OPINION, P8 EDITORIAL COMPANIES, P6 Qualcomm patent model gets a leg up in US, EU and Japan INTERNATIONAL, P16 S BHATTACHARYA Q2 EARNINGS POWER BUSINESS REVAMP Economy shrugged off DeMo/GST, weak consumer demand will delay investment Jet’s profit plummets 91% on massive fall in other income John Flannery-led General Electric to cut 12,000 jobs NEW DELHI, FRIDAY, DECEMBER 8, 2017 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOLUME XLIII NO. 240, 26 PAGES, `5.00 (PATNA `6.00, RAIPUR `7.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 32,949.21 ▲ 352.03 NIFTY: 10,166.70 ▲ 122.60 NIKKEI 225: 22,498.03 ▲ 320.99 HANG SENG: 28,303.19 ▲ 78.39 `/$: 64.57 ▼ 0.05 `/€: 76.07 ▲ 0.19 BRENT: $61.56 ▲ $0.34 GOLD: `28,742.00 ▼ `235.00 TOMORROW’S JOBS Adaptive, flexible, resilient workforce needed: Kant IN THE NEWS Centre to extend Aadhaar-linking deadline to March 31 THE CENTRE ON Thursday told the Supreme Court that it will extend the deadline for mandatory linking of Aadhaar for availing various services and welfare schemes till March 31, 2018, from December 31, reports fe Bureau in New Delhi. The Centre, however, made it clear in the apex court that February 6, 2018, would continue to remain the deadline for linking Aadhaar to mobile phone numbers. Attorney general KK Venugopal told a bench led by Chief Justice Dipak Misra that the Centre would require a judicial order from the top court itself to extend the deadline to March 31, 2018. FE BUREAU Bengaluru, December 7 EVEN AS ADVANCES in technology unleash transformative changes in industry, taking away traditional jobs, India needs to address the challenge of job losses by creating flexible, resilient and adaptive workforces,NITI Aayog CEO Amitabh Kant said on Thursday. Speaking at the fifth Express IT Awards, Kant noted that robots and artificial intelligence were bringing benefits by improving productivity and lowering costs. “India must embrace technology and we must restructure the education system to ensure we create enough new-age jobs,”Kant said.He said AI would replace rather than displace jobs. THE GUEST AND THE BEST: Chief guest Amitabh Kant (left) and the winners at the Express ITAwards function in Bengaluru on Thursday “Many millions of jobs, especially repetitive ones, are in grave danger of being eliminated. Instead of traditional employees, there would be pools of talented freelancers who need to be more flexible and modern and embrace an open lifestyle. This would suit the millennials who care less about job security and more about flexibility and self-deter- COURT VERDICT Special Feature Most powerful TVS bike is inspired by 35 yrs of racing TVS Motor Company has entered the premium midsize motorcycle segment with the Apache RR 310— its largest engine capacity motorcycle. It’s priced `2.05 lakh ■ Motobahn, P15 QuickPicks Load-shedding: Govt plans penalty TO ENSURE that the states can supply 24X7 electricity by March 2019, the Centre is planning to introduce a penalty mechanism for gratuitous loadshedding by discoms, reports fe Bureau in New Delhi. The regulators would decide the quantum of penalty to be charged if discoms discontinue power supply by resorting to load-sheddings even when there are no technical faults. PAGE 2 ArcelorMittal’s $1-bn JV to get nod STEEL AUTHORITY of India (SAIL) is set to approve a long-proposed $1-billion joint venture with ArcelorMittal at its board meeting next week, reports Reuters. The decision to approve the deal was reached after talks between ArcelorMittal’s chairman Lakshmi Mittal, steel secretary Aruna Sharma and SAIL chairman PK Singh at a meeting last week in New Delhi. PAGE 6 ‘It’s settled, RERA is for ongoing projects too’ FE BUREAU New Delhi, December 7 WITH THE BOMBAY High Court upholding the constitutional validity of Real Estate (Regulation andDevelopment)Act(RERA)and statingthat“ongoingprojects”too would come under its ambit, the issuehasbeensettledonceandfor all,ministerofhousingandurban affairsHardeepSinghPurisaidon Thursday.State governmentswill now have no scope to loosen the regulation by either keeping ongoing projects out of RERA or defining them in their own convenientways,he added. Speaking at the Express Group’s Idea Exchange programme, Puri said that though the central legislation always included ongoing projects under the ambit of RERA, some state governments did deviate from it, which would not be possible now. However, he clarified that even before the court’s order came, he was in touch with various state governments on the issue and hadwritten them letters The clean-up will involve a lot of these guys (builders). Some of them will go to jail. I have absolutely no doubt about that. — HARDEEP SINGH PURI UNION HOUSING AND URBAN AFFAIRS MINISTER to include ongoing projects within RERA.“They(stateswhich have diluted the law) will have to comply.I have alreadytaken it up with them,”he said. Continued on Page 2 FINTECH Lenders’ roll of honour takes a tech turn IF CREDITWORTHINESSWERE awheel,trust everyturn at the FE Best Banks to throwup surprises. Take the case of fintechs — they may have a paltry share of the credit market in India but have made a dent in the payments space with user-friendly apps, particularly JuspayTechnologies and Policybazaar.com, the jury’s top picks in the category. ICICI Bank too offers an‘appside’,ifyouwill,with homegrown digital loan strategies making transactions simpler for its customers with our App of the Year, ILLUSTRATION: SHYAM FE BUREAU New Delhi, December 7 Pockets.Again, recognising nonbanking financial companies (NBFCs) as key lenders to the last mile,this edition of FE Best Banks has picked Ujjivan Financial Services, now the darling of foreign investors and also a small finance bank. Even Kotak Mahindra Bank’s conventional savings account sits pretty offering a 6% interest rate for deposits of over `1 lakh, and a lot more — our best savings bank product. For starters, Juspay Technologies may not have an app to its name but it facilitates mobile transactions for e-commerce, counting big names among its clients. It has also partnered National Payments Corporation of India (NPCI) to develop the BHIM app. In fact, co-founder Vimal Kumar believes Juspay to be more than a payments company with a high bar for value creation. Continued on Page 2 mination,” Kant observed. He said that India's education system needs to be re- thought with a focus on evolved learning and skill development, which was needed on a massive EXPRESS PHOTO: NIRMAL HARINDRAN scale. He felt public-private partnerships should be encouraged to stimulate investment in necessary infrastructure and to incentivise the private sector to re-skill workforces to match the demands of the workplace. A strong focus on training for new job definitions was called for, Kant said.“We need to embrace tech to enable India for a quantum jump,” he said. The Atal Innovation Mission was focusing on this through 1,500 schools and the numberwas expected to rise to 2,500 schools soon, he said. Kant said that today's tech revolution was different from the industrial revolution.“However,jobswill not entirelyvanish, theywill be redefined,”he said. He pointed out the that the best Indian IT companies would not be able to match the efficiency of robots and AI. However, the quality of living would improve and it would also alleviate the stress of humans from repetitive jobs.“The penetration of the internet in rural areas would facilitate the entry of women into the labour market,” he said. Textiles, food processing, and gems and jewellery are the sectors that could continue to need labour-intensive technology.Each state should take a call based on its core competence, he explained. Sunil Jain, managing editor, Financial Express, observed innovations such as the ones that the Express Awards were honouring had the ability to increase productivity dramatically and help India achieve faster growth even at current levels of savings and investments.
The Financial Express (FE) is a business paper that’s closest to the people who are in the business of business. From business policies to market trends to new developments, The Financial Express comes packed with incisive news on every relevant issue.