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Mint November 24, 2017 A revival in the capital-expenditure cycle is some time away, with many firms seeking to first recoup returns on their earlier investments, says Sameer Goel. Deutsche Bank AG is looking for Indian economic growth in fiscal year 2020 to return to close to 8%, provided the global economy does not throw up any nasty surprises, Sameer Goel, head of Asia macro strategy at the German lender, said in an interview. He also said data showed growth momentum generally improved in the year prior to elections. “Indeed, except for 2008, where the global financial crisis likely overwhelmed all other dynamics, the momentum has improved a year before elections, accelerating further in the election year itself, and in the year after,” he added.  Edited excerpts: Do you feel the outlook on the Indian economy and confidence in the economy is much better when viewed from abroad? I think that’s a reasonable statement, and maybe most tied in to that fact that it is e...

The Economic Times November 24, 2017 For New Delhi, promoters of failed companies are as untrustworthy as those who bankrolled them. This is the message from the Ordinance that was moved on Thursday to amend the Insolvency & Bankruptcy Code.  Neither will the exiled promoter of a defaulting company be allowed to regain control nor will banks have the liberty to toss him a sweetheart deal or a lifeline. Even if the bankruptcy of a business is brought about by industrial upheavals or turbulent markets and not by the loot and profligacy of its promoters it's goodbye to men who once called the shots.  The old order must change. Men who presided over the decline (and did not pay bankers for a year or more) do not deserve a second chance. This is the new rule of the game for insolvent companies looking for buyers who could turn them around.  It's a politically powerful signal. It's a blunt and unforgiving message. And it makes sharp headlines even if it does...

The Hindu November 24, 2017 A company floated by Union Minister Nitin Gadkari’s private secretary has been raising funds and organising events with support from the government, raising questions about a possible violation of rules governing the conduct of civil servants. Vaibhav Dange was appointed private secretary to the Minister for Road Transport, Highways and Shipping for five years on a contract basis. His appointment was notified on August 8, 2014, with the approval of the Appointments Committee of the Cabinet. Mr. Dange, an old loyalist of Mr. Gadkari, floated the ‘Indian Federation of Green Energy’ (IFGE) on October 9, 2014, along with Motiram Kisanrao Patil, a resident of Chalisgaon, Maharashtra. Both held 50% shares each. The entity is a Section 8 company, which is meant to operate not for profit. Mr. Dange was asked whether he may have violated Rule 12 of the Central Civil Services (Conduct) Rules, which says: “No Government servant shall, except with the ...

Financial Express-Sitakanta Panda & Santosh Kumar Dash November 24, 2017 The media and public discourses in advanced countries have been all agog about the idea of universal basic income (UBI) due in parts to rising unemployment, automation and income inequalities. UBI talks about giving unconditional cash transfers to all the citizens of a country to ensure a minimum standard of living. In India, however, it is being debated for quite some time for a different reason—it is lapped up as an antidote to poverty. For decades, India’s poverty alleviation programmes were based on targeting the beneficiaries, which resulted in both inclusion and exclusion errors, due to ubiquity of corruption and political clientelism. Some people say a good approach to overcome this drawback is about finding out who deserves welfare entitlements in lieu of who does not. The 2017 Economic Survey parrots similar lines when it argues that India, instead of having de jure universality, should have de ...

Financial Express November 24, 2017 The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday dismissed separate petitions by the promoter, two workers’ unions and a resolution applicant of Innoventive Industries, paving the way for the company’s liquidation. The company owes lenders Rs 955 crore.  After resolution plans by the company’s promoter Chandu Laxman Chavan and by a resolution applicant — Suyash Outsourcing — were not approved by committee of creditors, they had decided to approach the NCLT. Innoventive was the first company to be referred by lenders to the NCLT under the Insolvency and Bankruptcy Code (IBC). Private sector lender ICICI Bank had referred the company to the bankruptcy court in December last year following repayment defaults. Other lenders to the company include Central Bank of India, Axis Bank, Bank of Baroda, Bank of India, State Bank of India and IDBI Bank. Earlier this year, Innoventive Industries had filed a petition before the ...

November 24, 2017 12:35 am Written by T S R Subramanian India’s international financial rating was recently upgraded by Moody’s — a decision which recognises the reforms and structural changes initiated by the present government. A recent survey of the Pew Research Center refers to the immense popularity of Prime Minister Narendra Modi within the country — clearly indicating the high expectations citizens have of him. Both pieces of news have been rightly welcomed in the country. However, the nation can’t pick and choose. It can’t say that all favourable reports are true, but deny the existence of unfavourable reports or claim that those are inimical to India. For instance, the Pew Research Center, some time back, had concluded that Indian school standards are among the worst in the world. Recently, the Washington-based International Food Policy Research Institute (IFPRI) released the 2017 Global Hunger Index (GHI), in which India ranks 100 among the 119 countries studied. The ...