OPINION, P2 MIND & GAMES A tale of two manifestos IDEA EXCHANGE HOW BIG BUSINESS IS HEDGING AGAINSTTHE APOCALYPSE Supriya Sule ‘I win by 1 vote or 5 lakh... Jo jeeta woh sikandar. BJP eyeing Baramati means I did a good job’ Page 4 Investors are finally paying attention to climate change—though not in the way you might hope Page 10 ACROSS THE AISLE , P CHIDAMBARAM VOL .XVIII NO.24 SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM THE LANGUAGE OF MUSIC FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, APRIL 14, 2019, 14 Pages, `10 (Patna `11, Raipur `10) 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 , ■ LEISURE, P8 The nostalgiawala place PRESS TRUST OF INDIA New Delhi, April 13 A niche regional cuisine gets a quirky revival, and five years down memory lane, is still going strong ■ WORDS WORTH, P5 Apple’s auto dreams An excerpt from Tim Cook: The Genius Who Took Apple to the Next Level outlines the trials and tribulations faced by the tech giant’s Project Titan, one of the most intriguing developments under Tim Cook’s leadership Monetary economics in emerging markets needs rethink: Das OBSERVING THATTHE global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools, Reserve Bank of India (RBI) governor Shaktikanta Das has said monetary economics in emerging markets needs a rethink, reports PTI. This includes challenging the conventional wisdom of modern central banks to hike or reduce their interest rates by 25 basis points or multiples thereof, Das said in a special address delivered on the sidelines of the annual Spring Meetings of the International Monetary Fund and World Bank. He said the unconventional monetary policies of advanced economies have resulted in “risks and spillovers” for the emerging markets. PAGE 3 ROHNIT PHORE FRANCEWAIVEDTAXES worth 143.7 million euros to a French-registered telecom subsidiary of Anil Ambani’s Reliance Communications in 2015, months after India’s announcement of buying 36 Rafale jets, leading French newspaper Le Monde reported Saturday. In its reaction, Reliance Communications rejected any wrongdoing and said the tax disputewas settled underlegal framework which is available for all companies operating in France. The French newspapersaid the French tax authorities accepted 7.3 million euros from Reliance Flag Atlantic France as a settlement against Firing a fresh salvo against PM Narendra Modi on the Rafale issue, the Congress Saturday alleged that the reported tax waiver by France to a subsidiary of Anil Ambani's company was due to ‘blessings’ of Modi who had acted as a ‘middleman’ for the businessman. "This is called zero sum choices, startling tax concession and Modi kripa (blessings),” Congress' an original demand of 151 million euros. Reliance Flag owns a terrestrial cable network and other telecom infrastructure in France. Reacting to the report, the defence ministrysaid anyconnectiondrawnbetweenthetax issue and the Rafale matter is totallyinaccurate,tendentious and is a mischievous attempt to disinform. “We have seen reports drawing conjectural connection between tax Modi seeks justice for Cong anyay TAMIL NADU, APRIL 13: Prime MinisterNarendraModionSaturdaysoughttocornertheCongress on its showpiece pollpromise of Nyay, demanding justice for the victims of 1984 anti-Sikh riots, the Bhopal gas tragedy and violence against Dalits.“Thosewho cannot protectIndiacanneverdevelopthe nation.When Congress was in power, terrorists were attacking the nation regularly. Now they are saying Ab Hoga Nyay eveniftheydidnotintend,they have admitted that all they have done is Anyay for 60 long years,”he said. Naidu accuses EC of bias AndhraPradeshCMNChandrababuNaiduonSaturdaymet Chief Election Commissioner Sunil Arora in the capital and submitted a memorandum alleging that a large number of EVMs malfunctioned during pollinginthestateonThursday and inadequate security led to PM Narendra Modi violence. Accusing the EC of bias,he claimed that police and administration officers were removed arbitrarily, creating policyparalysesintheadministration.He also demanded that theECreturntotheballotpaper systemto“preservethesanctity oftheelectoralprocess”asthere wasa“possibilityoftampering” with EVMs.The EC is learnt to have given Naidu a point-bypoint response to all his complaints. Naidu was told that none of the returning officers wereremovedandonlyonedistrict election officer was shunted out,sources said. PTI BSNL hits rock bottom after losing rural edge Out of coverage area ATTHE END OF JUNE 2009 Rural wireless market share (%) BSNL 26.82 19.72 15.72 Idea 54.36 m 54.36 m 102.37 m 102.37 m 76.45 m 76.45 m 47.09 m 47.09 m ATTHE END OF DECEMBER 2018 Rural wireless Total wireless Rural wireless market share (%) Subscriber base subscriber base KIRAN RATHEE New Delhi, April 13 BSNL LOSS-MAKING STATE-OWNED Vodafone Idea telecom service provider Bharat Sanchar Nigam, which onceheldpreeminentposition as a pan-India operator with reach across the country, has nowbeen overtaken byprivate operators, who have spread their reach with better tariffs Total wireless Rural wireless Subscriber base subscriber base 15.36 Airtel Vodafone Airtel Reliance Jio K O C H I , 6.82 114.37 m 31.91 41.76 19.01 36.04 m 340.26 m 168.63 m 418.75 m 220.71 m 280.12 m 100.47 m Vodafone Idea merged in August, 2018 Reliance Jio launched services in September 2016 and marketing skills. Things have come to a point wheretheoneareaitreignedfor quitelong—ruralIndia—isalso Source: Trai no longer its domain. Private operators were slow to go into theinteriorsseeingonlylowpaying customers there and BSNL's K O L K A T A , L U C K N O W , IL&FS Financial Services former CEO arrested supremacyintheinteriorsofthe countrywas the strongest argumentagainstitsclosure. But the PSU,which has been makinglossesformorethanfive years now, has been beaten in ruralIndiatoobyprivateoperators, who have a much larger subscriberbaseintheseareas.In fact, BSNL has lost more than half of itswireless market share inruralareasinthelast10years to private operators. As per data put out by Telecom Regulatory Authority of India (Trai), BSNL’s wireless market share in rural areas stood at 6.82% at the end of December 2018 against 15.36%attheendofJune2009. Even Reliance Jio, which launcheditsservicesinSeptember2016,hasahigherruralmarketsharethanBSNL’sat19.01%. Continued on Page 11 chief spokesperson Randeep Surjewala said. The CPM alleged the Modi government misused public funds to pay an 'exorbitant' price for Rafale jets to benefit 'crony businessman' Anil Ambani through offset deal and French tax benefit. "No wonder BJP introduced secret electoral bonds for party funding, legalising corruption," CPI(M) general secretary Sitaram Yechury said. M U M B A I , N E W D E L H I , P U N E Luxury wheels gaining traction VROOM, VROOM! Ammo for Opposition NEW DELHI, APRIL 13: POLLS 2019 QuickPicks ● Beaten by private players in both urban and rural areas of country in terms of market share and user base H Y D E R A B A D , ‘France gave tax waiver to Ambani’ ● Reliance denies charges in report by French paper; def min says connection inaccurate ODD & EVEN READ TO LEAD RAFALE DEAL WHAT'S INSIDE Regional music from India and abroad is slowly coming out of the shadows and becoming popular Page 7 Ramesh Bawa PRESS TRUST OF INDIA New Delhi, April 13 MAKING ITS SECOND arrest in exemption to a private company and procurement of Rafale fighter jets by government of India. Neither the period of the tax concession nor the subject matter of the concession relate even remotely to the Rafale procurement concluded during the tenure of the present government,”theministrysaid in a statement. the IL&FS case, the Serious Fraud Investigation Office (SFIO) on Saturday arrested IL&FS Financial Services’ formerchiefRameshCBawa,official sources said. They said Bawa, who had served as managing director and CEO, was arrested on the grounds of abusing his powers atthecompanythroughfraudulent conduct. He also granted loans to entitieswhichwere not creditworthy and caused wrongful loss to the company and its creditors,they added. Earlier this month, the probe agency arrested former IL&FS vice-chairman Hari Sankaran. The sources said IL&FS Financial Services had borrowingsofaround`17,500 crore through debt instruments and bank loans. Continued on Page 11 Continued on Page 11 Volumes of motorcycles with engine capacity of 500cc-800cc grew 130% to 8,264 units in FY19 against 3,585 units sold in the previous fiscal Royal Enfield, which lauched two 650cc bikes last year, saw maximum traction with sales at over 5,000 units in FY19 PRITISH RAJ New Delhi, April 13 THE DEMAND FOR high-end bikes with engine capacity of 500cc-800ccisincreasinginthe country on the back of higher purchasing power, aspiration for luxury brands and evolving lifestyles.Besides,biking is also emerging as a hobby among millenials, which was not so prominent 10years ago mainly due to lesserbrands available. As per Society of Indian AutomobileAssociation(SIAM) data, volumes of motorcycles with engine capacityof 500cc800cc grew 130% to 8,264 units in FY19 against 3,585 unitssoldinthepreviousfiscal. Benelli, MV Augusta, Indian Motorcycle, Triumph Motorcycles and UM Motorcycles, have entered India in the last five years with a range of products Prices of bikes in the 350cc-800cc segment starts at around `2 lakh and goes up to around `10 lakh The actual number could be even higher as some companies, including Benelli, MV Augusta and UM Motorcycles, are not listed with the auto industry body as of now. Royal Enfield, which lauched two 650cc bikes lastyear,sawmaximum traction with sales at over 5,000 units in FY19. The bikes are priced in the range of `2.5 lakh to `3 lakh. Pankaj Dubey, MD at Polaris India, which owns the AmericanCruiserbrandIndian Motorcycle, said with the new entrants in the domestic market in the past four-five years, customersarespoiltforchoice. Continued on Page 11
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