OPINION, P2 MIND & GAMES Gujarat after 22 years of BJP rule IDEA EXCHANGE SIX WAYS WE CAN ADAPTTO CLIMATE CHANGE Hardeep Singh Puri ‘The mindset of the urban planner in India is in the bullock cart age. We need to change that’ Page 4 Scientists on what’s next for our planet and how we can work together to cope Page 10 ACROSS THE AISLE, P CHIDAMBARAM Vol II No. 345 Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM LEISURE CATCHING ’EM YOUNG MUMBAI SUNDAY, DECEMBER 10, 2017 14 Pages, `8 SPOTLIGHT TAKEA CRUISE From introducing e-visa facility for international passengers to launching luxury cruises, the government is leaving no stone unturned to put the country on the global cruise tourism map Page 7 WORDS WORTH A-Z OF BANKING Barring technology, Tamal Bandyopadhyay encapsulates everything one would want to know about Indian banking in his book Page 5 FINANCIAL EXPRESS ON SUNDAY PUBLISHED FROM:AHMEDABAD, BENGALURU, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI, NEW DELHI, PUNE Govt to bridge funding gap: Gadkari SUMIT JHA New Delhi, December 9 FE BUREAU Mumbai, December 9 FINANCING OF INFRASTRUCTURE projects would be facilitated by the government whereverbanksarenotabletofundthe totalrequirements,NitinGadkari, Unionministerforroadtransport and highways, said on Saturday. Speaking at the FE Best Banks Awards in Mumbai, Gadkari said not a single road project is stranded forwant of funds,as the National Highways Authority of India has stepped in to bridge the gap. The minister said projects worth about `3 lakh crore that might have turned into non-performingassetsintheroadssector had been salvaged with government help. Of the total 403 projects worth `3.5 lakh crore, the The Express Group chairman and managing director Viveck Goenka (right) presents a memento to Nitin Gadkari, minister for shipping, road transport & highways, water resources, river development and Ganga rejuvenation, at the FE Best Banks Awards, held in Mumbai on Saturday NIRMAL HARINDRAN majoritywere now back on track. The minister pointed out that eight projects in the roads sector thatwerestalledforthelastthreefour years had been financed by the National Highway Authority of India just 15 days back.These were mid-sided projects in the range of `300-600 crore. The ODD & EVEN minister said many companies have been able to raise money in the equity markets and finance their projects,citing the example ROHNIT PHORE 24 companies to invest `60k cr in JNPT SEZ, says minister UNION SHIPPING and ports minister Nitin Gadkari on Saturday said 24 companies have offered to invest over `60,000 crore in a special economic zone (SEZ) adjoining the country's largest container port JNPT, reports PTI. “Twenty-four companies have already offered to come (and) set up (ventures) in JNPT SEZ, who will use it for exports,” Gadkari said at an event in Mumbai, adding this would entail an investment of `60,000 crore and create employment for 1.25-1.50 lakh people. PAGE 14 Uber agrees to settle US lawsuit filed by India rape victim REUTERS San Francisco, December 9 head for Licensing Industry MerchandisersAssociation(LIMA),reveals,“Globally,the sports licensing market at the retail level is estimated to be at $25.3 billion, contributing 9.6% to the total licensing pie, as per LIMA’s 2016 annual report.The Indian licensing business is estimated to be $1,200 million in terms of retail sales. Sports should be at least $300 million.” Sports properties (licensors) are identifying licensing and merchandising as an important stream for revenue generation and brand awareness. UBER TECHNOLOGIES AND a woman who accused top executives of improperly obtaining her medical records after a company driver raped her in India have agreed to settle a civil lawsuit the womanfiledagainstUberinJune, accordingtoaUSfederalcourtfiling on Friday. The Uber driverwas convicted oftherape,whichoccurredinDelhi in2014,inacriminalcaseinIndia. Hewassentencedin2015tolifein prison.TheIndianwomanhadpreviously settled a civil US lawsuit againstUberin2015,butsuedthe company again in a San Francisco federalcourt,sayingthatshortlyafter the incident,a US Uber executive“metwith Delhi police and intentionally obtained plaintiff’s confidentialmedicalrecords”.Uber kept a copy of those records, the lawsuitsaid.Thewomanwasliving intheUnitedStateswhenshefiled thelawsuit. Terms of the settlement were not disclosed in the court document.A spokesman for San Francisco-basedUberdeclinedtocomment.An attorney for the woman could not immediatelybe reached for comment. The settlement comesasnewCEODaraKhosrowshahi,who took the top job in August,isseekingtoputseveralscandalsbehindthecompanyfollowing eightyearsofCEOTravisKalanick’s pugnacious leadership,which led torule-breakingaroundtheworld. Continued on Page 11 Continued on Page 11 Gujarat: 68% voting in Phase 1 Women at a polling station after casting their votes during the first phase of the Gujarat Assembly elections, in Rajkot on Saturday. Results of the elections will be declared on December 18 AP Sports leagues score higher with merchandising revenues GOING BYTHE numberof sporting leagues in the country today andtheirpopularity,especiallythe IPL and ISL, it is no wonder that sports is a lucrative business to be in.However,a big revenue stream that remains untapped is licensingandmerchandising(L&M).Already a huge addition to the revenue kitty for the clubs and associations in the West, we are yet to explore its full potential in India. Jiggy George, founder and CEO, Dream Theatre and India While the explosion in sports has happened and monetisation via sponsorships has reached a substantial level, licensing and merchandising is gradually emerging as a big opportunity ON TUESDAY ‘WEAR THE GAME’ ‘No soft approach to large GST evaders’ ● Tax officials to use scientific tools to compute tax liability of non-compliant companies ● Says infra projects would be facilitated wherever banks are unable to fund requirements QuickPicks CHANDNI MATHUR Mumbai, December 9 READ TO LEAD The guru-shishya parampara is reinventing itself to reach out to newer generations Page 8 of Cochin Shipyard. Gadkariobservedthatdespite woesofthepast,bankersnowhad much to look forward to. He pointedtotherecentuptickinthe economy being an initial sign of thingstocome,withlargeprojects in the roads, irrigation and riverlinking sectors ready to kick off. He signed off saying that achievinggrowthof8%wasnotunrealistic, adding that we must take a positive approach. THE GOVERNMENT MAY have no option but to abandon its soft approach to a section of taxpayers who are presumably evading payment of their due share of goods and services tax. A view has emerged at a highlevel meeting of tax officials on Saturday to tighten the monitoring of taxpayers who have shown a big divergence in their admitted tax liability in the pre- and post-GST periods. Scientific methods will be employed to verify the tax liability of industries and firms, where cases of large-scale evasion are suspected. The meeting of revenue officials from states and the Centre was convened in the backdrop of the the October GST revenue being 10% lower than the average in the preceding three months, at `83,000 crore. It is also feared that the mop-up would likely decline GAME PLAN ■ View emerges to tighten monitoring of taxpayers who have shown big divergence in their admitted tax liability in the pre- and post-GST periods ■ Scientific methods to be employed to verify tax liability of industries and firms where cases of large-scale evasion are suspected ■ October GST was 10% lower than average in the preceding three months; it is feared that the mop-up would likely fall further as, starting November, effect of rate reductions of over 200 items might have come into play further as, starting November, the effect of rate reductions of over 200 items might have come into play. The continued utilisation of accumulated integrated GST (IGST) credits by taxpayers instead of cash for tax payment and refunds to exporters could also hit the net revenue. The meeting was chaired by finance secretary Hasmukh Adhia. Continued on Page 11
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