UPA rushes through big-ticket deals

May 14, 2014

New Delhi, May 14: The last “working” Cabinet meeting of the outgoing UPA government on Tuesday saw several big-ticket decisions—ranging from FDI in the pharma sector to appointment of the new Army chief and approval to sell 4.66 per cent stake in the state-owned Bharat Heavy Electricals Ltd through a block deal.

Big-ticket_dealsOvercoming his initial hesitation over mega decisions at the fag end of his term, Prime Minister Manmohan Singh got the Cabinet to approve a $400-million proposal by global equity major KKR to acquire stake in two Indian pharma firms in a deal touted as the largest private equity in India’s health sector. This is among the deals fiercely opposed by the BJP on the ground that the outgoing government should not take any crucial decision when its tenure ends in two days.

As cleared by the Cabinet Committee on Economic Affairs (CCEA), KKR will buy a 38 per cent stake in Hyderabad-based Gland Pharma, which develops and manufactures generic injectables, primarily in the cardiovascular and orthopaedic segment. In the second transaction, KKR will buy 29.4 per cent share in Gland Celsus Bio Chemicals from an existing investor.

Currently, the government allows 100 per cent FDI in both greenfield and brownfield drug manufacturing companies. Investments in greenfield are allowed through automatic route and those in brownfield or existing facilities require approval of the Foreign Investment Promotion Board (FIPB).

Originally cleared by the Competition Commission of India in January, the KKR deal was stuck because of differences between the Finance and Commerce ministries. The Department of Policy and Promotion under the Commerce Ministry raised objections to the proposal as it believed several clauses of the deal did not adhere to the FDI policy on brownfield projects.

That also saw the Health Ministry joining the Commerce Ministry in advocating a lower cap on investment in the existing drug making units along with various safeguards for acquisition of domestic critical care pharma companies by multinational firms.

But the Finance Ministry and the Planning Commission wanted faster clearance to keep investors’ sentiments intact in the Indian market. The Prime Minister, however, was against the deal being cleared by the outgoing government. In the last Cabinet meeting on May 8, it was not given a nod even though Finance Minister P Chidambaram pitched for it.

On Tuesday, the CCEA also gave post-facto approval to sale of 4.66 per cent stake in state-owned Bharat Heavy Electricals Ltd through a block deal, Heavy Industries Minister Praful Patel said after the Cabinet meeting. “It is post-facto, the Cabinet has cleared it,” he told reporters when asked about the decision on the BHEL stake sale.

The government had divested 4.66 per cent in the heavy engineering major through a block deal on March 3. As the original approval by the Cabinet was for divestment through a follow-on public offer, the department of disinvestment had sought a post-facto approval for the block deal. The government currently holds 63.06 per cent stake in BHEL.

Meanwhile, official corridors were abuzz with talk of Chidambaram not approving a proposal from the Prime Minister’s Office to appoint Indu Shekhar Chaturvedi, a 1987 IAS Jharkhand cadre officer, as executive assistant in the World Bank in Washington.

Apparently, Singh spoke to the finance minister to clear it. In turn, Chidambaram got his personal assistant M A Siddique, a Tamil Nadu IAS cadre officer, also cleared by the Appointments Committee of the Cabinet, for placement with the World Bank.

The appointment of Muralidharan Nair as secretary to the outgoing prime minister was cleared on Tuesday.

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Agencies
March 22,2020

New Delhi, Mar 22: The exercise to update the National Population Register (NPR) and the first phase of the Census 2021, scheduled to begin from April 1, are likely to be deferred for an indefinite period due to Coronavirus pandemic, officials said.

A formal order on this effect is expected within a day or two.

Discussions are going on at the highest level of the government and in all probability, the NPR and house listing phase of the Census work will be deferred till the threat of the Coronavirus is over, a home ministry official said.

The exercise to update NPR and the housing listing phase of the Census is scheduled to be carried out across the country from April 1 to September 30.

Last week, the home ministry had said the preparation for the Census 2021 and updation of the NPR were at its peak and they will begin from April 1.

The ministry said this after a conference of the Directors of the Census Operations on status of preparatory work around Census 2021 and NPR updation.

There has been opposition from several state governments to the NPR and some of the assemblies even adopted resolutions expressing reservations on the exercise.

The states which have been opposing the NPR include Kerala, West Bengal, Punjab, Rajasthan, Chhattisgarh and Bihar.

However, most of them also said they will cooperate with the house listing phase of the Census.

The objective of the NPR is to create a comprehensive identity database of every usual resident in the country.

The database would contain demographic as well as biometric particulars, they said.

The notification for the house listing census and NPR exercise came recently amid furore over the contentious Citizenship Amendment Act (CAA).

The home ministry officials said most of the states have notified provisions related to the NPR.

The NPR is a register of usual residents of the country. It is being prepared at the local (village/sub-town), subdistrict, district, state and national levels under provisions of the Citizenship Act, 1955 and the Citizenship (Registration of Citizens and Issue of National Identity Cards) Rules, 2003.

The data for NPR was last collected in 2010 along with the house listing phase of the Census 2011. Updating of this data was done during 2015 by conducting door to door survey.

While updating the register in 2015, the government has asked details like Aadhaar and their mobile number.

This time, the information related to their driving licence and voter ID card may also be gathered, the officials said, adding that PAN card details will not be collected as part of this exercise.

Though information regarding the place of birth of parents will be sought, it is up to the residents whether to respond the question as it is voluntary.

For the purposes of the NPR, a 'resident' is defined as a person who has lived in a local area for the past six months or more, or a person who intends to reside in that area for the next six months.

The law compulsorily seeks to register every citizen of India and issue a national identity card.

The demographic details of every individual are required for every usual resident: name, relationship to head of household, father's name, mother's name, spouse's name (if married), sex, date of birth, marital status, place of birth, nationality (as declared), present address of usual residence, duration of stay at present address, permanent residential address, occupation, educational qualification.

The Union Cabinet has approved Rs 3,941.35 crore for the NPR exercise.

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News Network
February 19,2020

Feb 19: Pay increases across India’s organized sector will probably grow at the slowest pace since 2009 this year, according to a survey from Aon Plc.

Companies will increase average pay by 9.1% in 2020, down from 9.3% in 2019 and 9.5% the previous year, Aon said in a report published Tuesday. The small increase reflects a deep slowdown in Asia’s third-largest economy, where growing pessimism about job prospects have led many to cut down on consumption -- the main driver to growth.

India still leads the Asia-Pacific region in pay rises, but that is mainly due to higher inflation and a “war for key talent and niche skills,” Aon said.

“There is a general air of caution about the economy as we enter into 2020,” Tzeitel Fernandes, partner for rewards solutions at Aon, told reporters in New Delhi. “Low GDP projection and weak consumer sentiment are the reasons behind our lowest ever prediction.”

E-commerce companies and start-ups will probably get the biggest salary increases, projected at an above-average 10%, while financial institutions will hand out 8.5%. Unsurprisingly, the auto sector witnessed the biggest drop in growth -- down to 8.3% from 10.1% in 2018, according to Aon. The survey covered more than 1,000 companies across over 20 industries.

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News Network
May 6,2020

New Delhi, May 6: The death toll due to COVID-19 rose to 1,694 and the number of cases climbed to 49,391 in the country on Wednesday, registering an increase of 126 deaths and 2,958 cases in the last 24 hours, the Union Health Ministry said.

The number of active COVID-19 cases is 33,514. A total of 13,160 people have recovered and one patient has migrated, it said.

"Thus, around 28.71 per cent patients have recovered so far," a senior health ministry official said.

The total number of cases include 111 foreign nationals.

A total of 111 deaths were reported since Tuesday evening, of which 49 fatalities were reported from Gujarat, 34 from Maharashtra, 12 from Rajasthan, seven from West Bengal, three from Uttar Pradesh, two each from Punjab and Tamil Nadu and one each from Karnataka and Himachal Pradesh, the ministry said.

Of the 1,694 fatalities, Maharashtra tops the tally with 617 fatalities. Gujarat comes second with 368 deaths, followed by Madhya Pradesh at 176, West Bengal at 140, Rajasthan at 89, Delhi at 64, Uttar Pradesh at 56 and Andhra Pradesh at 36.

The death toll reached 33 in Tamil Nadu, 29 in Telengana, while Karnataka has reported 29 fatalities.

Punjab has registered 25 COVID-19 deaths, Jammu and Kashmir eight, Haryana six and Kerala and Bihar four deaths each.

Jharkhand has recorded three COVID-19 fatalities.

Meghalaya, Chandigarh, Himachal Pradesh, Odisha, Assam and Uttarakhand have reported one fatality each, according to the ministry data.

According to the health ministry data updated in the morning, the highest number of confirmed cases in the country are from Maharashtra at 15, 525, followed by Gujarat at 6,245, Delhi at 5,104, Tamil Nadu at 4,058, Rajasthan at 3,158, Madhya Pradesh at 3,049 and Uttar Pradesh at 2,880.

The number of COVID-19 cases has gone up to 1,717 in Andhra Pradesh and 1,451 in Punjab.

It has risen to 1,344 in West Bengal, 1,096 in Telengana, 741 in Jammu and Kashmir, 671 in Karnataka, 548 in Haryana and 536 in Bihar.

Kerala has reported 502 coronavirus cases so far, while Odisha has 175 cases. A total of 125 people have been infected with the virus in Jharkhand and 111 in Chandigarh.

Uttarakhand has reported 61 cases, Chhattisgarh 59 cases, Assam 43, Himachal Pradesh 42 and Ladakh 41.

Thirty-three COVID-19 cases have been reported from the Andaman and Nicobar Islands.

Tripura has registered 43 cases, Meghalaya has reported 12 and Puducherry nine, while Goa has seven COVID-19 cases.

Manipur has two cases. Mizoram, Arunachal Pradesh and Dadar and Nagar Haveli have reported a case each.

"Our figures are being reconciled with the ICMR," the ministry said on its website.

State-wise distribution is subject to further verification and reconciliation, it said.

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