Goyal to address RBI board on Feb 9

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February 3, 2019

Finance Minister Piyush Goyal is scheduled to address the customary post budget meeting of the central board of Reserve Bank of India on February 9 and highlight the key points of the interim Budget.

The meeting will take place two days after the sixth monetary policy review which is expected to take a call on policy rates.

According to sources, the board meeting on February 9 would also take up request of the government for interim dividend for the current fiscal.

The government expects Rs 28,000 crore from the RBI as interim dividend for the current fiscal based on the financial position of the first half of the central bank.

The Reserve Bank, which follows July-June financial year, paid Rs 40,000 crore as dividend for the current fiscal.

The customary post-budget meeting will take place against the backdrop slight deviation from fiscal deficit target for the current fiscal, tax rebate for Income up to Rs 5 lakh and income support scheme for 12 crore farmers.

The government announced ‘Pradhan Mantri Kisan Samman Nidhi’ (PM-KISAN) scheme under which Rs 6,000 per year would be provided to farmers holding cultivable land of up to 2 hectare.

Apart from direct income support to farmers, Goyal, in the interim budget for 2019-20, also announced extended interest subsidy on loans availed for animal husbandry and fishery as well as to those farmers affected by severe natural calamities.

The government also decided to increase standard deduction from existing Rs 40,000 to Rs 50,000 and also raised TDS threshold on interest earned on bank/post office deposits from Rs 10,000 to Rs 40,000.

New projects to transform health care, provide opportunities to youth: PM in J&K

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February 3, 2019

Prime Minister Narendra Modi on Sunday laid foundation stones for several development projects, including an All India Institute of Medical Sciences (AIIMS) and an Indian Institute of Mass Communication (IIMC), in Jammu.

Modi said setting up of new AIIMS would transform health care facilities and will also provide new opportunities to the youth.

The people of Jammu protested for almost two months for setting up of AIIMS in the region. The National Conference (NC) and the Congress also staged demonstrations here in support of the demand.

The proposed AIIMS will be a 700-bedded hospital.

The Prime Minister said that Rs 750 crore has been granted to the state for setting up of five new medical colleges.

He also laid the foundation stone for northern regional centre campus of IIMC in Jammu. It will be set up at a cost of Rs 16 crore.

In addition, 15 acres of land has already been earmarked for setting up of a permanent campus in Kotbalwal area of Jammu city, he said.

The Prime Minister laid the foundation stone for 624-MW Kiru hydroelectric project in Kishtwar. It is a run-of-the-river project across the Chenab and once completed, it will generate 2272 million units of electricity annually.

He inaugurated the 9-MW Dah hydroelectric project. Located in Dah near village Datang, this project is a run-of-the-river scheme.

Modi also dedicated to the nation the 220-KV Srinagar-Alusteng-Drass-Kargil-Leh transmission system. The foundation stone of the prestigious project was laid by Modi in August 2014.

He laid the foundation stone for 1,640-metre span double-lane bridge over the Chenab River in Sajwal.

Difficult for govt to maintain 3.4% fiscal deficit in FY’20: Moody’s

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February 3, 2019

The government will find it difficult to meet the fiscal deficit target of 3.4 per cent in 2019-20 on account on higher spending and low revenue growth, Moody’s Investors Service said.

Observing that Indian government’s debt is “stubbornly high” as a percentage of GDP, Moody’s Investors Service Managing Director, Sovereign Risk Group, Gene Fang said it could be brought down only if the Centre sticks to the fiscal consolidation path.

Deviating from the path laid down in the Fiscal Responsibility and Budget Management (FRBM) Act, the government has pegged the fiscal deficit for the next financial year at 3.4 per cent of GDP, as against the original target of 3.1 per cent.

“While the government’s growth assumptions appear reasonable, we think the government will continue to face challenges in meeting its fiscal targets, primarily due to structural increases in spending and difficulties in raising revenue further,” Fang told agencies in an interview.

Fang said the 3.4 per cent fiscal deficit target for the year ending March 2020 is wider than expected, largely driven by increased spending to provide income support to small farmers and tax rebates ahead of the general elections in April-May this year.

The Interim Budget for 2019-20 doled out a scheme under which farmers holding up to 2 hectares of land would get an annual payout of Rs 6,000 — a move intended to benefit about 12 crore farmers, among other measures for middle-class taxpayers.

However, there was a 0.1 per cent slip in the fiscal deficit estimate for the current financial year to 3.4 per cent.

While presenting the Budget, Finance Minister Piyush Goyal had said the government has provided Rs 20,000 crore in 2018-19 and Rs 75,000 crore in 2019-20 for providing income support to farmers, which has led to the slippage in the fiscal deficit.

Asked if India risks a rating downgrade following the breach in fiscal deficit target, Moody’s said the country’s ‘Baa2’ rating has a ‘Stable’ outlook, which indicates a balance of upside and downside risks.

RBI policy, quarterly results key drivers for markets this week: Experts

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February 3, 2019

The RBI’s policy meet outcome, ongoing quarterly results season and global cues will set the tone for the stock markets this week, analysts said.

The markets may also see an overhang of the interim budget announcements, they added.

“For the week ahead, the key drivers would be the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting, corporate results and the sustainability of FII flows,” said Viral Berawala, CIO, Essel Mutual Fund.

“While the reflationary stance of the budget could provide a boost to corporate earnings, especially in consumption, agri-rural sector, retail lending, and housing, there can be implications for inflation and interest rates as well,” said Dhananjay Sinha, Head, Institutional Research, Economist and Strategist, Emkay Global Financial Services.

Services sector data to be announced early this week will also influence trading sentiment, they said.

CIL, IDBI, BHEL, GAIL, PNB, Cipla and Lupin are among the major corporates scheduled to announce their results this week.

Over the past week, the BSE Sensex gained 443.89 points to close at 36,469.43 on Friday.

Lupin recalls over 24,000 bottles of skin treatment drug from US

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February 3, 2019

Drug firm Lupin is recalling from the US and Puerto Rico over 24 thousand bottles of Fluocinolone Acetonide topical solution used for the treatment of a variety of skin conditions.

According to a USFDA report, Lupin Somerset is recalling 24,180 bottles of Fluocinolone Acetonide topical solution USP, 0.01 per cent in 60 ml bottle, manufactured by Novel Laboratories Inc for US-based Lupin Pharmaceuticals Inc.

The reason for the recall is failed impurities/degradation specifications, it added.

The distribution pattern of the product was nationwide in the US and Puerto Rico, the report said.

The voluntary ongoing recall is a class II recall, it added.

According to USFDA, a class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

Fluocinolone Acetonide topical solution is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroid-responsive dermatoses.

No major social agitation indicates it hasn’t been jobless growth: Jaitley

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February 3, 2019

Union Minister Arun Jaitley on Sunday rejected criticism of giving a ‘jobless economic growth’, saying the absence of any major social or political agitation in the last five years indicates government schemes have created employment.

In an interview to a news agency, Jaitley, who is here for medical treatment, justified the absence of any major mention of job creation in the Interim Budget presented on February 1, saying such budgets are different from the normal budget speeches as they are more like “a report card and a road map.”

“Why is it that India, in the last five years, hasn’t seen a major social or political agitation? If there is no job creation, there will be discontent. Where is that visible?” he said.

The rout of incumbent governments is a foregone conclusion when such discontent is there but during current times the opposition parties are teaming up because they know they do not stand a chance otherwise, he said.

“Normally, outgoing governments in such environments, their rout is predicted. But today political rivals want to come together because they know for anyone of them it is not possible to take on Prime Minister (Narendra) Modi and his party,” he said.

Jaitley said it is not as if “suddenly in five years the productivity levels in India have gone up that all organisations are now running with half their staff. The empirical evidence is to the contrary.”

Timeline for LIC to reduce stake in IDBI Bank depends on business model: IRDAI

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February 3, 2019

Insurance Regulatory and Development Authority of India (IRDAI) will set a timeline for LIC to bring down its stake in IDBI Bank to below 15 per cent, its chairman Subhash Khuntia said. He clarified that the insurance giant has been given the approval to acquire 51 per cent stake on the condition of bringing it down to below 15 per cent over a period of time but the timeline would depend on the business plan of LIC for the troubled lender.

“We will have to ask them to bring down the stake. That is the condition under which they have been given permission. They have to bring down the stake to 15 per cent eventually,” the IRDAI chairman told agencies.

At present, the permissible limit for an insurer to hold a stake in any listed entity is 15 per cent. But LIC with special dispensation from IRDAI holds more than the limit in some state-run banks.

IRDAI in June last year permitted LIC to pick up to 51 percent stake in the debt-ridden IDBI Bank. On January 21, IDBI Bank had received Rs 5,030 crore from LIC and on December 28, 2018, LIC had pumped in Rs 14,500 crore capital into the bank as part of its takeover.

“That ( timeline) we will have to fix. That is yet to be fixed. The condition that has been put is eventually they will have to bring down (below 15 percent). How much time that will be, looking at their business plan and … we will decide,” Khuntia said.

Replying to a query, the IRDAI chief said in exceptional cases, the regulator may allow other insurance companies to increase their stakes beyond 15 per cent.

“That will be (based) on the merit of the case. No bar means it is on exceptions. It is only on exceptional circumstances, if they can justify, they can be allowed,” he said when asked if there is any bar on other companies to follow the LIC-IDBI Bank model.

On insurance coverage, as part of cyber security he said some of the insurers are formulating their own products for cybersecurity cover and the regulator will be enabling them by conducting workshops and other awareness programs to develop skills in the subject.

Hazare’s hunger strike: Uddhav asks Maha govt to intervene

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February 3, 2019

Shiv Sena President Uddhav Thackeray on Sunday appealed to the BJP-led Maharashtra government to intervene in Anna Hazare’s hunger strike and asked it not to “play” with the social activist’s life.

As Hazare’s indefinite fast over demand for immediate appointment of anti-corruption watchdogs at the Centre and in Maharashtra entered the fifth day, Thackeray in a statement expressed concern over the 81-year-old activist’s health condition.

He dubbed a purported letter from the Prime Minister’s Office (PMO) conveying good wishes to Hazare as “condemnable” and “laughable”.

Supporters of Hazare had claimed that the Gandhian had received a “cold response” from the Prime Minister’s Office (PMO) in response to a letter sent by the activist.

The Sena president said Hazare’s fight was against corruption – a problem faced by the country.

He asked Hazare to take to the streets in this fight to create an awakening among people, instead of giving up his life by fasting.

“At present, people in the country have been given anaesthesia and the need is to bring them out of this situation,” he said in remarks laced with sarcasm.

Hazare should don the role of freedom activist Jayaprakash Narayan to usher in a new revolution, he said.

Thackeray said activist G D Agrawal had sat on a huge protest in Haridwar district of Uttarakhand over his demand to clean Ganga and maintain free flow of the river.

“But, the government did not take note of the situation and let Prof Agrawal die. Anna should give up his fast and lead an agitation over his demands, and I assure Shiv Sena’s support wherever possible.”

On the fifth day of Hazare’s fast, his supporters blocked the Ahmednagar-Pune state highway at Supa village in Maharashtra, causing huge traffic jams there.

Dr Dhananjay Pote, who conducted a health check-up of Hazare in the morning, said the anti-graft crusader has lost around 3.8 kg weight in the last five days and that his blood pressure, blood sugar and creatinine level urine have gone up.

Hazare has been sitting on the fast at his native Ralegan Siddhi village in Ahmednagar.

He has been demanding immediate appointment of Lokpal at the Centre and Lokayuktas in states where such statutory anti-corruption watchdogs do not exist, implementation of the Swaminathan Commission recommendations on ways to address agrarian distress, besides some electoral reforms.

G D Agrawal, 86, had died of a heart attack at the All India Institute of Medical Sciences in Uttarakhand’s Rishikesh, in October last year, 111 days after he began a fast for a pollution-free Ganga.

The Shiv Sena is an ally of the BJP at the Centre and in Maharashtra.

Hazare’s hunger strike entered fifth day, supporters block state highway

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February 3, 2019

Social activist Anna Hazare’s indefinite hunger strike entered the fifth day on Sunday even as villagers blocked a state highway in support of his agitation in Ahmednagar district of Maharashtra, leading to traffic jams in the area. Hazare has been on a hunger strike since Wednesday in his native Ralegan Siddhi village in Ahmednagar demanding appointment of anti-corruption watchdogs at the Centre and in Maharashtra and resolution of farmers’ issue.

In support of the 81-year-old Army man-turned- activist’s demands, farmers and youth blocked the Ahmednagar-Pune state highway at Supa village in Parner tehsil, located about 38 km from here, in the morning, resulting in huge traffic jams. “They supported Hazare’s demands for immediate appointment of Lokpal at the Centre and Lokayuktas in states where such statutory anti-corruption watchdogs do not exist, implementation of the Swaminathan Commission recommendations on ways to address agrarian distress, besides some electoral reforms, the protest’s convener,” Shahir Gaikwad, told media.

The police, however, tried to pacify the protesters and asked them to clear the road blockade as there were around six-km-long traffic jams on both sides of the road. The police also detained around 110 protesters in the afternoon to clear the blockade and later let them off, Supa police station’s inspector Rajendra Bhosale said.

Dr Dhananjay Pote, who conducted a health check-up of Hazare in the morning, said that the anti-corruption crusader has lost around 3.8 kg weight in the last five days and that his blood pressure, blood sugar and creatinine level urine have gone up.

Around 5,000 farmers from the district are likely to stage a protect outside the Ahmednagar collector’s office on Monday to support Hazare’s agitation. The decision for the protest at the collector’s office was taken at a gram sabha (village meeting) in Ralegan Siddhi on Saturday night. Leaders of various political parties from Parner tehsil were present at the meeting and expressed their support to Hazare’s protest. Those present at the meeting also condemned NCP spokesperson Nawab Malik for levelling “false allegations” against Hazare. However, Hazare appealed people to protest in a non-violent manner and also asked them to use decent and respectful language while expressing their feelings.

Hazare had earlier declined to meet state government envoy and minister Girish Mahajan for talks over his demands. The anti-corruption crusader had earlier told the media that he welcomed the Maharashtra Cabinet’s decision to bring the office of state chief minister under the ambit of Lokayukta. However, the strike will continue till the government fulfils promises they made before coming to power about passage of Lokayukta Act, appointment of Lokpal (at the Centre) and to tackle farmers’ issues.

The Lokayukta is a statutory body that is empowered to probe complaints of abuse of position and corruption against public servants.

People told me I would be over if I take break from films: Nargis Fakhri

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February 3, 2019

Nargis Fakhri had no qualms about taking a break from films but she says there were people around her who tried to drill the notion into her head that the audience will forget her in her absence.

The model-turned-actor made her debut in 2011 with “Rockstar”. Her last outing was 2017’s “Housefull 3”.

Since then, she reduced her on-screen appearances as well.

“When I said I’m going to take a break for six months, there were people who freaked out. I was told I’ll lose everything, people will get ahead of me. They’ll forget about me. They put all those things in my head. But I said I don’t believe that,” Nargis told an agency.

The actor has come out of her short hiatus with her new film, “Amavas”, and realised that nothing had changed.

“You leave something to follow your dreams and when you come back, everybody is doing the same thing. It’s no different. So you can blend in easily. There’s never a problem,” she adds.

Before she took a break, Nargis featured in films like “Madras Cafe”, “Main Tera Hero” and Marathi feature “Banjo”, but says staying away from the spotlight was not difficult.

“I am happy. I like to do films but I also realised in the years I lived in India that I only worked all the time. I didn’t even have my friends and family around.

“I didn’t see my mom for three years. Happiness is in relationships which you have with people. If you don’t have the support system, it’s detrimental to your health. I had to learn how to balance,” she says.

The 39-year-old former model, who describes her turn to acting as a “beautiful accident”, says the job is “super emotionally demanding.”

“It takes up your life. You leave your real life to go into this other life. You need to be so committed. I had to be more because of my obstacles – I had to learn the language, get a tutor.

“I was so consumed with work that my mom used to mail me ‘Are you alive?’ There’s so much you have to put into it. I value my work but now also I value my regular life. Acting was not my first choice anyway,” she says.

While she awaits the release of “Amavas”, a horror-thriller directed by Bhushan Patel, Nargis says a lot has changed in terms of the scripts she wants to choose today.

The actor says, in the initial phase of her career, it was her agency which directed her to choose certain kinds of films with an emphasis on the production house, director and co-stars more than the scripts so that she does not “miss out on good projects”.

“There’s a valuable lesson that I keep with me. It’s the ability to say no and then make my own choice. If it’s a wrong choice, it’s on me. But at least I had the chance to say. I look at scripts differently.

“I’m still not so professional about it, sometimes I’m naive because I want to give things a chance. I’m optimistic about a lot of things. Today, I want to take a chance,” she adds.

Also featuring Sachiin Joshi, “Amavas” is scheduled to be released on February 8.