1. Piyush Goyal to be Finance Minister till Arun Jaitley Returns to Work
The government on Wednesday, 23 January, assigned Piyush Goyal temporary additional charge of the finance and corporate affairs ministries in the absence of Finance Minister Arun Jaitley, who is in the US for a medical check-up.
“President Ram Nath Kovind, as advised by Prime Minister Narendra Modi, has directed that during the period of indisposition of Arun Jaitley, the portfolios of finance and corporate affairs held by him, be temporarily assigned to Piyush Goyal, in addition to his existing portfolios," a statement from the President’s Office said.
Jaitley was designated “as minister without portfolio during the period of his indisposition or till such time he is able to resume his work as minister of finance and minister of corporate affairs", the statement said.
(Source: Livemint)
2. Indigo to Push International Growth for Higher Profit
IndiGo, India's biggest airline by market share, will take more deliveries of the longer-range Airbus A321neo aircraft next year as it plans to launch more international flights, its interim CEO said on Wednesday, 23 January, after the company's profit fell sharply.
"We are focussed on building a large and profitable air transportation network in and out of India and are adding capacity in line with our long-term growth plans," Rahul Bhatia said after the airline's quarterly profit fell 75 percent on high fuel costs and a weak rupee in a competitive domestic market.
IndiGo, which took deliveries of 55 aircraft in 2018, has a 41.5 percent share of the domestic market but carries only 6 percent of the country's international passengers.
(Source: Livemint)
3. SC Refuses Bail to Unitech's Chandra Brothers for Not Depositing Rs 750 Crore
The Supreme Court on Wednesday, 23 January, refused to grant bail to Unitech promoters Sanjay Chandra and Ajay Chandra in a case related to alleged siphoning of home buyers' money.
The court said the company's promoters have not complied with its 30 October 2017 order directing them to deposit Rs 750 crore, news agency PTI reported.
Sanjay, managing director of Unitech, and his brother Ajay, another MD, were arrested in April last year after investors, who did not get flats in the company's projects, filed complaints of cheating against them.
The brothers, who are jailed in Delhi's prison, had sought bail on the ground that they are complying with the court's orders and have deposited over Rs 400 crore.
(Source: Business Standard)
4. Vodafone-Idea Board Approves Plan to Raise Rs 25,000 Crore via Rights Issue
The Vodafone Idea board on Wednesday, 23 January, approved a plan to raise funds to the tune of Rs 25,000 crore via rights issue.
As part of the fund-raising plan, promoters of the company — Vodafone group and Aditya Birla group — intend to contribute up to Rs 11,000 crore and Rs 7,250 crore, respectively, towards the issue.
“The board has considered and approved the offer and issue of fully paid-up and/or partly-paid up equity shares of the company and/or other securities convertible into equity shares of the company, including but not limited to, compulsorily convertible debentures, for an amount aggregating up to Rs 25,000 crore, by way of a rights issue to existing eligible equity shareholders of the company,” said the company.
(Source: Business Standard)
5. Cabinet Clears $400 Million Standby Swap Facility for SAARC Nations
The Union Cabinet on Wednesday, 23 January, gave ex-post facto approval for incorporating a $400-million ‘Standby Swap’ facility within the existing approved overall $2 billion currency swap arrangement for SAARC member-countries.
This incorporation of ‘Standby Swap’ would provide the necessary flexibility to the current ‘framework on currency swap arrangement’ and enable India to provide a prompt response to the request from SAARC member countries for availing themselves of the swap amount exceeding the present limit prescribed under the SAARC Swap Framework.
Under this swap facility, the RBI offers swaps of varying sizes in USD, Euro or INR to each SAARC member country depending on its two-month import requirement and not exceeding $2 billion in total.
(Source: The Hindu Business Line)
6. Indian Economy May Grow 7.6% in FY20: UN Report
The Indian economy is expected to accelerate in 2019-20 to expand by 7.6 percent from 7.4 percent in the year ending 31 March on the back of robust growth in private consumption, while private investment may continue to remain sluggish, according to the World Economic Situation and Prospects (WESP) report released by the UN on Wednesday, 23 January.
“Economic growth continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms. Yet, a more robust and sustained recovery of private investment remains a crucial challenge to uplifting medium-term growth," the UN report said.
The International Monetary Fund (IMF) on Monday, 21 January, projected India’s growth at 7.5 percent in 2019-20 amid slower global expansion.
(Source: Livemint)
7. Ex-Air India Chief Arvind Jadhav Booked For Corruption
The CBI has booked former Air India chairman-cum-managing director Arvind Jadhav and other former senior officials of the national carrier for allegedly violating norms in appointing general manager rank officers, officials said on Wednesday, 23 January.
Along with Jadhav, the CBI has booked Dr (Ms) L P Nakhwa (now retired), then General Manager (medical services) and then Additional General Managers A Kathpalia, Amitabh Singh and Rohit Bhasin.
They have been charged under IPC sections related to criminal conspiracy and Prevention of Corruption Act.
The agency alleged former CMD Arvind Jadhav had constituted an "illegal" promotion panel to recommend suitable candidates for promotions to the post of General Manager (Operations) during 2009-10.
(Source: PTI)
8. Adani Group Commits to Invest Rs 12,000 Crore in TN
The Adani Group plans to invest Rs 12,000 crore across sectors. This was revealed by Karan Adani, CEO, Adani Ports and Special Economic Zone, while speaking at the inaugural session of the Tamil Nadu Global Investors Meet 2019 in Chennai on Wednesday, 23 January.
Of the total Rs 12,000 crore, the company will invest around Rs 10,000 crore in port and port-led industries (including the expansion of the Katupalli Port in Ennore), industrial parks and defence, and another Rs 2,000 crore on pipeline gas distribution.
In his speech, Adani said that if there is one State that every State should be emulating, it is Tamil Nadu. He lauded the State’s balanced economy with services’ share in the State GDP at nearly 45 percent followed by manufacturing at 34 percent and agriculture at 21 percent.
(Source: The Hindu Business Line)
9. ‘India to Spend 6.5% More on Food Subsidies in FY 2019-20'
India is poised to raise the subsidies for the world's biggest food welfare programme by 6.5 percent for the fiscal year beginning 1 April, the smallest increase in three years, in the nation's interim budget next month, two sources directly involved in the decision told Reuters.
The government is set to earmark about 1.8 trillion rupees ($25.28 billion) for food subsidies next fiscal year as it tries to contain its budget deficit ahead of the next general election due by May.
The 6.5 percent increase in food subsidies might not be adequate to cover the cost of the mammoth food welfare programme, especially after a sharp increase in the price at which the government buys rice from domestic farmers, the sources said on the condition of anonymity.
(Source: Reuters)
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