he said, adding that the situation was under control now. "Sufficient police personnel have been deployed."
Superintendent of Police, Kasganj, Sunil Kumar Singh, said: "Anti-social elements had set two shoe shops on fire in Ghantaghar market, and the fire brigade was pressed into action.
"Apart from this, one utensil shop was set afire and a bus was also damaged by anti-social elements, who set it on fire. Fire brigade was called in to douse the fires."
Deputy Chief Minister Keshav Prasad Maurya described the violence as unfortunate and said the people behind it would not go unpunished.
But Samajwadi Party spokesperson Sunil Singh 'Sajan' demanded more than just assurance from the state government.
"The Uttar Pradesh government must act tough on the anti-social elements so that this acts as a deterrent for others."
UP Congress spokesperson Virendra Madan suggested the violence was connected to Lok Sabha polls, due next year.
"The state government must show seriousness and control the situation at the earliest... Is there any possible link of this violence with 2019 Lok Sabha elections for polarisation?"
Divisional commissioner of Aligarh, Subhash Chandra Sharma, said the violence erupted after the cremation of the boy, who died yesterday.

Swedish furniture empire Ikea's founder Ingvar Kamprad dies at 91

Billionaire IKEA founder Ingvar Kamprad has died aged 91, the Swedish company said on Sunday, with the furniture empire he launched more than half a century ago familiar around the globe.

Kamprad founded IKEA in 1943 when he was just 17, but didn't hit gold until 1956, when the company pioneered flat-pack furniture.
He got the idea as he watched an employee taking the legs off a table to fit it into a customer's car and realised that saving space meant saving money.
The retailer is now heading for 50 billion euros ($62 billion) in annual revenues.
"One of the greatest entrepreneurs of the 20th century, Ingvar Kamprad, has peacefully passed away, at his home in Smaland, Sweden, on the 27th of January," the company said.
Born on March 30, 1926, in southern Sweden, Kamprad started off selling matches to neighbours at the age of five and soon diversified his inventory to include seeds, Christmas tree decorations, pencils and ball-point pens.
"Ingvar Kamprad was a great entrepreneur of the typical southern Swedish kind - hardworking and stubborn, with a lot of warmth and a playful twinkle in his eye," the company said.
"He worked until the very end of his life, staying true to his own motto that most things remain to be done."

JSW may double its bid to Rs 300 bn for debt-laden Bhushan Steel: Sources

In a bid to give tough competition to competitors, JSW Steel is expected to double its bid value for debt-laden Bhushan Steel, a source privy to the development said.
The last date to submit the bids now is February 3, 2018.
On January 24, the insolvency resolution professional (IRP) of Bhushan Steel had extended the deadline for submission of resolution plans to February 3, 2018 from January 25, 2018.
"The liquidation value has been set at Rs 150 billion, below that the bid will not be accepted. Looking at the competition, JSW Steel is expected to double its bid amount.
It can be between Rs 250 billion to Rs 300 billion," the source said.
Liquidation value is the minimum value set for a stressed asset by the committee of creditors. Below that bid will not be accepted.
Luxembourg-based multinational steel firm ArcelorMittal and domestic industry major Tata Steel are also in the race for Bhushan Steel, which is undergoing insolvency proceedings.
JSW Steel has decided to bid for Bhushan Steel, maker of auto-grade steel in India, in a team. It has roped in its Japanese business partner JFE Steel Corp and Piramal Enterprises, which is the flagship firm of Piramal Group, for the purpose.
Bhushan Steel, one of the 12 non-performing accounts referred by the Reserve Bank of India for National Company Law Tribunal (NCLT) proceedings, owes an amount of Rs 444.78 billion to its lenders.
According to the information on Bhushan Steel Ltd website, the company is the 3rd largest secondary steel producer in the country with an existing steel production capacity of 5.6 million tonne per annum.