Best of BS Opinion: Vivad Se Vishwas scheme, Das' 2 years as RBI guv & more

 

Having neglected to influence ranchers with huge concessions on the new homestead laws, Prime Minister Narendra Modi is swearing by the figures of speech in the Bharatiya Janata Party's playbook, marking protestors "against public" and the ideological groups backing them "plotters". What's next? FIRs? Captures under the Unlawful Activities Prevention Act? Such instinctive doubt of the populace has been a staple of the duty divisions, which ricochets between the assaults and reprieve plans, to hit testing assortment targets.

The most recent endeavor to entice dodgers, Vivad Se Vishwas, has demonstrated not any more effective than its all the more mundanely named archetypes, primarily in light of the fact that crooks respond charge specialists' doubt with revenue. Rather than pursuing such plans, a more prominent spotlight on gathering charge contribution without question may yield better outcomes, A K Bhattacharya proposes in his segment. Peruse it here.

Different perspectives inspect Shaktikanta Das' two years as Reserve Bank of India lead representative, the hugeness of the blackout of Google's administrations and the Competition Commission of India's endeavors to be "productive". Kanika Datta summarizes the perspectives.

The top alter clarifies why Governor Das may need to disappoint the public authority while loosening up the boost. Peruse it here

Corporate predominance has numerous drawbacks yet the concise blackout of Google's administrations demonstrated why rivalry is basic in the worldwide advanced space, says the second alter. Peruse it here

The Competition Commission of India has communicated its aim to contemplate investor and speculation arrangements by private value speculators to comprehend market real factors about exercise of control better. Different controllers, particularly those directing authorized ventures, should be correspondingly productive, Somasekhar Sundaresan says. Peruse it here

PM Narendra Modi to address 3rd Annual Bloomberg New Economy Forum today

 

PM Narendra Modi will convey a location at the third Annual Bloomberg New Economy Forum on Tuesday at 6

Set up in 2018 by Michael Bloomberg, the Bloomberg New Economy Forum looks to manufacture a network of pioneers to take part in conversations prompting significant arrangements about the basic difficulties confronting a world economy.

This year, the gathering will observer discussions fixated on refueling the economy and graphing a course for the future, in the wake of the Covid pandemic, the Prime Minister's Office (PMO) said.

The debut gathering was held in Singapore, trailed by a second version in Beijing, covering issues, for example, worldwide monetary administration, exchange and speculation, innovation, urbanization, capital business sectors, environmental change and consideration.

Chief general of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus, previous UK Prime Minister Tony Blair, previous US President Bill Clinton, Microsoft author Bill Gates, and Secretary-General of the United Nations Antonio Guterres are a portion of different speakers planned to address the discussion.

A parallel economy: Bootleggers flourish in Bihar's liquor crackdown

 

In the dead of night, Rajesh (name changed) visits a cemetery in his town in focal Bihar four times each week. "A ruined spot like that is sheltered to get my week by week transfer of liquor," he said. "We continue evolving areas. In some cases we meet somewhere down in the farmlands."

Clad in some oily shorts and a torn T-shirt, Rajesh, in his mid-40s, is a grease monkey however his greatest income - over Rs 1 lakh a month- - originate from smuggling in the express that was pronounced dry in 2016. "Try not to pass by my clothing," he said with a giggle, crouching on a little stool in his carport where this columnist met him toward the beginning of October.

In front of the 2015 get together races in Bihar, boss priest Nitish Kumar had vowed to boycott the utilization of liquor in the state if reappointed. One of the points was to control abusive behavior at home, frequently connected with over the top drinking. After he cleared the races and expected his third sequential term as boss priest, Kumar reported disallowance in the state.

Before the alcohol boycott, Bihar burned-through near 25 million liters of liquor every month, according to state extract office figures imparted to IndiaSpend. The exact year, the assessed all-India figures for liquor utilization remained at about 5.4 billion liters. Not long after the boycott was affected, unlawful alcohol exchange began multiplying in the state.

With state races under way, peddlers are doing energetic business. "This is an ideal opportunity to bring in cash," Rajesh said. "Lawmakers need to disseminate liquor among electors during their mission. Deals soar in front of a political race. We raked in tons of cash during the 2019 general political race as well."

IndiaSpend is investigating the effect of the alcohol boycott in Bihar in a two-section arrangement against the background of the get together decisions. In the initial segment, we clarified how preclusion has pushed the utilization of less expensive hooch and medications. In this finishing up part, we take a gander at the state's flourishing equal economy of unlawful alcohol, and how the crackdown against violators has excessively influenced the minimized social gatherings, for example, the mahadalits (the most denied among the dalits) and the ancestral networks that have been customarily occupied with the alcohol business.

Amit Shah admitted to Medanta Hospital after testing Covid-19 positive

Association Home Minister Amit Shah was hospitalized on Sunday after he tried positive for Covid-19.
Shah declared on Twitter: "On getting the underlying indications of coronavirus, I completed the test and the report returned positive. My wellbeing is fine, however I am being admitted to the medical clinic on the exhortation of specialists. I demand that every one of you who have interacted with me over the most recent couple of days, if it's not too much trouble disconnect yourself and get yourself tried." He is being treated at Medanta emergency clinic in Gurugram. The priest's trying positive for Covid has put a question mark on the size of the establishment stone laying service of the Ram sanctuary in Ayodhya on August 5.
Shah went to an online course on the 100th demise commemoration of Lokmanya Tilak sorted out by the Indian Council of Cultural Relations (ICCR) on August 1 and was on the dais with Vinay Sahastrabuddhe, BJP MP and head of ICCR. A few other gathering functionaries additionally went to the capacity.
At the point when Shah met Prime Minister Narendra Modi last isn't known, yet sources said the PM's foundation follows severe social removing and different standards, so it is far-fetched Shah could have given the contamination to him, regardless of whether the two had met. Most Cabinet gatherings are being held by videoconferencing nowadays. The keep going one was hung on July 29.

Government sources said it was profoundly improbable that the pivotal occasion would be canceled however it would most likely be downsized. "Prior a few clergymen were apparently going to go to the service. In any case, as we don't know authoritatively which serves, the odds are that now, just Prime Minister Modi will go to Ayodhya alongside UP Chief Minister Yogi Adityanath. Be that as it may, everything is questionable," they said.

PM Modi to launch projects worth Rs 487 crore on August 5 in Ayodhya

PM Narendra Modi, who is relied upon to visit Ayodhya on August 5 to establish the framework of Lord Ram sanctuary, will likewise dispatch improvement, the travel industry and foundation ventures totalling Rs 487 crore during his concise visit to the sanctuary town.
While ventures worth more than Rs 161 crore would be introduced by the PM, others worth almost Rs 326 crore would observer their establishment laying in Ayodhya.
As per the Uttar Pradesh government, the activities proposed to be initiated one month from now relate to the wellbeing, the travel industry and transport divisions. They incorporate common and improvement works in the nearby government medical clinic costing Rs 135 crore, aside from the beautification of Laxman Qila Ghat at an expense of over Rs 10 crore.
The undertakings arranged for establishment laying relate to the urban turn of events, culture, the travel industry and open works division (PWD) offices. It incorporates extending of the parkway associating Bahraich, Ayodhya and Azamgarh with the undertaking cost pegged at about Rs 252 crore.
On July 17, boss pastor Yogi Adityanath had held a video gathering with senior authorities in Ayodhya and underlined the need concurred by the state government to the different tasks in the sanctuary town taking into account the proposed laying of the Lord Ram sanctuary.
A week ago, the UP Bullion Association had given silver blocks gauging in excess of 33 kg to the Temple Trust for establishing as framework for the much anticipated sanctuary. The Trust was established on the headings of the Supreme Court for encouraging the development of the sanctuary.
Prior, Temple Trust president and unmistakable soothsayer Mahant Nritya Gopal Das had seen that the sanctuary would be built with assets and deliberate commitments from the overall population.

As per the provisional program, a silver piece weighing about 40 kg will be set in the sanctum sanctorum of the proposed Lord Ram sanctuary during the establishment laying service by the PM. The strict ceremonies would be managed by the clerics from Varanasi. The establishment of the sanctuary is planned to be laid around 12.13 pm, considered as the favorable time dependent on galactic counts by the Hindu clerics and soothsayers.

Unlock 2.0 opens a small window; PM to address the nation at 4 pm today

The Center on Monday gave rules for "open 2.0", however the fast increment in Covid-19 cases in a few pieces of the nation implied it avoided reviving schools, universities, and instructing organizations.
Universal air travel and metro rail administrations will likewise keep on staying shut at any rate till July 31, and huge gatherings remain restricted. Tamil Nadu and Maharashtra chose to broaden the lockdown in a few pieces of the states until July 31.
"Open 2.0" will come into power on Wednesday, July 1. PM Narendra Modi is scheduled to address the country at 4pm on Tuesday.
The new rules, gave by Union Home Secretary Ajay Bhalla, expressed residential flights and train administrations, as of now permitted, would be additionally extended in an adjusted way.
Under the new rules, night time limit has been loose. Night check in time will currently be from 10 pm to 5 am, rather than 9 pm to 5 am. Shops have been permitted to have, space allowing, in excess of five individuals one after another.

"Open 1" rules, gave on May 30, had requested reviving strict spots, shopping centers, inns, and cafés from June 8. It had likewise expressed the choice on reviving schools and other instructive establishments would be taken in July after input from guardians and different partners.

Lockdown controlled Covid-19, time to give economy importance: PM Modi

Prime Minister Narendra Modi on Monday conveyed to chief ministers that the country will have to give importance to the economy as well as to continue the fight against coronavirus.
The prime minister interacted with chief ministers as in a video conference and highlighted the importance for states to enforce prescribed guidelines strictly in the hotspots, the government said in a statement.
The prime minister also underlined that the lockdown has "yielded positive results as the country has managed to save thousands of lives in the past one and a half months."
"Prime Minister said that the country has seen two Lockdowns till now, both different in certain aspects, and now we have to think of the way ahead. He said that as per experts, the impact of coronavirus will remain visible in the coming months," the statement added.
Civil defence officials wear protective suits to help a man who was lying on the roadside near Hebbal flyover during a nationwide lockdown imposed in the wake of novel coronavirus pandemic, in Bengaluru. Photo: PTI
 Civil defence officials wear protective suits to help a man who was lying on the roadside near Hebbal flyover during a nationwide lockdown imposed in the wake of novel coronavirus pandemic, in Bengaluru. Photo: PTIModi also said that masks and face covers will become part of the lives of people in the days ahead, adding everyone's aim must be to ensure rapid response under the current circumstances.
Among those present at the virtual meet, included Home Minister Amit Shah, Health Minister Harsh Vardhan, and top officials from the PMO and the Union Health Ministry. The chief ministers who attended the meeting included Arvind Kejriwal (Delhi), Uddhav Thackeray (Maharashtra), E K Palaniswami (Tamil Nadu), Conrad Sangma (Meghalaya) Trivendra Singh Rawat (Uttarakhand) and Yogi Adityanath (Uttar Pradesh).

This is Modi's fourth such interaction with state chief ministers since March 22 when he first spoke to them on the coronavirus situation. Two days later on March 24, Modi announced a 21-day nationwide lockdown, which was further extended till May 3. Besides discussing the way forward in dealing with the pandemic, the prime ministers and chief ministers also focussed on a "graded" exit from the lockdown.

Coronavirus impact: Amit Mitra writes to FM Sitharaman, demands GST dues

Facing aggravated fiscal woes due to the lockdown, states have demanded an immediate release of their pending goods and services tax (GST) dues by the Centre, besides a hike in the borrowing limit. To tide over the crisis, states have sought an increase in the fiscal responsibility and budget management (FRBM) limit to 4 per cent, from 3 per cent.
With over four months of GST compensation of more than Rs 40,000 crore still pending, some states even plan to drag the central government to the Supreme Court.
West Bengal Finance Minister Amit Mitra wrote a letter to Union Finance Minister Nirmala Sitharaman on Thursday, urging for an immediate release of pending compensation dues.
Compensation cess, to be released on a bi-monthly basis, is pending for about five months. The central government had released 65 per cent of the compensation due for October and November. The central government is of view that it will only release compensation out of what has been collected by way of levy of cess on luxury and sin items like automobiles, tobacco, and aerated drinks.
“The spread of Covid-19 has created a havoc to the state finances… non-receipt of GST compensation from the central government has further aggravated the already stretched state finances,” Mitra said in the letter. West Bengal's pending dues of Rs 2,875 crore include compensation for some part of October and November and months till March.
Mitra said a “serious cash management situation and fiscal problem” would arise in the coming months with GST revenues, which contribute up to 70 per cent of the state's revenues, getting locked up due to deferment of GST return filing dates.
States have demanded an increase in borrowing limit even if fiscal deficit reaches 4 per cent of state GDP, against the norm of 3 per cent, with most states planning to front-load the exercise to the first quarter of FY21.

Bihar Deputy Chief Minister Sushil Modi said the state had demanded a hike in FRBM limit to 4 per cent and an additional 1 percentage point increase in the market borrowing limit.

Shun politics of vendetta, work with Oppn to revive economy: Mamata to Modi

Current Affairs
West Bengal Chief Minister Mamata Banerjee on Monday urged Prime Minister Narendra Modi and the central government to shun politics of vendetta" and work with the Opposition parties to revive the economy.
Speaking to the media here, she also accused the centre of not clearing so far dues of about Rs 1 lakh crore to her state on various heads.
"The Prime Minister should take everybody into confidence and if necessary hold meetings with opposition parties to find out ways to revive the economy. The Centre should focus more on the economy and stop resorting to vendetta politics," said Banerjee.
She appealed to Modi to take the recent comments by the RBI about the state of the Indian economy "seriously".
"The RBI's comments are serious issues. The Centre should carefully look into it and act accordingly, instead of being busy in the politics of hatred," she said.
Banerjee said Bengal was yet to get a "single paisa" from the centre for the damages inflicted by Severe Cyclone Bulbul that hit the state last November.
"We are yet to get a single paisa on account of Bulbul. In fact, we are yet to get due of Rs 1 lakh crore from the centre on various heads. On top of that, we have to repay an annual debt of Rs 50,000 crore," she said.
Banerjee said development should not suffer because of political discrimination.

She also termed the state budget as "pro-people"...Read More

India's problems were always bigger than Modi, started much before 2014

International News
A new narrative about India is suddenly emerging. Until very recently, India appeared a great democracy as well as a rising economic power, a potential partner of the West in its policy of containing China. Writing in Time magazine in 2015, no less a moral and political authority than Barack Obama hailed Prime Minister Narendra Modi as India’s “reformer-in-chief” who “reflects the dynamism and potential of India’s rise.”
However, the latest, radically different narrative about India holds that the country is flailing, its politics and civil society captured by a Hindu supremacist movement, and its economy trapped in a potentially long slowdown.Evidence that India’s prime minister is not the smart economic moderniser he seemed to many in the West has become steadily incontrovertible, especially after he quixotically withdrew most currency notes in circulation in 2016.
This week, an exhaustively researched report in the New Yorker by Dexter Filkins provided spine-chilling evidence that India is ruled by cold-blooded ideological fanatics, who will use all means to achieve their aims. These can range from perversion of the media, judiciary and military to anti-Muslim pogroms, targeted assassinations of critics, and collective punishment of a minority (as in Kashmir, where a four-month-old lockdown continues).

Such a dramatic reversal of reputations — “from hero to zero,” as the Indian wisecrack goes — is not new in India’s case. For much of India’s seven decades, when it appeared to be on the wrong side of the Cold War, Western commentators regarded the country as a basket case.As Thomas Friedman put it in The World is Flat: A Brief History of the Twenty-First Century, India was “known as a country of snake charmers, poor people, and Mother Teresa” before it was abruptly re-branded, including by Friedman, as a “country of brainy people and computer wizards.”As India embraced market capitalism, moved away from its Russian friends, and came closer to the West....Read More

Ayushman Bharat working to identify those left out, says CEO Indu Bhushan

International News
About 70 per cent Indians rely on private healthcare for their health needs and bear out of pocket costs, which plunged 55 million people into poverty in 2012.
India has earlier tried out national insurance models such as the Rashtriya Swasthya Bima Yojana (RSBY) that started in 2008, aiming to cover hospitalisation expenses upto Rs 30,000 for families below the poverty line. Its overall performance was poor and the scheme failed to reduce impoverishment.
In September 2018, Prime Minister Narendra Modi launched the ambitious Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY), the National Health Protection Scheme, in Ranchi, Jharkhand. The scheme that subsumed RSBY provided an insurance cover of Rs 5 lakh to 100 million ‘poor and vulnerable’ families identified by the socio-economic caste census (SECC) of 2011.
More than a year later, we spoke with Indu Bhushan, the chief executive officer of AB-PMJAY and the National Health Authority (NHA), which is responsible for implementing the scheme.“We have gone beyond RSBY,” said Bhushan, sitting in his seventh floor NHA office on New Delhi’s Janpath. By December 2, 2019, PMJAY has covered over 6.8 million hospitalisations worth Rs 7,160 crore and has issued over 67 million e-cards to beneficiaries, according to PMJAY website and NHA. It is present in all but four states--Odisha, Telangana, West Bengal and New Delhi.

Pointing to the large screen showing the PMJAY dashboard, Bhushan said two-thirds of the hospitalisations were in private hospitals and for tertiary care. “So we are taking care of problems like catastrophic expenditure,” Bhushan said. “We have spent Rs 8,000 crore, but the savings to people is Rs 15,000 crore....Read More

PM Modi offers floral tributes to Sardar Patel on his birth anniversary

International News
Prime Minister Narendra Modi paid floral tributes to Sardar Vallabhbhai Patel, the country's first home minister, at the Statue of Unity here on the occasion of Rashtriya Ekta Diwas on Thursday.
October 31, Patel's birth anniversary, is celebrated as Rashtriya Ekta Diwas (National Unity Day) since 2014.
As the prime minister offered floral tributes, flower petals were showered on the world's tallest statue by an Indian Air Force helicopter.
The 182-metre-tall statue of Sardar Patel was inaugurated by Modi on October 31 last year.
The PM also administered 'national unity pledge' to the gathering on this occasion.
The prime minister watched 'Ekta parade' in which personnel of the Gujarat Police, Jammu & Kashmir Police, Central Reserve Police Force and Border Security Force took part.
Mock drill demonstrations were conducted by the Central Industrial Security Force (CISF), National Disaster Response Force and National Security Guard.
CISF personnel gave a demonstration of how to deal with terrorists at airports, while NDRF demonstrated rescue operations during earthquakes and gas leakage.

The NSG presented a demonstration of how to foil a terrorist attack....READ MORE

India's last-minute demands for concessions might jeopardise RCEP deal

Technology
India keeps making last-minute requests after it agreed to terms for the world’s largest regional trade agreement, potentially preventing Asian leaders from announcing a breakthrough on the 16-nation pact during a summit in Bangkok next week, people familiar with the situation said.
In recent days, India angered other negotiators by making additional requests on the China-backed pact covering half the world’s population, said the people, who asked not to be identified because the talks are private. Leaders of the countries had planned to announce a preliminary deal on Nov 4 when leaders gather for meetings hosted by the Association of Southeast Asian Nations, they said.
Chief negotiators are still confident they can reach a broad agreement on the deal, known as the Regional Comprehensive Economic Partnership (RCEP), during a planned meeting on Thursday in Bangkok, the people said. Any announcement would pave the way for nations to finalize the details on the legal framework in the coming months.
A breakthrough after seven years of talks would mark a win for trade liberalization in an era of rising tariffs and resurgent nationalism. The deal would also further integrate Asia’s economies with China at a time when US President Donald Trump is seeking to convince the region to shun Chinese infrastructure loans and 5G technology.

India, which has raised some tariffs under Prime Minister Narendra Modi, has long been the main holdout on an RCEP deal due to strong domestic opposition over fears the country would be flooded with cheap Chinese goods.India DemandsModi, who is fresh off a landslide re-election win in May, agreed to move ahead with the deal after receiving personal assurances from Chinese President Xi Jinping in an informal seaside meeting earlier this month, an Indian official said...READ MORE

Distressed employees of BSNL write to PM Narendra Modi, call for revival

International News

Distressed employees of cash-strapped Bharat Sanchar Nigam (BSNL) on Monday urged Prime Minister Narendra Modi to revive the company and make it a strong telecom operator. In a letter to Prime Minister Narendra Modi, the staff of the beleaguered company said, “We heard that the finance ministry is proposing the closure of BSNL, instead of its revival.”
“It is felt that those officers involved in the process may not get an opportunity to learn about the critical role played by BSNL in nation building and in implementing government schemes and projects,” general secretary of BSNL Union Sebastin. K said in the letter.
Stressing the role played by the company during critical situations, the employees have sought relief from the government. Sebastin said during the recent developments in Jammu & Kashmir, the government is fully dependent on BSNL landline and mobile for providing services to a few government functionaries and security forces in Kashmir valley, despite the company incurring huge losses.
No other operator is allowed to provide services due to security reasons. BSNL is providing telecom services in remote parts of the country and maintaining 17,000 to 18,000 exchanges, incurring Rs 3,000 to Rs 4,000 crore losses every year. Otherwise, these villages will be cut off.
The aggrieved employees said, “A wrong notion has been created by the government, management and the media that the main reason for BSNL loss is its employee cost.”

The letter said, BSNL provides direct employment to several people and most of the operations and maintenance activities are done by its own employees, whereas other operators outsource majority of their works...Read More

Karti Chidambaram pens letter to father on birthday; takes dig at BJP govt

International News

On the 74th birthday of former finance minister P Chidambaram, his son Karti wrote a letter to him, mostly taking a dig at the Bharatiya Janata Party (BJP) government at the Centre and Prime Minister Narendra Modi. In his letter, Karti criticised the government and its ministers, citing various recent events.
At the beginning of the letter, Karti wished his father and said that "no 56!!! can stop you", a clear jibe at PM Modi. He said the family would have been glad to celebrate the birthday at home, and added "turning 74 is nothing compared to turning 100 days old". (The BJP government just completed 100 days in office).
P Chidambaram now has access to newspapers and limited television in the prison. Karti, through his letter, got him up to speed with the recent events that his father missed due to unavailability of mass media. He informed that Chandrayaan-2 failed to soft-land on the moon. He wrote that PM Modi took the opportunity to console K Sivan, the chief of the Indian Space Research Organisation (Isro) which according to him was more of theatrics. Karti mentioned Piyush Goyal's 'Einstein and gravity' gaffe too.
He wrote that the government had been celebrating its 100 days in office which was nothing more than celebration of failures.
He informed P Chidambaram about the failing economy, car sale slump, Sensex hitting new lows, and more such events.

 He talked about the plight of the people of Kashmir after the abrogation of Article 370 and said that he was better off than them despite being in jail. He said that the BJP government had been trying to celebrate a bad patch of their tenure and they could not have found a better time to silence him...Read More

Kashmir should be settled bilaterally; no place for third party: Macron

Current Affairs

India and Pakistan should resolve the Kashmir issue bilaterally and no third party should "interfere or incite" violence in the region, French President Emmanuel Macron said on Thursday after his marathon one-on-one talks with Prime Minister Narendra Modi.
The two leaders reviewed the entire gamut of the dynamic and multi-faceted bilateral relationship during their more than 90-minute long one-on-one meeting at Chateau de Chantilly, one of the finest jewels of French cultural heritage, located about 50 kms north of Paris.
The one-on-one interaction was followed by the delegation-level talks.
In a joint press statement after the talks, President Macron said that Prime Minister Modi briefed him about the recent decision taken by India on Jammu and Kashmir and that it is in their sovereignty.
"I told him that India and Pakistan will have to find a solution to the issue and no third party should interfere or incite violence in the region," Macron said.He said that peace should be maintained in the region and peoples' rights should be protected.
"I will also speak to Pakistan Prime Minister after a few days and tell him that the talks should be held bilaterally," the French president said.He also said that France will deliver 1st of the 36 Rafale fighter jets to India next month.

Speaking after Macron, Prime Minister Modi said the relationship between India and France is not based on any selfishness, but on solid ideals of 'Liberty, Equality and Fraternity'.He said India and France will expand cooperation in counter terrorism and security....Read More

PM Modi's message to India Inc, banks, auto firms: All will be well

Company News

We will do everything possible to make India the world's best investment destination and a better place to do business in, apart from going "as far as possible" to revive the "animal spirits" and make the "entire private sector bullish", Prime Minister Narendra Modi said in an interview with the Economic Times on Sunday .
The prime minister's interview, which focused on key economic topics such as reviving growth, banking, ease of doing business, slowdown in demand and the US-China trade war, among other things, comes amid increasingly vocal concerns over a slowdown in the Indian economy, especially in the automobile sector, which has reported significant job losses.
Here are the top five things the PM said in his interview:
1) All possible support for honest, law-abiding businesses
In a bid to reassure India Inc, Modi said that the government wanted entrepreneurs to enjoy higher productivity and better profits.
The PM said that he wanted to motivate the country's industrialists to "believe in the India story" and in the "long-term potential of the Indian market". Further, he said that entrepreneurs should carry on with their businesses and complete their investment plans without any confusion.
The PM's reassurance comes amid allegations of so-called 'tax terrorism'. After the apparent suicide of Cafe Coffee Day founder V G Siddhartha, who was under investigation by tax authorities, business leaders had expressed anger over the government going too far in its crackdown on tax evasion and fraud.

2) Decisions taken by bankers in good faith won't face 'witch hunt'...Read More

Trade is a challenge in relationship between India, US: Ambassador Shringla

International News

Trade is one of the challenges in the relationship between India and the US, a top Indian envoy said, exuding confidence that the two nations will soon be able to reach conclusions that are mutually beneficial and satisfactory.
"One of the issues (challenges) is trade. As the US seeks to recalibrate its trading relationships with not just India but with countries across the globe, we are happy to engage in that effort, Indian Ambassador to the US Harsh Vardhan Shringla said at The Heritage Foundation think-tank on Tuesday.
Prime Minister Narendra Modi and President Donald Trump during their meetings in Osaka, Japan, in June on the margins of the G-20 Summit directed their officials to address issues related to trade, Shringla noted.
Union Commerce Minister Piyush Goyal and US Trade Representative Robert Lighthizer are expected to meet soon in this regard, the ambassador said without indicating the dates.
That meeting would enable us to reach conclusions that are mutually beneficial and satisfactory, he said.
Observing that the two countries will have other issues like this as they go along, Shringla said, I have no doubt that we have both the mechanisms and the required political will to address these issues.
What is important that India-US is a strategic partnership and the momentum of that partnership has to be sustained, he asserted.
"It has to be seen in a long-term perspective and one that has the inerrant basis on which we can take this relationship forward," Shringla said.

 He asserted that this relationship should not be seen in a short-term perspective....Read More

India only Asian economy that's growing its export share amid trade war

International News

The only major Asian economy that’s grown its export share since the start of the tariff wars in 2018 is the one with the fewest trade links to China.
India’s share of world exports rose to 1.71 per cent in the first quarter of 2019 from 1.58 per cent in the fourth quarter of 2017, data compiled by Bloomberg show. The share of every other economy among Asia’s 10 biggest exporting nations fell in the same period.
Part of the reason for India’s outperformance is that it’s not as integrated into global manufacturing supply chains as peers, which means exporters are cushioned from rising trade tensions in the region. It’s a sentiment that was flagged by central bank Governor Shaktikanta Das in a recent interview.
“India is not part of the global value chain,” he said. “So, US-China trade tension does not impact India as much as several other economies.”
China is the biggest buyer of goods from South Korea and Japan, whose share of world exports have fallen the most in Asia. For India, China is the third-largest market, after the US and the UAE.
“Our biggest advantage is that our product basket and market basket are both quite diversified,” said Rakesh Mohan Joshi, a professor at the Indian Institute of Foreign Trade in Delhi.

 Trade tensions between the US and China have given India an opportunity to ramp up exports to both countries, according to Ajay Sahai, director general and chief executive officer of the Federation of Indian Export Organisations. India’s exports to the US grew at the fastest pace in six years in the year ended March 2018, while exports to China surged 31 per cent, the second highest annual pace of growth in more than a decade, data from India’s Ministry of Commerce show....Read More

Govt likely to go for $10-billion overseas bond sale in October: Report

Current Affairs

The Centre is considering an option to raise $10 billion in one go from its first overseas bond sale as early as October, according to people with knowledge of the matter.
The government would prefer to sell yen or euro-denominated debt so as to offer lower yields, the people said, asking not to be identified as the plan is still under discussion. A dollar bond isn’t ruled out given there would be more liquidity, while it could also decide to sell the debt in multiple sales over a longer period, they said.
India is banking on the novelty of a debut offering at a time when investors are desperate for returns as the world’s pile of negative-yielding debt grows to a record $13.4 trillion. While Saudi Arabia and Argentina have raised more money in recent years from international bond sales as emerging markets return in popularity, Prime Minister Narendra Modi’s government will be working to a tight timeline.
“Market technicals are very strong, and the country is on a positive political trajectory, so why not strike while the iron is hot,” said Todd Schubert, the head of fixed-income research at Bank of Singapore. The surprise would be if there’s no dollar tranche as “one would think that building an Indian sovereign curve would also be a strategic goal, and that can only be done in dollars.” Finance ministry spokesman D S Malik didn’t immediately respond to calls.

 The maturity of the bonds could be 10 years or more, the people said. The current thinking among officials is that a larger sale would be more attractive to investors than breaking the fundraising task into smaller parts, because costs would be lower.The government doesn’t plan to hedge the proceeds as that would increase costs, the people said. The central bank is in agreement with the plan to raise debt overseas...