Business – Sanjhi Soch Worldwide Newspaper

India Hosts First Meeting of BRICS Finance and Central Bank Deputies Under Its Chairship

sanjhi soch — Thu, 25 Feb 2021 07:32:45 +0000

This was the first meeting on the BRICS Financial Cooperation under India Chairship in 2021. It was co-chaired by Economic Affairs Secretary Tarun Bajaj and RBI Deputy Governor Michael Patra.

Sanjhi Soch buero :India on Wednesday hosted a meeting of BRICS finance and central bank deputies and shared priorities under financial cooperation agenda with the grouping of developing countries, an official statement said. This was the first meeting on the BRICS Financial Cooperation under India Chairship in 2021. It was co-chaired by Economic Affairs Secretary Tarun Bajaj and RBI Deputy Governor Michael Patra. Other participants included BRICS finance and central bank deputies of Brazil, Russia, China and South Africa

“During the meeting, India shared priorities under financial cooperation agenda and issues for discussion during 2021 such as Global Economic Outlook and Response to COVID-19, Social Infrastructure Financing and Use of Digital Technologies, New Development Bank (NDB) Activities, Fintech for SME and Financial Inclusion, BRICS Contingent Reserve Arrangement (CRA), among others,” the finance ministry statement said.

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Uzbekistan Calls for Indian Companies to Implement Mutually Beneficial Investment Projects

sanjhi soch — Thu, 25 Feb 2021 07:28:13 +0000

The Ambassador said Uzbekistan has free-trade agreements with CIS (Commonwealth of Independent States) nations and Georgia, and enjoys most-favoured nation treatment with 46 countries.

Sanjhi Soch buero :Uzbekistan’s Ambassador to India Dilshod Akhatov on Wednesday called for Indian companies to take advantage of the country’s various trade agreements and implement joint beneficial investment projects in the area. Observing that the economic and trade potential of the two countries is not fully realised, he said opportunities exist to expand the interaction of the two economies by speeding up the process of transport connections to intensify trade ties.

The Ambassador said Uzbekistan has free-trade agreements with CIS (Commonwealth of Independent States) nations and Georgia, and enjoys most-favoured nation treatment with 46 countries. He noted that negotiations have already started with the European Union on granting the GSP (Generalised System of Preferences)-plus regime to Uzbekistan. “Therefore, we call upon potential Indian companies to use this privilege and implement joint beneficial investment projects on this area,” Akhatov said.

He added that the Indian side has achieved a notable economic presence in the region in the pharmaceutical sector. Highlighting that India accounts for about 30 per cent of the Central Asian pharmaceutical imports, the ambassador said that therefore, Uzbekistan was interested in maximum realisation of the pharma sector potential.

Indian Ambassador to Uzbekistan Manish Prabhat shared that the first trilateral dialogue was held last month between India, Iran and Uzbekistan for the future use of the Chabahar port in Iran. Both the ambassadors were addressing a FICCI webinar.

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Income Tax Refunds Worth Over Rs 1.95 Lakh Crore Issued So Far This Fiscal

sanjhi soch — Thu, 25 Feb 2021 07:27:50 +0000

“CBDT issues refunds of over Rs 1,95,736 crore to more than 1.93 crore taxpayers between 1st April, 2020 to 22nd February, 2021,” the I-T Department tweeted.

Sanjhi Soch buero :The Income Tax Department on Wednesday said it has issued over Rs 1.95 lakh crore worth refunds to over 1.93 crore taxpayers so far this fiscal. Of this, personal income tax refunds of Rs 69,653 crore have been issued to over 1.90 crore taxpayers and corporate tax refunds of Rs 1.26 lakh crore have been issued in 2.17 lakh cases.

“CBDT issues refunds of over Rs 1,95,736 crore to more than 1.93 crore taxpayers between 1st April, 2020 to 22nd February, 2021,” the I-T Department tweeted.

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Bank Unions Oppose Centre’s Move to Allow All Private Sector Banks in Govt-related Business

sanjhi soch — Thu, 25 Feb 2021 07:25:59 +0000

This government decision to give equal treatment to private banks is unfair and to the disadvantage of public sector banks, it added.

Sanjhi Soch buero :Bank unions under the umbrella body AIBEA on Wednesday opposed the government’s decision to allow all private sector lenders in government-related business, saying it was “unfair” and “to the disadvantage” of public sector banks (PSBs). The finance ministry, in a statement, said all private sector banks can now participate in government-related businesses like collection of taxes, pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.

“It is like feeding milk to the poisonous snake,” the All India Bank Employees’ Association (AIBEA) said in a release

This government decision to give equal treatment to private banks is unfair and to the disadvantage of public sector banks, it added. The private sector is the main contributor of banks’ huge bad loans. But there are attempts to hand over nationalised banks to these private sector players, it added. Notably, the government has proposed to privatise two more PSBs after having divested the majority stake in IDBI Bank to LIC in 2019.

AIBEA said the decision to lift embargo on private sector banks to have access to government’s business is “unfair” and needs to be withdrawn. Responding to the government’s assertion that it will allow private sector banks to become equal partners in government business, AIBEA said it is a strange move because unlike PSBs, the private banks are exempted from emphasis on rural branch expansion, rural lending, agriculture loans as well as priority sector loans. While PSBs mobilised 42 crore accounts under Jan Dhan Yojana for the poor people, the private sector banks have opened only 1.25 crore such accounts, it said.

“Why they were not equal partners in this pet scheme of the government. In giving agriculture loans, let private banks compete with public sector banks. In giving education loans to the poor students, will private banks compete. In opening rural branches, let them compete with nationalised banks,” AIBEA pointed out.

C H Venkatachalam, General Secretary, AIBEA, said public sector banks’ social banking obligations have a cost. “Lesser rate of interest on agriculture loans or education loans or MSME, etc has a cost to the banks. Government’s business to these banks helps in cross-subsidisation of the cost. “If the government will distribute their business to private banks, the ability of public sector banks to lend to weaker and priority sectors on concessional rates of interest will become difficult because the government’s business helps these banks to balance the cost,” he said.

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India’s Foodgrain Output to Rise 2% in 2020-21 to Record 303.34 Million Tonnes, Says Govt

sanjhi soch — Thu, 25 Feb 2021 07:25:47 +0000

Agriculture Minister Narendra Singh Tomar attributed the rise in production to efforts of the farmers and scientists as well initiatives of the central government.

Sanjhi Soch buero :India’s foodgrain production is estimated to rise 2 per cent in 2020-21 crop year to an all-time high of 303.34 million tonnes on better output of rice, wheat, pulses and coarse cereals amid good monsoon rains last year, the agriculture ministry said. Crop year runs from July-June.

In the 2019-20 crop year, the country’s foograin output (comprising wheat, rice, pulses and coarse cereals) stood at a record 297.5 million tonnes (MT). Releasing the second advance estimates for 2020-21 crop year, the agriculture ministry said foodgrain production is projected at a record 303.34 MT.

Agriculture Minister Narendra Singh Tomar attributed the rise in production to efforts of the farmers and scientists as well initiatives of the central government. As per the data, rice production is pegged at record 120.32 MT as against 118.87 MT in the previous year.

Wheat production is estimated to rise to a record 109.24 MT in 2020-21 from 107.86 MT in the previous year, while output of coarse cereals is likely to increase to 49.36 MT from 47.75 MT. Pulses output is seen at 24.42 MT, up from 23.03 MT in 2019-20 crop year.

In the non-foodgrain category, the production of oilseeds is estimated at 37.31 MT in 2020-21 as against 33.22 MT in the previous year. Sugarcane production is pegged at 397.66 MT from 370.50 MT in the previous year, while cotton output is expected to be higher at 36.54 million bales (170 kg each) from 36.07 million bales in the previous year.

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Petrol, Diesel Prices Continue to Surge in Metro Cities For 6th Day Straight; Check Fuel Rates Here

sanjhi soch — Mon, 15 Feb 2021 07:11:10 +0000

Meanwhile, in Mumbai, the revised petrol and diesel prices stood at ₹95.21 per litre and ₹86.04 per litre.

Sanjhi Soch buero :Petrol and diesel prices touched all-time highs across the four metros on Sunday, February 14, after oil marketing companies increased the rates by almost 29-32 paise.

As per reports, in Delhi, the price of petrol was increased by 29 paise from ₹88.44 per litre to ₹88.73 and diesel was hiked by 32 paise from ₹78.74 per litre to ₹79.06 per litre, as per the Indian Oil Corporation, the country’s largest fuel retailer.

Meanwhile, in Mumbai, the revised petrol and diesel prices stood at ₹95.21 per litre and ₹86.04 per litre.

The latest fuel rates in different cities are as follows:

1) Petrol and diesel rates rose to ₹90.01 per litre and ₹82.65 per litre in Kolkata.

2) In Chennai, petrol and diesel rates rose to ₹90.96 per litre and ₹84.16 per litre.

3) In Bengaluru, petrol and diesel rates rose to ₹91.70 per litre and ₹83.81 per litre.

4) In Hyderabad, petrol and diesel rates rose to ₹92.26 per litre and ₹86.23 per litre

A report by Mint said the rise in crude prices will also put upward pressure on petrol and diesel prices across the country, which are already at all-time highs due to the recent rally in international crude prices as well as high central and state levies.

The relentless hike in fuel prices has been criticised by the Opposition, including the Congress party, that has demanded an immediate cut in taxes to ease the burden on the common man.

) In Noida, petrol and diesel rates rose to ₹87.50 per litre and ₹79.49 per litre.

6) In Patna, petrol and diesel rates rose to ₹91.12 per litre and ₹84.27 per litre.

) In Lucknow, petrol and diesel rates rose to ₹87.44 per litre and ₹79.43 per litre.

8) In Jaipur, petrol and diesel rates rose to ₹95.17 per litre and ₹87.38 per litre.

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Nirmala Sitharaman to Address Post-Budget RBI Board Meet on Tuesday

sanjhi soch — Mon, 15 Feb 2021 07:09:26 +0000

Earlier this month, Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank will able to manage the high quantum of government borrowings at Rs 12 lakh crore for the next fiscal in a “non-disruptive” manner.

New Delhi:Sanjhi Soch buero : Finance Minister Nirmala Sitharaman is scheduled to address the post-Budget meeting of the RBI’s central board on Tuesday and highlight key points of Union Budget 2021-22, including the fiscal consolidation roadmap. Fiscal deficit — the excess of government expenditure over its revenues — is estimated to hit a record high of 9.5 per cent of the gross domestic product (GDP) in the current fiscal ending March 31 due to the COVID-19 pandemic.

For the next 2021-22 fiscal, the deficit has been pegged at 6.8 per cent of GDP, which will be further lowered to 4.5 per cent by the fiscal ending March 31, 2026. The meeting will be held virtually for the first time due to COVID-19 protocol, sources said.

Earlier this month, Reserve Bank of India (RBI) Governor Shaktikanta Das said the central bank will able to manage the high quantum of government borrowings at Rs 12 lakh crore for the next fiscal in a “non-disruptive” manner. The governor had said the extraordinary event of the pandemic has resulted in deviation from the fiscal consolidation roadmap but declined to comment on what view the rating agencies will be taking on the high fiscal gap at 9.5 per cent in FY21 and 6.8 per cent in FY22.

Das had said the RBI, being the debt manager for the government, did discuss the borrowing with the Ministry of Finance even before the Budget. The government was earlier committed to getting the fiscal deficit down to 3 per cent in the medium term as per the Fiscal Responsibility and Budget Management (FRBM) Act mandate, and now plans to touch 4.5 per cent by FY26. A wider deficit generally entails bigger borrowing by the government.The finance minister would also apprise the board of various other announcements made in the Budget to revive growth by spending more on infrastructure and attending to the needs of the healthcare sector. The Indian economy is expected to contract by 7.7 per cent in the current fiscal ending March, hit by the COVID-19 crisis.The finance minister would also apprise the board of various other announcements made in the Budget to revive growth by spending more on infrastructure and attending to the needs of the healthcare sector. The Indian economy is expected to contract by 7.7 per cent in the current fiscal ending March, hit by the COVID-19 crisis.

The Budget has estimated nominal GDP growth rate of 14.4 per cent and revenue growth at 16.7 per cent for the next financial year. Real GDP growth is expected to be in the range of 10-10.5 per cent. To boost growth, the finance minister in the Budget increased spending on capital expenditure to Rs 5.54 lakh crore from Rs 4.12 lakh crore, while the health sector allocation has been hiked to Rs 2.23 lakh crore from Rs 94,000 crore in the Budget estimate for 2020-21.

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Transporters’ Body Threatens Strike, Demands Cut in Diesel Prices & Resolution of GST-related Issues

sanjhi soch — Mon, 15 Feb 2021 07:07:11 +0000

The All India Motor Transport Congress (AIMTC) claims representing about 95 lakh truckers and about 50 lakh bus and tourist operators.

Sanjhi Soch buero :Protesting against rising diesel prices and excessive taxation among other issues, transporters’ apex body AIMTC on Sunday said it would suspend transport operations if the government fails to address their issues. The All India Motor Transport Congress (AIMTC) claims representing about 95 lakh truckers and about 50 lakh bus and tourist operators.

“Rising diesel prices, excessive taxation, issues related to e-way bill… present state of scrapping policy…rationalisation of presumptive tax were the key issues discussed and deliberated upon” by governing council of AIMTC, the transporters’ umbrella body said in a statement. The AIMTC’s national leadership has decided to issue a 14-day notice to the government for starting the process towards resolution of the demands. The demands include immediate reduction of diesel prices and uniformity in it, resolution of issues related to e-way bill and GST, and discussion on scrapping policy with transport fraternity before its roll-out.

“It is decided that if the government fails to address and /or start the process to resolve the above demands of the industry in a positive way, then another governing council meeting will be convened,” the statement said. It added that they will be compelled to surrender their vehicles and declare nationwide suspension of transport operations.

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PMLA Case: Ex-ICICI Bank CEO Chanda Kochhar Granted Bail On Rs 5 Lakh Bond In Videocon Case

sanjhi soch — Sat, 13 Feb 2021 07:12:13 +0000

In conection with this case, the special court for Prevention of Money Laundering Act on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused in the case.

Sanjhi Soch buero : Former ICICI Bank CEO and MD Chanda Kochhar has been granted bail by a special PMLA court here on Friday in connection with the ICICI Bank-Videocon money laundering case. The bail has been granted on a bond of Rs 5 lakh by the Special PMLA (Prevention of Money Laundering Act) court, as per the PTI report. The court asked the ED to file its reply on her bail application.

What is the money laundering case?

The ED had also arrested Chanda Kochar’s husband Deepak Kochhar in September 2020 after it filed a criminal case for money laundering based on an FIR registered by the CBI against the Kochhars, Dhoot, and others. The Enforcement Directorate had filed a criminal case under the Prevention of Money Laundering Act (PMLA) early last year against Kochhar, and Venugopal Dhoot of Videocon Group to investigate alleged irregularities and corrupt practices in sanctioning ₹ 1,875 crores in loans by ICICI Bank.

The ED has alleged that Rs 64 crore, out of a loan amount of Rs 300 crore sanctioned by a committee of ICICI Bank headed by Chanda Kochhar to Videocon International Electronics Limited, was transferred to Nupower Renewables Pvt Ltd (NRPL) by Videocon Industries on September 8, 2009, a day after the disbursement of the loan.

NRPL was earlier known as Nupower Renewables Limited (NRL) and is owned by Deepak Kochhar, the ED said.

What has happened so far?

In connection with this case, the special court for Prevention of Money Laundering Act (PMLA) on January 30 summoned Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and other accused after taking cognizance of the Enforcement Directorate”s (ED) charge sheet. Since then, Chanda Kochhar has appeared before special court judge A A Nandgoankar.

Following her appearance, her lawyer Vijay Agarwal filed her bail application.

Taking cognizance of the charge sheet, Judge A A Nandgoankar had observed, “After going through the submissions, written complaints, and statements recorded under PMLA, it appears that Chanda Kochhar had misused her official position in granting a loan to accused Dhoot and/or Videocon group companies.””And (it appears) she got illegal gratification/undue advantage through her husband…through various companies for siphoning off money and proceeds of crime,” the court had said. The material produced by the ED constitutes the commission of offence, and it is “sufficient to proceed against the accused persons”, the court had said.

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India’s CPI Inflation Falls To 16-Month Low At 4.06% In January

sanjhi soch — Sat, 13 Feb 2021 07:08:54 +0000

Consumer Price Index inflation: Food and beverage inflation fell to 2.67% in January from 3.87% in the previous month, driven by a 15.84% drop in vegetable prices than a 10.41% decrease in December.

Sanjhi Soch buero : India’s Consumer Price Index (CPI) inflation stood at 4.06% in January 2021, compared with 4.59% in December, said data released by the Ministry of Statistics and Program Implementation, taking retail inflation to a 16-month low as vegetable prices continued to fall.

Food and beverage inflation fell to 2.67% in January from 3.87% in the previous month, driven by a 15.84% drop in vegetable prices than a 10.41% decrease in December.

Nish Bhatt, Founder & CEO, Millwood Kane International – an investment consulting firm, said, “The inflation and industrial production data are better than most estimates. While the decline in the January inflation to hit a 16-month low is largely due to a sharp fall in food inflation. Fall in food inflation is a big relief as supply-side issues are resolved. The fall in retail inflation will be a big breather for the central bank which was battling high inflation for months but is likely to stay away from any rate cut for some time. Drop in the number of new cases, vaccination drive, fall in inflation, rise in industrial output bodes well for overall economic growth.”

The economists had pegged the retail inflation at 4.4%. At current levels, retail inflation remained within the Monetary Policy Committee (MPC) target range of 4(+/-2) percent for the second straight month. Dr Joseph Thomas, Head of Research – Emkay Wealth Management said: “The CPI has come down from 4.59 % in Dec 20 to 4.06% in Jan 21, indicating a consistent fall in the retail inflation in the last couple of months, owing to moderation in food inflation. Except for pulses, food inflation has cooled down from 3.41% in Dec to 1.89% in Jan. Finally, the inflation rate has come well below the RBI’s threshold rate, and this actually gives some relief to the markets on the immediate trajectory of interest rates. However, core inflation is perched at 5.70, something that may take more time to move down. Likely pressures in the future from escalating oil prices cannot be ruled out. But the more pertinent factor is that the immediate threat of the price level pressures may not be there before the policymakers.”

Core inflation remained flat at 5.7%. The rate of price increase in the food basket was 1.89% in January, down significantly from 3.41% in December, according to data published by the National Statistical Office (NSO).

Sreejith Balasubramanian, Economist – Fund Management, IDFC AMC, “The January CPI print was slightly below our expectation, as the rise in real-time prices of cereals in January did not fully feed into the CPI print, but it was mainly driven by the ongoing strong deflation in vegetables and fall in prices of meat, fish and eggs. However, sequential momentum in core inflation has risen, following the highest ever WPI-Core momentum reading in December, rising mobility indicators and falling Covid cases. Going forward, the base effect which helped recent lower prints will wane in February and March and the magnitude of disinflation in vegetables would also most likely ease, while the price movement in pulses and vegetable oils needs to be watched closely.”

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