Author - Sreejith

PSU Banks may get Rs 70,000 cr through recap bonds this fiscal

PSU Banks may get Rs 70,000 cr through recap bonds this fiscal

New Delhi /5-November-2017 (News release India):  Sources have confirmed that the finance ministry has given signs that it may infuse about Rs 70,000 crore through recapitalisation bonds in the NPA-hit public sector banks in the next four months.

In Last month, the finance Minister Arun Jaitley had announced that an unprecedented Rs 2.11 lakh crore with two-year roadmap for strengthening public sector banks. The plan has been made of re- capitalisation bonds of Rs 1.35 lakh crore.

Currently, the government is in the process of finalising the structure of these bonds. Sources have said that decision in this regard could be made by the end of this month and soon be announced in front of media.

Earlier, the finance minister arun jaitley stated that there were multiple options before the government for recapitalisation bonds and they are being examined and the best ones would be explored.

Once the structure will be finalised, the government would start load bond issuance and preliminary assessment indicating that it could be between Rs 70,000 and Rs 80,000 crore, the sources privy to the development said.

However, nothing has been finalised yet as there is no official announcement, the official sources said that adding to that the finance ministry would get better picture of requirements of various banks after the second quarter results are out.

Non-performing assets (NPAs) of public sector banks alone have increased in last months from Rs 2.75 lakh crore in March 2015 to Rs 7.33 lakh crore as on June 2017.

Besides recapitalisation bonds, the finance minister also had announced that banks would get about Rs 18,000 crore under the Indradhanush plan over the next two years.

Under the government run Indradhanush road map which was announced in 2015, the government had promised to infuse Rs 70,000 crore in state- run banks over four years while they will have to raise a further Rs 1.1 lakh crore from the markets to meet their capital requirement in line with global risk norms, known as Basel-III.

In the last three-and-half years, the government has pumped in Rs 51,858 crore capital in the public sector banks. Remaining Rs 18,142 crore would be pumped into banks over two years.

PM Modi slams congress in Himachal Pradesh Rally

PM Modi slams congress in Himachal Pradesh Rally

New Delhi /5-November-2017 (News release India):  Backing his government’s commitment to fighting corruption, Prime Minister Narendra Modi on Sunday addressed the gathering in  Himachal Pradesh where he slammed the state congress government.

Prime minister Modi also raised the Benami Property issue and accused Congress for keeping it in to a cold storage for lOng 30 years.

PM said that Congress is worried that it’s leader’s property will be confiscated, so they are protesting on 8 November. Benami property raised property prices and dashed the dreams of the common man.

He also added that post demonetisation, at least three lakh companies came under the scanner also government did a sample survey of 5,000 companies and saw that they transacted at least Rs 4,000 crore worth of black money. He (Modi)can only imagine what will happen if government look the transactions of all the companies.

Modi later praised the leadership of former chief minister and BJP leader Shanta Kumar and said that when the Congress comes to power, it is only interesting in swindling money. But BJP is a party with a difference. It’s first chief minister, spent his tenure in providing water to people in the hills.
Same way BJP’s chief minister candidate Prem Kumar Dhumal is known for his contribution towards promoting tourism in the state. These elections are not about who will form the government or who will become the chief minister, but are about transforming the lives of people in Himachal Pradesh.

Modi later went to kullu where he Continued his attack against the Congress party, Prime mi said here that people in Himachal Pradesh will not only vote to elect BJP but also to punish the corrupt Congress government.

He also added that a strong mandate will help state to develop further. Modi added that the Congress is responsible for several social evils which became a part of post-Independent India.

He said that corruption was not a major issue 70 years back. There was no such evils even when India was under British rule. So who is responsible for corruption? Who brought communal, caste and social disharmony in India? It is the Congress. Don’t you think the party needs to taught a lesson?

 

Veteran TMC leader and mamta’s right hand mukul roy joins BJP

Veteran TMC leader and mamta’s right hand mukul roy joins BJP

New Delhi /4-November-2017 (News release India):  Giving a setback to Trinamool Congress, In presence of BJP national president Amit Shah, veteran Trinamool Congress leader Mukul Roy joined the BJP here at BJP party Headquarters, New Delhi.

Roy, was considered as Mamata Banerjee’s right-hand man and chief party strategist during his stay in the party. Though Roy refused to criticise TMC chief Mamta Benarjee. He said that his criticism to “lack of democracy in Bengal” and promised a good show in 2019.

On question asked by media about CBI investigation on Mukul Roy BJP avoided it by saying “the law will take its own course”

Mukul Roy is said to be alleged involvement in Saradha and Narada scams

This is a more serious problem for the party than is apparent at first glance because Mamata has been careful to plug most of the loopholes through which BJP has been able to increase its visibility and support.  BJP had shown its promise in 2014 election campaign has been belied, and that has partly been due to the fact that Mamata suffers from none of the complacency issues that plagued Buddhadeb Bhattacharjee’s CPM or Tarun Gogoi’s Congress in Assam.

Bharatiya Janata party is struggling to get a foothold against a very organised and nimble-footed adversary in west bengal, the BJP’s local unit is seeing Roy more as a liability than an asset, and the move could turn out to be a net negative one which led BJP functionaries in Bengal had been opposed to his entry in the past, also the history of roy with BJP is not so good to digest for these party functionaries as they have shown a marked disinterest in his formal induction.

Bengali daily Ei Samay tells us that in a departure from usual practice, no ladoos were distributed at 6, Muralidhar Sen Lane while Dilip Ghosh, chief of BJP’s Bengal unit, quipped that BJP has “hundreds of leader like him” even as he praised Roy’s organisational skills. Rahul Sinha, the former state unit chief, told the newspaper that “it remains to be seen if BJP benefits from Roy’s presence or not.”

Himachal BJP accuses congress for stealing their manifesto

Himachal BJP accuses congress for stealing their manifesto

Dharamsala /3-November-2017 (News release India): State BJP’s senior leader and  Prem Kumar Dhumal, WHO IS also a candidate in the Himachal Pradesh Assembly elections on yesterday called Congress poll manifesto as a “laundry list of baseless promises”.

Dhumal also accused the ruling  congress party of not fulfilling half the promises that it made in the last Assembly elections back in 2014.

He said that ruling party has proposed a laundry list of baseless promises which was used Last time too  as part of their manifesto for the upcoming elections. But they have not realised that they have proposed 6Y most of the things they could not fulfil during their five-year tenure.

He further alleged  the ruling  Congress that despite not fulfilling percentage of the poll promises, the ruling Congress has yet again come up with the same points, just to make the manifesto look comprehensive to other parties and influence people.

The BJP leader said that the public would not trust a government again which failed to live up to its promises while being in office.

He also asked that Congress promised earlier to appoint Public Grievance Commissioner, grant benefits to employees and pensioners on completion of 65, 70 and 75 years of age, completion of four lane national highways from Shimla-Hamirpur-Pathankot etc. How can the public trust this government when they have not taken any steps in these directions in the last 5 years?

Dhumal, a former chief minister, also accused the Congress of stealing the BJP’s vision document and publish it as their own in front of public

In the manifesto, the Congress has promised to build women hostel at district and sub divisional quarters, without mentioning the condition of the existing women hostels which they could not maintain, although they were constructed with the central government grant, the BJP leader added.

Polling for the 68-member Himachal Pradesh Assembly will take place on November nine and counting of votes will be held on 18 December. Now it would be really interesting to look at as both parties have stated that spat with each other to manipulate the vote and voters.

Health sector are growing with 15% revenue annually Report

Health sector are growing with 15% revenue annually Report

Mumbai /31-October-2017 (News release India): The revenues of current health care sector are expected to grow at 15 per cent annually over the next three financial years (FY2018-FY2020) as it has seen rapid expansion in health insurance coverage through government-sponsored schemes.

says Crisil Ratings, the agency who keep monitoring these datas have published this statement.

The agency said that the Rs 4.8 lakh crore healthcare delivery sector in India has been showing strong rapid growth and stable cash flows, and should maintain its momentum despite regulatory disbalance. When there is a strong demand which result necessitate capital expenditure it will also stable cash flows from existing operations which will continue to support credit profiles.

Crisil further added that profitability of hospitals, could see some abrupt graph because of regulatory hiccups , and they are expected to cope by adjusting cost and pricing structures.

It also said that health sector revenues are expected to grow by 15 per cent annually over the next three years on the back of increase in health insurance coverage through government-sponsored schemes.

It is known that government is running many health care scheems which is resulting whooping profitability in health and medicine sector.
he number of people covered by health insurance has  doubled to 42 crore in the past three years.

The statement further includes that Changing lifestyles and ageing population and increasing health awareness which are the other drivers of demand.

A study was done of 144 hospital firms rated by Crisil shows significant bed additions being undertaken to capitalise on demand prospects.

Large corporate chains with over Rs 400 crore revenue are expected to witness increasing capacity by 25 per cent between fiscals 2018 and 2019, entailing an investment of Rs 5,000 crore.

It said that the spending would be 50 per cent more than the annual average capex in the past three years ended 2017. All the Small and medium hospitals will also follow suit, based on their ability to fund expansions.

Crisil’s Senior Director Anuj Sethi said hospital firms are likely to sustain their credit profiles despite large capex. Supported by highly demand growth, stable cash flows from existing beds, and strengthening of business profiles through geographical diversification.

World bank comes forward to reform assam’s agriculture

World bank comes forward to reform assam’s agriculture

New Delhi /30-October-2017 (News release India): Indian government has signed a USD 200 million loan agreement with World Bank to investment in the agricultural sector and increase productivity in Assam and nearby area. Which will benefit over 5 lakh farm households.

The loan from the International Bank has given for Reconstruction and Development (IBRD) which has a 7-year grace period, and a maturity of 16.5 years.

In his statements, Finance Ministry has said that the project will support the Government of Assam to grow the agri-business investments and increase the agriculture productivity and market access. Also it will enable small farm holders produce crops that are resilient to recurrent floods or droughts in the state. This project will be implemented in over 16 districts of Assam covering 5 lakh farming households who will directly benefit from the project.

At least 30 percent women of the state are expected to participate in project activities. The project will give more preference to women- led enterprises and their participation in the decision-making process of farmer producer organisations.

Speaking on the occasion here, Operations Manager of World Bank Hisham Abdo said that Assam aims to double farm income in the state and transform the agricultural sector into a stable source of growth and economic development.

Abdo also said that this project will serve as the nucleus to fulfill the Assam’s much larger vision of an agriculture-based rural transformation.

Another key component of the project will be to promote market-led production that can deal with the vagaries of climate change.

The finance Ministry also added that the assam’s agriculture sector is highly rely on climate variability and the state experiences recurrent floods and droughts.Right now there are, more than 50 percent of the assam which are prone to flooding, submergence and drought.

The Ministry said that a market-led production system will take an advantage of the fast changing market. It will introduce crops that are to climate change proof with increment in production and manage risks for farmers.

Manivannan Pathy who is Senior Agricultural Specialist and World Bank’s Team Leader for the project said that the value addition and market led production systems supported through the project are expected to play a vital role in enhancing the competitiveness of the agriculture sector.

Hardik patel’s ultimatum to congress – Either support or get ready to be opposed

Hardik patel’s ultimatum to congress – Either support or get ready to be opposed

Ahmedabad/29-October-2017 (News release India):  Patidar  Andolan Samiti leader Hardik Patel has put forward a set of demands in front of the Congress as a precondition for extending support to the party in the upcoming Gujarat Assembly polls.

Saturday Hardik Patel has asked congress to make its stand clear by 3 November on how it would ensure reservation for the Patidar community.

In his today’s tweet, Patel also threatened that the Patidar community would oppose Congress vice-president Rahul Gandhi during his visit to Surat on 3 November as it did to BJP president Amit Shah during one of his public gatherings in the city.

In his tweet he said that till 3/11/2017 if Congress will not show up their stand over patidar reservation then it should be get ready for the opposition by patidar community in the surat same as Amit shah had to face during his visit.

In September 2016, BJP national president Amit Shah had to faced a strong Opposition from the workers of the Hardik-led Patidar Anamat Andolan Samiti (PAAS) during his visit to Surat as Dozens of PAAS workers had disrupted a function which was being attended by Amit Shah himself.

Dinesh Bambhaniya who is also a PAAS convener, said that the organisation and the Patidar community would take a call on whether to support the Congress in the Assembly polls only after the opposition party made its stand clear on the issue.

He also asserted that Hardik Patel or anyone else from the PAAS had no such mindset to support any party if they doesn’t show their interest in Reservation of the community.

He also added that the Congress will have to make its stand clear regarding reservation and only after that shall we talk to any Congress leader including Rahul Gandhi.

Rahul Gandhi is visiting Surat on 3 November under his Gujarat assembly party campaign.

While the Congress has so far accepted that it will offer a 20-percent reservation to the economically backward classes (EBC) of the state, without disturbing the 49-percent reservation given to the scheduled castes (SC), scheduled tribes (ST) and other backward classes (OBC). But no statement has given for Patidar community.

President Kovind launches government’s technocity project

President Kovind launches government’s technocity project

Thiruvananthapuram /28-October-2017 (News release India): President Ram Nath Kovind said that the future of the country’s economy and employment creation depends more on the success the nation achieves with Digital India.

The statement of President Ram Nath Kovind has came on friday where he attended the Technology project.

In his speech after launching the Kerala government’s ambitious Techno City project president Kovind said that the jobs of tomorrow would come more and more from digital services and other opportunities that were derived from the internet in now days.

Kovind also added that Kerala alOng with its inherent resources and strength, was a potential powerhouse of digital India since starting as It is India’s most connective state with the highest level of mobile phone penetration compared to other states in the country. He further said that lavished praise on the southern state’s achievements in health, education, tourism and.

He also claimed that Kerala’s IT sector has been growing very rapidly, he added that the state government is taking needful steps to bridge the digital gap by providing free Internet.

Techno City, which is a 400-acre campus situated at nearby Pallippuram haas aimed at fostering emerging and high-end technologies and research and development in this regard.

The President has laid the foundation stone here for the first government IT building at the campus by unveiling a plaque in the presence of Chief Minister Pinarayi Vijayan, Governor P Sathasivam, state Minister Kadakampally Surendran and other top state government officials.

Although, Chief Minister of the state Vijayan said that the new government IT building was planned to be commissioned in 2019 and that it is expected to generate an additional one lakh jobs for the youth of the state.

The first IT building going to be built at Technocity will be a signature building with a built-up area of 2,00,000 sq.ft and it is expected became operational by 2019. Tata Consultancy Services have also began work on their campus on 97 acres land in Technocity.

Kerala has been becoming the landmark for IT firms as lots of IT firms are looking opportunity they’re also the number of startups has also increased.

CM shivraj singh invites US firms to invest in MP

CM shivraj singh invites US firms to invest in MP

Bhopal/27-October-2017 (News release India):  Even as chief minister Shivraj Singh Chouhan is on a six-day tour of the US to convince companies there to invest in Madhya Pradesh, thousands of micro, small and medium enterprises (MSMEs) in the state are facing a severe crisis.

As per the government’s records, more than 22,000 such industries are sick in the state, with many of them on the verge of closure. The winding up of these sick units would render lakhs of workers jobless in Madhya Pradesh, said sources.

Unable to pay loans
These loss-making industries have not been able to pay back the loans worth Rs1,416 crore that they have taken from various banks. The loans to these units have almost become non-performing assets.

This is among the many issues that have been raised by industries association in a meeting of Small Industries Board.

MSME department has prepared an agenda pertaining to these issues and has sent the same to the state chief secretary (CS). DB Post has a copy of the said agenda.

CS to convene a meeting
Considering the gravity of the issue, BP Singh (CS) would soon convene a meeting with the officers of the departments concerned to deliberate upon the current state of these units.

The government is worried that if the industries begin to close, not only would people lose their jobs but it could also have a negative impact on the forthcoming Assembly elections, said sources.

It would also give ammunition to the Opposition, especially Congress vice president Rahul Gandhi, to attack the government over job losses and lack of job growth in the country.

•Such issues will not lure investors to invest in the state, irrespective of the number of road shows held in the US, and global summits organised by MP governmenr, said sources

After the issues are discussed with Chouhan, the following measures could be expected:
1 MSME rehabilitation board may be formed to assist the sick enterprises on the lines of board for industrial and financial reconstruction instituted by the Centre to rehabilitate loss-making mega industries. The industries association had already demanded that the MP government form such a board
2 Complying with the demands of the association, the board may have representation from the association, said sources
3 The government may rejig the control of the bureaucracy over the MSMEs as it is not confirming with ease of doing business formula propagated by the Prime Minister, said sources

Even as chief minister Shivraj Singh Chouhan is on a six-day tour of the US to convince companies there to invest in Madhya Pradesh, thousands of micro, small and medium enterprises (MSMEs) in the state are facing a severe crisis.

As per the government’s records, more than 22,000 such industries are sick in the state, with many of them on the verge of closure. The winding up of these sick units would render lakhs of workers jobless in Madhya Pradesh, said sources.

Unable to pay loans
These loss-making industries have not been able to pay back the loans worth Rs1,416 crore that they have taken from various banks. The loans to these units have almost become non-performing assets.

This is among the many issues that have been raised by industries association in a meeting of Small Industries Board.

MSME department has prepared an agenda pertaining to these issues and has sent the same to the state chief secretary (CS). DB Post has a copy of the said agenda.

CS to convene a meeting
Considering the gravity of the issue, BP Singh (CS) would soon convene a meeting with the officers of the departments concerned to deliberate upon the current state of these units.

The government is worried that if the industries begin to close, not only would people lose their jobs but it could also have a negative impact on the forthcoming Assembly elections, said sources.

It would also give ammunition to the Opposition, especially Congress vice president Rahul Gandhi, to attack the government over job losses and lack of job growth in the country.

Bank loans worth 1,416 crore taken by MSMEs close to becoming NPAs

Policy impacting business
30% subsidy on power usage was available to the MSMEs as electricity connection up to 25 horse power (HP) was kept in the ‘Low Tension’ (LT) category 40% (approx) increase in the power expenses is being witnessed by the industries because of the change in LT category and increase in other charges

•The energy department had fixed 20 HP limit for LT category without even giving a proposal to the MP Electricity Regulatory Commission, due to which extra burden came over the MSMEs, as they had taken connections for 25 HP
•Fixed charges payable in MP by the industries per horse power is 40% higher than Maharashtra, while minimum charges are 35% higher

Assembly Elections: The Dates For Gujarat Election 2017 Are Declared

Gujarat Election 2017

Gujarat /25-October-2017 (News release India): The Gujarat election 2017 will be conducted in two parts for the following 182 seats on December 9 and 14 respectively. The results of Gujarat Election 2017 will be announced on December 18. Therefore, from today, the model code of conduct has come into the play, which will stop the use of government bodies or announcements that will let people vote without any influence. The dates for Gujarat polls will be out at any day. The BJP party just announced many new services that will be beneficial for minor and backward castes, health sector and the farmers.

The Congress party has considered all these BJP’s sops as Jumlas (fake words). In the last 22 days, the BJP party has announced many welfare services to help out people and the society in the state as well as central level.

Here is a list of the promises made by BJP for the welfare of society and people ahead of the assembly elections in Himachal Pradesh and Gujarat:

1. Agriculture loan up to 3 lacs without any interest for farmers.

2. The minimum support price for groundnut will be Rs 900

3. 100 Rs bonus on buying of 20kg cotton.

4. Ghogha to Dahej’s Passenger service will be inaugurated soon.

5. 16 Gujarat Industrial Development Corporation (GIDC) units will be newly developed.

6.  The fixed salary workers will get pay revised soon

7. GST free micro-irrigation equipment and technologies

8. There will be 50% hike in the incentives for Asha workers ( The regular incentive of an Asha worker is 2000 to 2500 rs)

9. The vacant posts in Gujarat governments will be filled up soon.

10. Prime minister Narendra Modi recently laid the foundation stone of Rs 4,337-crore Bhadbhut barrage project on October 8

11. Prime minister Narendra Modi inaugurated the Antyodaya Express which will connect Surat and Bihar’s Jaynagar.  The Antyodaya Express will cover the distance of 1,862 km and travel for around 37 hours 50 minutes

12. There will be the recapitalization plan of Rs 2.11 lakh crore over the next two years of state banks.

Also, read – Hardik Patel meets farmers in Vadodara

This is how shivsena plays dirty politics – Raj Thackeray

This is how shivsena plays dirty politics – Raj Thackeray

Maharashtra /16-October-2017 (News release India): Maharashtra Navnirman Sena (MNS) head Raj Thackeray on Sunday told the media after 6 out of 7 corporators of his party joined Shiv Sena, He said that the all corporators who left MNS to join Shivsena were given Rs 5 crore

Talking to the media for the first time after six out of seven corporators in BMC of MNS left their  Maharashtra Navnirman Sena (MNS) and joined Uddhav Thackeray led the Shiv Sena, party chief Raj Thackeray on Sunday alleged the Uddhav Thackeray-led party of “dirty politics” and said that he would not forget what happened.

Thackeray also said that he knew the motives of those corporators about a month ago itself and how they were given Rs 5 crore by Shivsena.

He also added that money was thrown and the corporators were purchased. If corporators wanted to join the ShivSena, they should have gone upfront instead. people have been spreading rumour over social media platforms that he himself sent these corporators. But if he wanted to so, he would have sent all seven.

Yesterday, the news was in all media platforms that 6 of 7 MNS corporators have joined Shivsena after invitation which is seen as a huge setback for MNS itself after its weak  grip in state and local level politics.

He also said that when he left the Sena about a decade ago, he never had the thought of forming Maharashtra Navnirman Sena.

He further said that he had informed Balasaheb Thackeray before leaving the Shiv Sena. He has never done such kind of politics and will never indulge in it in the future as well. In fact, he was fed up of Udhav Thackeray’s dirty politics and decided to move earlier.

He further said that he clearly remember how he had received calls from many Shiv Sena corporators who, in fact, told him how they never got anything whereas people who were brought from outside given so much.

He also claimed that what happened was wrong and state would never forget that and Shivsena will understand in the future how Raj Thackeray have not forgotten this.

India will soon catch its rapid growth rate- IMF

India will soon catch its rapid growth rate- IMF

 New Delhi /14-October-2017 (News release India): IMF issued a statement containing India’s structural reforms to enhance the efficiency of labour and product markets, and modernise agriculture sector to accelerate its growth.

The International Monetary Fund statement came in Asia and Pacific Regional Economic Outlook Update which further included that the country’s growth is expected to accelerate in the medium-term as temporary disruptions have made because of demonetisation and the Goods and Services Tax (GST).

The economic growth has slowed in India in recent quarters due to the these temporary disruptions from the currency exchange initiative — demonetisation implemented in November 2016, and the recent rollout of the GST in April.

IMF also noted that the GST is a landmark tax reform which should help unify the domestic market and encourage businesses to move from the informal to the formal sector.

IMF also included in it’s statement that Inflation has been became low in comparison with the mid-point target in recent months due to lower food prices and allowing the central bank to cut its policy rate in August also growth in current year was revised downward to reflect the recent slowdown which is expected to accelerate in the medium term as these temporary disruptions will soon fade away.

Growth of India was revised down to 6.7 per cent in Fiscal Year 2017 to 7.4 percent in Fiscal Year 2018.

IMF further said that the growth rate will be underpinned by private consumption, which has benefited from low food and energy prices, as well as  increment of civil service allowance also the current account deficit should remain modest, financed by robust foreign direct investment inflows.

According to the report published in outlook India, priorities should be strengthening public banks and loss-absorbing buffers by implementing further public banking sector structural reforms, and enhancing public banks’ debt recovery measures.

Adding that labour market reforms should be a priority to facilitate greater and higher-quality job creation the IMF said that reform efforts should aim at tackling supply bottlenecks and enhancing the efficiency of labour and product markets, and modernising the agricultural sector to increase the growth of the country.