Walls of hatred erected in name of religion: Naseeruddin Shah

New Delhi, Mar 9: A war of words broke out between the BJP and the Congress on Sunday over the Yes Bank crisis with the ruling party seeking to link it with the Gandhi family, while the opposition wondered if the prime minister and finance minister were "complicit" as the bank's loan book grew manifold.

Posting on Twitter a clip of a news channel report that Rana Kapoor, the arrested Yes Bank founder, had bought a painting from Congress leader Priyanka Gandhi Vadra, BJP's information and technology wing in-charge Amit Malviya alleged that every financial crime in India has "deep links" with the Gandhis.

The Congress dismissed the charge "fake" and called it a "diversionary" tactic.

It said Priyanka Gandhi had sold an M F Hussain painting of her father Rajiv Gandhi to Kapoor for Rs 2 crore, and the entire amount was disclosed in her income tax return of 2010.

Malviya tweeted, "Every financial crime in India has deep link with the Gandhis. Mallya used to send flight upgrade tickets to Sonia Gandhi. Had access to MMS (Manmohan Singh) and PC (P Chidambaram). Is absconding. Rahul inaugurated Nirav Modi’s bridal jewellery collection, he defaulted. Rana bought Priyanka Vadra’s paintings."

Congress' chief spokesperson Randeep Surjewala asked how does an M F Hussain painting of Rajiv Gandhi sold 10 years ago by Priyanka Gandhi to Yes Bank owner Rana Kapoor and disclosed in her tax returns connect with unprecedented giving of loans of Rs 2,00,000 crore in five years of the Modi government.

"More so, when (Kapoor's) proximity to BJP leaders is well known," he said.

Rubbishing the BJP's allegation, Congress spokesperson Abhishek Manu Singhvi at a press conference said it was a "diversionary" tactic by the government.

He noted that the bank's loan book rose from Rs 55,633 crore in March 2014, the year Narendra Modi became prime minister, to Rs 2,41,499 crore in March 2019.

"Why did the loan book rise by 100 per cent in two years after demonetisation i.e from Rs 98,210 cr in March 2016 to Rs 2,03,534 ar in March 2018? Were PM and FM sleeping, ignorant or complicit?" he asked.

The entire amount Priyanka Gandhi had received was in cheque and was fully disclosed in the income tax return, Singhvi said.

Surjewala, taking to Twitter, said instead of diverting from the real issue of people's money sinking into a bad bank, should not the government answer questions like how did loans given by Yes Bank rise from Rs 55,633 crore in March 2014 to Rs 2,41,499 crore in March 2019, an increase of almost Rs 2,00,000 crore in fiver years of the Modi government.

Why did the loans given by Yes Bank rise by a whopping 100 per cent in just two years after demonetisation, he asked.

Surjewala also questioned why did the prime minister address a conference sponsored by Yes Bank on March 6 despite the RBI moratorium.

"Why did the Haryana BJP government deposit over Rs 1,000 crore in Yes Bank a month ago, knowing that it was sinking? Is this figure Rs 3,000 cr? Did Fadnavis government in Maharashtra make similar deposits?" Surjewala asked.

"Of course, the government's media proxies won't dare to ask these questions. But the nation wants to know!" he said in a series of tweets.

Kapoor, 62, was arrested by the Enforcement Directorate in Mumbai after charges of alleged financial irregularities and mismanagement in the bank's operations surfaced and the RBI and Union government initiated action to control its affairs.

Mumbai, Jan 10: India’s oil demand growth is set to overtake China by mid-2020s, priming the country for more refinery investment but making it more vulnerable to supply disruption in the Middle East, the International Energy Agency (IEA) said on Friday.

India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017, but its domestic production is expected to rise only marginally, making the country more reliant on crude imports and more vulnerable to supply disruption in the Middle East, the agency said.

China’s demand growth is likely to be slightly lower than that of India by the mid-2020s, as per IEA’s China estimates given in November, but the gap would slowly become bigger thereafter.

“Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices,” the IEA said in a report on India’s energy policies.

Brent crude prices topped USD 70 a barrel on rising geopolitical tensions in the Middle East, putting pressure on emerging markets such as India. Like the rest of Asia, India is highly dependent on Middle East oil supplies with Iraq being its largest crude supplier.

India, which ranks No 3 in terms of global oil consumption after China and the United States, ships in over 80 per cent of its oil needs, of which 65 per cent is from the Middle East through the Strait of Hormuz, the IEA said.

The IEA, which coordinates release of strategic petroleum reserves (SPR) among developed countries in times of emergency, said it is important for India to expand its reserves.

REFINERY INVESTMENTS

India is the world’s fourth largest oil refiner and a net exporter of refined fuel, mainly gasoline and diesel.

India has drawn plans to lift its refining capacity to about 8 million bpd by 2025 from the current about 5 million bpd.

The IEA, however, forecasts India’s refining capacity to rise to 5.7 million bpd by 2024.

This would make “India a very attractive market for refinery investment,” IEA said.

Drawn to India’s higher fuel demand potential, global oil majors like Saudi Aramco, BP, Abu Dhabi National Oil Co and Total are looking at investing in India’s oil sector.

Saudi Aramco and ADNOC aim to own a 50 per cent stake in a planned 1.2-million bpd refinery in western Maharashtra state, for which land is yet to be acquired.

New Delhi, Jul 11: The COVID-19 triggered restrictions on cinema exhibition industry have not only disheartened movie goers, but axed several thousand jobs and costed the industry an estimated ₹ 5,000 crore in revenue.

The sector has been one of the hardest hit due to COVID-19 pandemic and the subsequent restrictions implemented to curb its spread.

Presently, cinemas and multiplexes continue to remain in the list of prohibited activities under the Centre's Unlock 2.0 Guidelines.

In an interview to media persons, movie exhibition major Inox Leisure's Chief Executive Alok Tandon said, "The industry on an average collects about ₹ 1,000 crore a month of 'Box Office' and on an average generates about ₹ 500 crore a month of ancillary revenues."

"Keeping in mind that the lockdown has been effective for more than 100 days now, which is about 3.5 months, the cinema exhibition industry would have accumulated losses worth ₹ 5,000 crore so far."

According to Tandon, associated businesses such as pre and post-production, make-up artistes, graphics, film set fabrication, film crew, events, marketing, F&B services have all been impacted due to the restrictions.

"With the production and exhibition of movies coming to a halt, the industry was bound to witness some job losses," he said without divulging any estimates.

As per industry data, the multiplex industry in India employs more than 200,000 people directly and accounts for nearly 60 % of revenues of the film business.

On the way forward, Tandon elaborated that the industry expects to regain business momentum and sentiment post resumption of operations.

"We believe it will be a matter of a couple of blockbusters, and we will be back to our usual operational numbers," he said.

"We are rightfully relying on the unshakeable passion of the Indian movie lovers, who are yearning to step out and spend time enjoying the giant screen experience."

Furthermore, he cited that industry has sent representation to the Centre for immediate re-commencement of operations and a support package.

"We have requested for financial support in the form of salary subsidies during the lockdown period, interest-free loans for three years, exemptions from various taxes and duties, like 'GST, Show tax, LBETs and Property taxes' for a period of one year from the date of operations, waiver on electricity minimum demand charges for one year and auto renewal of licenses and permits for the next one year," he said.

"We have been talking to our mall developer partners and are working together with them to see through this phase."

However, even after re-commencement, the industry anticipates at least 3-6 months before things return anywhere close to normal.

"The cinema ecosystem is such that we will need all the aspects of the business to swing into action and fire together for us to see a resurgence, and we are highly optimistic about the same," he said.

In terms of global experience, Tandon pointed out that cinemas have started operating in more than 25 major countries, and some of those markets are witnessing a healthy response.

"India is a massive movie market and we are confident that the passionate and responsible movie lovers will turn up in huge numbers to enjoy their favourite form of entertainment and also follow the prevention guidelines at the same time, ensuring a safe and steady revival of the cinema exhibition sector," Tandon said.

The film exhibition industry in India is mainly comprised of single screen and multiplexes.

At present there are around 9,527 cinemas across the country, including 6,327 single and 3,200 multiplex screens.