OPINION, P8 ECONOMY, P2 RENU KOHLI Little to suggest the recent upturn in growth will endure INTERNATIONAL, P16 SUNIL JAIN GOLDEN QUADRILATERAL MICROPROCESSOR VULNERABILITY Aadhaar 'exposes' will escalate, UIDAI lost a chance to show it was hugely overblown Railways to study feasibility of elevated 200-kmph tracks Brian Krzanich-led Intel faces scrutiny over chip security MUMBAI, TUESDAY, JANUARY 9, 2018 WWW.FINANCIALEXPRESS.COM FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE READ TO LEAD VOLUME XXXXXV NO. 252, 22 PAGES, `6.00 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 SENSEX: 34,352.79 ▲ 198.94 NIFTY: 10,623.60 ▲ 64.75 NIKKEI 225: 23,714.53 ▲ 208.20 HANG SENG: 30,899.53 ▲ 84.89 `/$: 63.50 ▼ 0.13 `/€: 76.14 ▲ 0.23 BRENT: $67.81 ▲ $0.19 GOLD: `29,492.00 ▲ `49.00 Bhushan Energy: NCLT admits insolvency plea THE NATIONAL Company Law Tribunal (NCLT) on Monday admitted State Bank of India's plea to initiate insolvency proceedings against Bhushan Energy (BEL), reports fe Bureau in New Delhi. The principal bench comprising president MM Kumar and member Deepa Krishnan appointed Navneet Kumar Gupta as the interim resolution professional for BEL. BEL owes `399 crore to SBI. PRABHUDATTA MISHRA New Delhi, January 8 DESPITE THE NARENDRA Modi government’s relative promptness in meeting the current demands of subsidies, atleast`1.25lakhcroreofpast duesofmajorsubsidies—fourfifths of that on food alone and the balance mostly on fertilisers — may remain unpaid to the designated agencies at the end of this fiscal. To that extent,thefinalfiscalnumbers to be released in the next Budget will be dented. The 2017-18 Budget outlay forthethreemajorexplicitsubsidiesis`2.4lakhcrore,withthe share of food, fertiliser and petroleumbeingina6:3:1ratio. Unless the prices of foodgrains disbursed to the over 80 croreNationalFoodSecurityAct (NFSA) beneficiaries is significantlyraised — a revision is due BHAVIK NAIR Mumbai, January 8 NOT YET REINED IN `2.4 lakh cr Grains allocation under NFSA during Apr-Nov, FY18 (million tonnes) evenasagoodnumberofbogus ration cards were weeded out thanks to digitisation. The Centre had released 93% of this fiscal’s budgeted foodsubsidyof`1.45lakhcrore by November end and might spend the entire amount budgeted before the year comes to an end. ANAUCTIONFORpurchasesof limitstobuygiltsworth`6,666 crore on Monday attracted nearly twice the subscription fromforeignportfolioinvestors (FPIs). Given the huge appetite that FPIs displayed, market expertsexpectabigchunkofthe bonds to be bought. Should that happen, the rupee could appreciate further since almost $1 billion could flow in. A total of 78 bidders tried their luck at Monday’s auction comparedwith just 38 inthepreviousauctionheldon December 18. The rupee closed at 63.50 to the dollar on Monday, after hitting a high of 63.25, the highest in two years and eight months. The Indian currency has put on 0.58% in 2018 sessions against the dollar on the back of a 6.7% gain in 2017. Between the debt and equity markets,FPIs invested close to $30 billion 2017. Foreign investors put in bids worth `11,988 crore ($1.88 billion) against a notified amount of `6,666 crore(1.05 billion). Continued on Page 2 Details on Page 10 FY18 Budget outlay for three major explicit subsidies — food, fertilisers & petroleum 36.8 `1.45 lakh cr Food subsidy allocated for 2017-18 (BE) NFSA grains lifted by states during Apr-Nov FY18 (million tonnes) `1.07 lakh cr 36.2 for FCI `1.18 lakh cr Actual requirement by FCI for operations in the current year R R R R ~`1 lakh cr Likely outstanding dues to FCI by year end, including arrears of `81,303 crore ~`23,000 cr Likely unpaid dues to fertiliser companies at FY18-end in July2018 — the subsidyburden can’t be mitigated,analysts say. There was not conclusive evidence yet of the electronic pointsofsalemachinesinstalled at fair price shops in states reducing the overall intake of NFSAgrains,theynoted.Of368 lakh tonnes of grain allocated during April-November this year, 362 lakh tonnes had already been lifted by states, Pace rises but targets missed SURYA SARATHI RAY New Delhi, January 8 (km) Awards CONSTRUCTION OF HIGHWAYS gathered pace to touch 20.6 km per day during April-Novemberthisyear,from 16.7 km a day in the year-ago period, though even the improved rate is a far cry from road transport and highways minister Nitin Gadkari’s target of building these roads at a scorching pace of 41km per day. Among them, all agencies responsible for highway construction constructed 4,942 km of roads in the first eight months of this financial year, compared with 4,017 Construction (April-Nov) 2016 4,942 Outstanding dues to FCI alone seen at `1 lakh crore by FY18-end; pressure on govt to raise NFSA grain prices FPI appetite for Indian gilts remains strong HIGHWAY CONSTRUCTION 2,927 Unpaid subsidy may touch `1.25 lakh cr ● AUCTION OF LIMITS 4,017 THE SUPREME Court on Monday stayed the Karnataka High Court order that quashed the government regulation mandating pictorial health warnings to cover 85% of cigarette packs and tobacco products’ packaging space, reports fe Bureau in New Delhi. A bench led by Chief Justice Dipak Misra stayed the HC order that had not only directed reduction of the pictorial warning on tobacco products to 40%, but also said that the alarming images of persons suffering from throat and mouth cancer should go. FOOD BILL 5,820 IN THE NEWS SC stays HC order on pictorial warnings 2017 Source: MoRTH km in the corresponding period last year. While the National Highways Authority of India (NHAI) has achieved a Markets on a roll PTI Another day, another high The Sensex rose 199 points to end at a record 34,352.79 and the Nifty scaled the 10,600 mark for the first time. S&P BSE SENSEX NIFTY 50 Intra-day, January 8 Intra-day, January 8 34,400 34,352.79 10,625 34,350 34,300 10,610 Prev. close: 34,153.85 34,250 34,200 10,623.60 10,640 34,216.33 Open Close 10,595 10,580 10,591.70 Open Prev. close: 10,558.85 Close pace of 7 km a day, against the targeted 9.5 km, the ministry of road transport and highways’ performance has fallen short of target by a wider margin — it could construct just 13 km a dayagainst the goal of 31 km. NHAI chairman Deepak Kumartold FE that the authority will likely exceed the target to build 3,500 km of highways in the current fiscal year. The latterhalfofayearusuallyseea pick-up in construction.“Our total expenditure will be more than `90,000 crore in FY18, which is 85% higher than the level last fiscal. Continued on Page 2 BRANDWAGON The reel and ‘real’ formula of the Indian TV shows
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