New Delhi

Onus of pulses procurement may go to states

The government is planning to shift the responsibility of procuring and distributing pulses to states while the Centre will play a supervisory role in the functioning of Rs 11,000 crore price stabilisation fund (PSF).
Since the fund is huge and the procurement has to be completed within a specified period, states will do a better job if they are provided the necessary policy support and funds, sources in the consumer affairs ministry said.

Aion-JSW Steel wins Monnet Ispat bid; banks take 74% haircut

The National Company Law Tribunal (NCLT) on Thursday approved a Rs 2,875-crore bid by a consrotium of Aion Investments-JSW Steel to acquire the bankrupt Monnet Ispat & Energy, JSW Steel said.

Monnet owes over Rs 11,000 crore to a clutch of lenders.This amounts to banks and other financial creditors taking a 74 per cent haircut as the bid is worth only 26 per cent of the dues. The Aion-JSW consortium was the sole bidder for the 1.5 million tonne asset in Chhattisgrah, JSW Steel said.

Clean Ganga: NGT raps govt, says hardly anything done

The National Green Tribunal (NGT) on Thursday expressed dissatisfaction over the cleaning up of Ganga and said the situation was extraordinarily bad even as  Union minister Satyapal Singh told the Lok Sabha that it was not appropriate to say that none of the Ganga projects have seen any progress in the past several decades.

 A bench headed by NGT chairperson Justice AK Goel said that despite claims by the authorities, the work done on the ground for Ganga rejuvenation was not adequate and regular monitoring was required to improve the situation.

Rupee closes at historic low of 69.05

The rupee crashed by 43 paise to close at a historic low of 69.05 against the US dollar on Thursday, as the Federal Reserve chairman’s upbeat comments on the US economy drove the greenback to 52-week highs against many global currencies. This is the biggest single-day fall of the rupee since May 29 and goes hand in hand with a stronger US dollar. The domestic currency suffered a major setback as forex sentiment wobbled once again with a resurgent dollar and a slew of local issues sparking jitters among investors.

Who has the numbers? Both Govt, Opp exude confidence

The Modi government is expected to have a smooth sailing on Friday when it faces the first no-confidence motion in four years in the Lok Sabha with all eyes on fence sitters like the AIADMK and the BJD and the day-long debate that is likely to set the agenda for the 2019 general elections.

Though the numbers are heavily stacked against the Opposition, the Congress and other parties indicated that they are keen to utilise the debate to attack the government on a range of of issues including farm distress, slow economic growth and rising incidents of lynching.

Coal demand rises 7.5% in FY18: Goyal

The coal demand in last fiscal year rose 7.5 per cent to about 900 million tonnes, the coal minister Piyush Goyal informed lawmakers on Wednesday. In a written reply, Goyal said, “Coal is expected to remain main energy source for the next three decades, even as the country encourages the use of renewable power generation. Coal India has been directed to boost production.” Coal imports are expected to rise in 2018 after two consecutive years of decline, in what would be a setback to the government’s plans to reduce dependence on foreign supplies.

Mob-lynching: Govt asks WhatsApp for solutions beyond labelling forwards

The government on Thursday shot off another notice to WhatsApp asking it to come out with effective solutions to curb the menace of fake news beyond just labelling forwards. It also warned the company that mediums used for propagation of rumours are liable to be treated as ‘abettors’ and can face legal consequences if they remain “mute spectators”. Facebook-owned WhatsApp has been under fire from the government over fake news and false information being circulated on its messaging platform. Such messages have incited mob-fury, triggering cases of lynching.

IBBI working on cross-border insolvency laws

The Insolvency and Bankruptcy Board of India (IBBI) is desperately working to put in place a framework, which would help to lure overseas investors in the country. IBBI chief M S Sahoo said Thursday th­at the process to put in place a framework for cross-border insolvency cases is underway. The government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which would also make India an attractive investment destination for foreign creditors, given the increased predictability and certainty of the insolvency process.

India stays fastest-growing economy

India will continue to be the world’s fastest growing major economy, ahead of China, with 7.3 per cent growth rate in 2018-19 and 7.6 per cent in 2019-20, the Asian Development Bank (ADB) said on Thursday.

Fuel, land and electricity will be under GST, says CEA

The outgoing chief economic advisor has praised the government for staying on the fiscal prudence path resisting the public pressure by not cutting excise duty on petroleum products when crude prices hit a record high in April and May.

“The government needs to be applauded for not succumbing to populist pressure on oil situation. The government has shown that it is committed to the fiscal deficit target,” said Arvind Subramanian in an exclusive interview with Financial Chronicle.