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EastMojo, September 01, 2019 Tinsukia: Even more than two years after Prime Minister Narendra Modi demonetised notes of Rs 500 and Rs 1,000 denominations, Assam police seized demonetised currency notes having a face value of Rs 10 lakh during checking at a mobile check-post in Assam's Golaghat district and nabbed a local resident, an official said. The scrapped banknotes in denominations of Rs 500 were found stuffed in a bag carried by the accused, Biman Gogoi alias Pinku, a resident of Merapani in the district. Talking to EastMojo, additional superintendent of Golaghat police Surjeet Singh Panesar said, "We had information about a person planning to exchange demonetised notes with new currency." "Based on the leads, we established a contact and laid a trap. The operation was led by deputy suprintendent of police Partha Pratim Saikia under supervision of SP Pushpraj Singh," Panesar said, adding: "On Saturday evening, we intercepted a vehicle at a ...

Hindustan Times, September 03, 2019 A five-year roadmap on hydrocarbon cooperation and new Indian investments in Russian oilfields are expected to be announced during Prime Minister Narendra Modi’s visit to Vladivostok this week, foreign secretary Vijay Gokhale said Monday. Modi will travel to the Far Eastern port city during September 4-5 to participate as the chief guest in the Eastern Economic Forum and hold an annual summit with President Vladimir Putin. With India intent on not depending on any country or region for its energy security, oil and gas exploration will be a key part of the bilateral discussions. The roadmap on hydrocarbon cooperation will lay out possibilities for working together in oil and gas, “both in terms of exploration and exploitation and in terms of purchase (during) 2019-24 as we seek to diversify our oil and gas supplies beyond complete dependence on the Gulf”, Gokhale said. Indian state-run energy firms are expected to announce new investments in...

First Post September 02, 2019 Gold prices rose on Monday, as safe-haven demand surged after the United States and China launched fresh tit-for-tat tariffs on each others goods, escalating a prolonged trade war and adding to fears of a global economic slowdown. Washington began imposing 15 percent tariffs on a variety of Chinese goods on Sunday, including footwear, smart watches and flat-panel televisions, as Beijing began imposing new duties on US crude. Spot gold was 0.4 percent higher at $1,525.86 per ounce at 0336 GMT, having fallen to a one-week low at $1,517.11 in the previous session. US gold futures were also up 0.4 percent at $1,535.10 an ounce. “The reality of the trade war with the new tariffs being implemented over the weekend has kept a risk-off tone in markets this morning,” said ANZ analyst Daniel Hynes. US President Donald Trump said both the sides would still meet for talks later this month. “There is still a very high level of scepticism. Traders want t...

Hindustan Times, September 02, 2019 The central government said on Sunday said the 1.9 million people left out of the National Register of Citizens (NRC) in Assam wouldn’t become “stateless” or “foreigners” until they have exhausted their right to seek legal remedies. The statement issued by the external affairs ministry was an apparent response to strong criticism by global rights groups and international media, which had reported on the uncertain future of those excluded from the NRC. Some 1.9 million people found themselves out of the final version of the NRC published on Saturday after an effort aimed at ending a four-decade movement against illegal immigrants, but whose outcome left even many of its original backers dissatisfied. “Exclusion from the NRC has no implication on the rights of an individual resident in Assam. For those who are not in the final list will not be detained and will continue to enjoy all the rights as before till they have exhausted all the remedi...

The Indian Express, September 02, 2019 The government’s announcement on August 23 to roll back the imposition of surcharge on foreign portfolio investors (FPIs) — which was proposed in the Union Budget in July — seems to have failed to rekindle the sentiments on equity investment in India. In the five trading sessions following the rollback of surcharge, FPIs sold Indian equities worth a net of Rs 5,485 crore from Indian equities as broader concerns around domestic economic growth, slowdown in consumption and threat of escalation of tariff war between US and China played on the investors’ mind. While the Budget announcement on imposition of surcharge on FPIs in July severely dented investor confidence, and between July 5 (Budget announcement) and August 23 (rollback of surcharge) they pulled out a net of Rs 20,260 crore from Indian equity markets, experts say that investors are now concerned more about the basic fundamentals of the Indian economy, including the consumption grow...

Scroll, September 02, 2019 Social activist Medha Patkar’s health has deteriorated eight days into an indefinite hunger strike to demand rehabilitation of thousands of people displaced by floods in areas around the Sardar Sarovar Dam, NDTV reported on Sunday. Patkar launched the “Narmada Chunauti Satyagraha” at Chhota Barda in Madhya Pradesh’s Barwani district on August 25, and 10 villagers joined her four days later. Patkar has demanded the sluice gates of the dam be opened since rising backwater has flooded areas around Barwani. She has also sought rehabilitation of people displaced because of the reservoir’s construction. The Narmada Bachao Andolan also wants the government to halt the Narmada Control Authority’s directive to fill to its optimum level of 138.68 metres, and instead maintain it at 122 metres. District authorities did not confirm Patkar’s health status. “I cannot comment on her health condition as she was not allowing doctors and medical team at the site to ex...

LiveMint, September 02, 2019 NEW DELHI : Growth in eight infrastructure industries that make up two-fifths of the index of industrial production (IIP) slowed to 2.1% in July, indicating that India’s economic slump may deepen unless the government takes additional measures to reverse it. Growth in July slowed from 7.3% in the year-ago period due to contraction in output of coal, crude oil, natural gas and refinery products, official data released on Monday showed. Earlier in the day, a private survey showed India’s manufacturing output in August grew at the slowest pace in 15 months. In the past 10 days, the government has responded to the growth slump by announcing a slew of measures ranging from combining state-run banks and withdrawing a tax surcharge on foreign portfolio investors to a series of measures to help vehicle makers and state-run banks. Economic growth slumped to 5% in the three months ended June, the slowest pace in six years. A silver lining is that the Ju...

The Hindu, September 03, 2019 Both nominal GDP (includes inflation) and real GDP grew at the slowest-ever pace since the NDA took charge in 2014. With both the private consumption growth and investment rate dropping below 5% in Q1 FY2020, the GDP growth rate has fallen to 5%. Nominal GDP growth has slid to 8%, a record low. Growth in employment intensive sectors such as manufacturing and construction has also been muted. Distinct Slowdown Both nominal GDP (includes inflation) and real GDP grew at the slowest-ever pace since the NDA took charge in 2014. Nominal GDP is a proxy for income growth, especially that of corporates. A slowing nominal GDP will eventually lead to low tax collections. The government estimated a 11% nominal growth in the Union Budget and over 15% of tax revenue growth.   Sectoral crises From 12.1% growth in April-June 2018 to 0.6% in April- June 2019, the manufacturing sector experienced the biggest slowdown. This is the lowest growth in th...

Business Today September 04, 2019 As the clamour for GST (goods and services tax) rate cuts in some sectors, particularly in the auto sector, gets shriller amid falling demands, the government now has tough decisions to make. While a section of the market believes the government should slash GST rates on cars from 28 per cent to 18 per cent to revive demand, underwhelming monthly GST collection figures are of little comfort to the government, which is already staring at a large shortfall in the tax revenue collection. Amid such a scenario, can the GST Council - a body comprising of Union and state finance ministers, which takes all the GST-related decisions including rate cuts - go ahead and cut GST rates for auto sector? The prospect of a rate cut looks difficult without disturbing the government's fiscal math in the current financial year. The GST collection in August was Rs 98,202 crore, falling below the Rs 1 lakh crore-mark once again in the current financi...

Hindustan Times September 04, 2019 Amid tensions with Pakistan after the repeal of Article 370 in Jammu and Kashmir, Prime Minister Narendra Modi on Wednesday said India and Russia are both against “outside influence” in internal matters of a nation. PM Modi, in a joint statement with Russian president Vladimir Putin, said that both the countries realise the importance of a multipolar world. “We are working together on many global forums like BRICS and SCO,” the Prime Minister said. Moscow has backed India over its move on Article 370 and said the changes are within the framework of the India’s Constitution. Modi and Putin discussed ways to strengthen relations between New Delhi and Moscow in various areas such as trade, defence, space, oil and gas and connectivity. The two sides signed 15 agreements. Russia, PM Modi announced, will help train astronauts for the India’s first manned space mission: Gaganyaan. The PM said India-Russia friendship has benefited ...

Hindustan Timess September 04, 2019 Eliminating endemic diseases, enhancing emergency preparedness and achieving universal care (UHC) to reduce out-of-pocket expenditure are among the key health issues discussed at the 72nd Regional Committee Session of the World Health Organization’s (WHO) South-East Asia Region on Tuesday. Health ministers of six countries were felicitated for public health achievements by the Regional Committee, which is the highest decision-making and governing body of the WHO in South East Asia Region,which is home to one-fourth of the world’s population. Sri Lanka was recognised for eliminating measles; Bangladesh, Bhutan, Nepal and Thailand for becoming the first four countries from the region to control Hepatitis B; and Maldives for eliminating mother-to-child transmission of HIV and syphilis. “Disease eliminations have always been high on our agenda. When I talk about sustain, accelerate and innovate, ‘accelerate’ is to step up efforts to e...

Tribune September 04, 2019 The British government has expressed “serious concerns” over communication blackout and detentions in Indian Occupied Kashmir (IOK), terming it an international human rights issue. According to The Hindustan Times, MPs in the House of Commons raised on Tuesday serious concerns on the situation in occupied valley after New Delhi unilaterally revoked the special status of its only Muslim-majority region in the rushed presidential decree on August 5. UK Foreign Secretary Dominic Raab referred to recent discussions between premier Boris Johnson and his Indian counterpart Narendra Modi, as well as between him and foreign minister S Jaishankar, when he said London’s concerns on IOK were conveyed. “The issue of human rights is… an international issue. We expect of all our partners that internationally recognised standards of human rights are respected and complied with,” he said. Raab said human rights violations in occupied Kashmir were deep...

The Indian Express  September 04, 2019 The Cabinet Committee on Economic Affairs (CCEA) on Tuesday announced increases in the price of sugarcane-extracted ethanol, used for blending in petrol, in keeping with its stated policy of encouraging ethanol-blended fuel to cut the country’s oil import bill and aiding the sugar industry and farmers. For the year starting December, price of ethanol derived from C heavy molasses has been increased from Rs 43.46 a litre to Rs 43.75 per litre, and for B heavy molasses to Rs 54.27 per litre from Rs 52.43 earlier. Also, the price of ethanol from sugarcane juice, sugar, sugar syrup route has been fixed at Rs 59.48 per litre. Oil Minister Dharmendra Pradhan said the higher prices would increase the procurement of ethanol by oil marketing companies to 260 crore litres between December 2019 and November 2020, from 200 crore litres bought in the previous ethanol year. The move, the minister said, would raise the ethanol blending in pe...

Business Line September 03, 2019 A taskforce set up by the Reserve Bank of India (RBI) to look into ways to develop the secondary market for corporate loans has suggested a slew of measures, including participation by non-banks such as mutual funds, insurers, and pension funds. In its report submitted to RBI Governor Shaktikanta Das, the committee has recommended the setting up a self-regulatory body of participants to finalise details for the secondary market for corporate loans, including the standardisation of documents. Significantly, it has also called for amending regulations of SEBI, IRDA and PFRDA to enable participation of non-banking entities such as mutual funds, insurance companies, and pension funds. Noting that banks and NBFCs are currently the only participants in the primary and secondary loan markets, the taskforce said it is essential to widen the spectrum of participants to boost the secondary market. “Internationally, secondary loan market ...

The Hindu September 04, 2019 Minister outlines his position on withdrawal of Kashmir’s special status Following the withdrawal of Kashmir’s special status, India does not have a “moral right” to comment on power devolution to provinces in Sri Lanka, Cabinet Minister Champika Ranawaka has said, citing “analysts”. Following a nearly 11-minute-long video message on his official Facebook page last week, the office of the Minister of Megapolis and Western Development also issued a press statement on the subject earlier this week. The message outlines his position on the Kashmir development, and its possible implications to the Indian engagement in Sri Lanka that has continued since the Indo-Lanka Accord of 1987, that led to the creation of provincial councils and envisaged substantive power devolution to them. In a statement titled “India moves towards unitary status with the annexation of Kashmir”, the Minister noted that as India moves forward to build a strong economy...

Live Mint September 02, 2019 While the standard macroeconomic definition of a recession is two consecutive quarters of shrinking GDP, a significant decline in economic activity spread across months is another often-used description. A slide in emerging markets provides a good buying opportunity for some countries and stocks but falling interest rates will lead to irrational capital allocation and an eventual crash, said Mark Mobius, the founder of Mobius Capital Partners. Investors should allocate about 10% of their assets in physical gold, Mobius, who manages about $4 billion in assets, told the Reuters Global Markets Forum in an interview on Saturday. Mobius, who is in Mumbai to promote his book "Invest for Good", also said cryptocurrencies would gain in favour. Following are edited excerpts from the conversation: August was a horrible month for emerging markets. How would the remaining year shape up? Do you see this a good buying opportunity? ...

Live Mint September 03, 2019 India’s longest growth slump since 2012 is heightening concern that it may be tough for policy makers to reverse the slowdown. “Growth has now slipped below the long term trend of 6.6% for two consecutive quarters, which implies that India is effectively in a quasi-recession," Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai, said in a report published Tuesday. Early indicators suggest “growth remains elusive," she added. While the standard macroeconomic definition of a recession is two consecutive quarters of shrinking GDP, a significant decline in economic activity spread across months is another often-used description. In India, which offers only year-on-year calculations of output, automobile sales have plunged the most in two decades and the chairman of  Hindustan  Unilever Ltd. warned that the consumer goods his company makes are “recession-resistant, but not recession-proof." Official data on Friday ...

Business Line September 03, 2019 To increase inland fisheries’ production to six million tonnes from three million tonnes in the next three to four years With the objective of achieving the real goals of the ambitious Blue Revolution project, the Union Government has lined up Rs 25,000 crore investments in different sectors of fisheries in the next three to five years. “We are looking at three types of support by way of infrastructure development in harbours; extending subsidies to joint venture projects to set up hatcheries/nurseries/quarantine facilities as well as viability gap funding to establish processing plants, cold chain facilities at harvest or landing sites, said Rajni Sikhri Sibal, Secretary, Department of Fisheries. As inland fisheries contribute only 50 per cent of the total fish production, the Government intends to outspread its potential by covering reservoirs, wetlands, rivers and streams in different parts of the country. “We are planning to prom...

Business Line September 02, 2019 India is dumping its extra sugar on the world, threatening to further drag down prices that are already at the lowest in almost a year. The Centre is spending ₹6,268 crore ($873 million) to subsidise exports to cut the nation's record stockpiles. The move is drawing ire from rival growers in Brazil and Australia, who say the policy is depressing world prices and hurting their farmers. Meanwhile, hedge funds are betting declines for futures will continue. The subsidies are just another blow to the market that’s already suffering from oversupply. A weaker currency in Brazil, the world’s top producer and exporter, has encouraged a flood of shipments. Meanwhile, demand growth is slowing in developing countries over health concerns, and threats to the global economy could further hurt consumption. Even though world inventories are forecast to drop, the excess hoard is still big enough to satisfy annual consumption in India and the Europea...

Business Line September 03, 2019 Britain has made no concrete proposals on revising the Brexit agreement, and the prospect of a divorce without a deal remains “a very distinct possibility”, the EU said Tuesday. A spokeswoman for the European Commission said “technical talks” were continuing on the diplomatic process but she had no progress on substance to report. The comments came as Prime Minister Boris Johnson insists he will take Britain out the bloc with or without a deal on October 31 and rebel British MPs try to stop him. “Our working assumption is that there will be Brexit on October 31,” Commission spokeswoman Mina Andreeva told reporters. Asked whether it was possible that Britain and Europe would part ways without an agreement, she said: “I would say that it is a very distinct possibility.” Britain’s Brexit “sherpa”, senior diplomat David Frost, is due in Brussels on Wednesday for talks with EU officials. But Andreeva could offer nothing to dispel reports fr...

The Telegraph September 04, 2019 The last two governors of the Reserve Bank of India were given an unceremonious farewell by the government in Delhi. Both suffered the kick with admirable fortitude. Raghuram Rajan, who was not given a second term as is normal, was obliged to express himself to some extent by a parliamentary committee. It took an invitation to the salubrious academic resort called Stanford for Urjit Patel to break his silence. What he said is illuminating, not least because he took a broad look at our banking system. He began with the share of banks in commercial credit: it is roughly a half, and varies a good deal — it was two-thirds in 2015-16, and fell to 42 per cent in the next year. Whether it is bank or non-bank credit that is so unstable, we do not know. What we do know is that bank credit has been greatly constrained by non-performing assets. Non-bank financial institutions have been coming up to fill the gap, but they get a kick from the RBI from ti...

Business Line  September 3, 2019 According to a report from Credit Suisse, meaningful cost synergies from public sector bank mergers are unlikely, given the limited flexibility on restructuring and rationalisation. “While the large recap improves the capacity for banks to grow loans, recent experience of SBI and BOB indicates that focus on integration impacts near-term growth. With NBFC exposure of all four merged entities continuing to be over 10 per cent of loans, credit flow to NBFC will remain a challenge,” Credit Suisse said in the report. “While the recap amount puts all four merged entities comfortably above the regulatory threshold of 8 per cent CET1, given the recent experience of SBI and BOB, we believe focus on integration affects near-term growth, and hence, expect growth to be impacted for them too. Coupled with the ongoing moderation in growth for private banks led by auto sector slowdown and increased cautiousness, credit growth, thus,is unlikely to b...