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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 ...