OPINION, P6 ECONOMY, P2 INTERNATIONAL, P8 EDITORIAL RIGHT TRACK DRAGGING ON PM to inaugurate world's longest high-altitude tunnel in Rohtang today Johnson to intervene in Brexit talks as EU seeks concessions How FDI inflows fare over the year will be critical Centre, states must take a cue from Karnataka’s Bill on sector-agnostic regulatory sandboxing NEW DELHI, SATURDAY, OCTOBER 3, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 185, 10 PAGES, `10.00 (PATNA `9.00, RAIPUR `10.00) 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: 38,697.05* ▲ 629.12 NIFTY: 11,416.95* ▲ 169.40 NIKKEI 225: 23,029.90 ▼ 155.22 HANG SENG: 23,459.05# ▲ 183.52 `/$: 73.14* ▲ 0.63 `/€: 85.82* ▲ 0.69 BRENT: $39.29 ▼ $1.64 GOLD: `50,249* ▼ `76 *As of Oct 1; #As of Sept 30 PRECIOUS LITTLE COVID FATALITIES India third country to cross 1L deaths Massive overhaul in the works as gold plans lose sheen THE AMOUNT claimed by creditors of bankrupt Jet Airways has crossed `40,000 crore, reports Ankur Mishra in Mumbai. FE has learned as on September 25, the total claims were at `40,259 crore, out of which the company has admitted claims worth `15,525 crore. BANIKINKAR PATTANAYAK New Delhi, October 2 THE GOVERNMENT HAS garnered only 21 tonnes of gold and its equivalent through the monetisation scheme in over four years before Covid-19 struck.This has prompted it to weigha clutch ofamendments Indian-origin brothers win bid to buy UK’s Asda 21 tonne INDIAN-ORIGIN billionaire brothers Mohsin and Zuber Issa are set to acquire a majority stake in the leading UK supermarket chain, Asda, from its US owner Walmart after a $8.8-billion deal was struck as part of a consortium involving private equity firm TDR Capital, reports PTI. Mop-up under gold monetisation scheme (GMS) up to Feb 2020 since Nov 2015 3,746 tonne Indian demand from 2015 to 2019 Proposed changes ■ Savings account can be opened with a deposit of gold equivalent of only `500 ■ No GST, capital gains and wealth taxes on deposits ■ Interest to be exempted from income tax ■ All state-run banks to be mandated to roll out GMS Forex reserves drop $3.017 bn to $542.021 bn AFTER TOUCHING a lifetime high in the previous week, the country's foreign exchange reserves declined by $3.017 billion to $542.021 billion in the week ended September 25, RBI data showed on Friday, reports PTI. tooverhaultheextantpolicyto induce a large number of people to park their idle holdings with banks. Though the bond programmehaswitnessedahigher mop-up(about30tonneworth gold up to February) than the monetisation scheme since both were launched in November 2015,even their combined collection represents less than 2% of the country’s consumption during this period. Aspartofthe government’s plans,peoplewill be allowed to open a gold savings account with a deposit of the precious metal worth just `500. This is markedly lower than the current minimum threshold of 30 g (worth about `1.5lakh)underthegoldmonetisation scheme (GMS). The gold account will be clubbed with an existing bank savings account. Further deposits into the gold account will be allowed in increments of gold worth only `100, so that even the poorest of the poorcanalsotakeadvantageof the scheme. Peopledepositinggoldupto about100geachwon’tbeasked anyquestion bythe taxman. Continued on Page 2 Post-pandemic relief Benefits indeed reach the needy FE BUREAU There is no gainsaying the government needs to do more to address the plight of the most vulnerable sections due to Covid-19, but the transfers of public funds to the needy during the pandemic period have indeed been unparalleled in magnitude and kind. STATUS CHECK AID UNDER KEY PROGRAMMES `30,952 crore `27, 000 crore `35,782 crore `40,000 crore 32 million tonne `4,987 crore Extended to 20.65 cr women Jan Dhan beneficiaries `68,921 crore Disbursement to 8.94 cr farmers under PM-Kisan Relief received by PM Garib Kalyan package beneficiaries Free grains allocated to about 81 cr people `10,615 crore Withdrawn by 40.59 lakh EPFO members Spent for migrant workers Extra allocation for NREGA for FY21 Support received by construction workers `2,17,976 crore Devolved to states up to August this fiscal COVID-19 Trump, wife Melania test positive REUTERS October 2 US PRESIDENTDonaldTrump, who played down the threat of the coronavirus pandemic for months, said on Friday that he and hiswife Melania had tested positive for Covid-19 and were going into quarantine, upendingtheracefortheWhiteHouse. “We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!” the presidentsaidinatweetearlyon Fridaymorning.Trump,74,isat high risk with the deadly virus both because of his age and because he is considered overweight.Hehasremainedingood health during his time in office butisnotknowntoexerciseregularlyortofollowahealthydiet. Continued on Page 2 ■ Brent down 5% after Trump gets coronavirus, economies wobble, Page 5 ISHAAN GERA New Delhi, October 2 OUTRAGE Members of various organisations during a protest against the Hathras gangrape and murder, in New Delhi on Friday FY21 States may use up all of extra borrowing space FE BUREAU New Delhi, October 2 MORE STATES ARE queuing up to make use of the riders-linked part of the extra borrowing space allowed for FY21, increasing the chances of all states together nearly exhausting the enhanced net borrowing limit of 5% of GDP in the year. `17,289 CRORE Extra borrowing allowed to six states so far this fiscal for meeting certain reform norms `4.28 LAKH CRORE Total extra borrowing headroom (net) including those linked to reforms available for all states in FY21 ■ Unconditional extra borrowing room now over `2 lakh crore, given the `97,000-crore special RBI window to make good GST shortfall The Centre on Friday granted permission to Uttar Pradesh and Andhra Pradesh to raise `4,851 crore and `2,525 crore,respectively, in additional market borrowings, for meeting reforms related to the onenation, one-ration-card system and ease of doing business,in that order. INDIA ON FRIDAY became the third country in the world to cross1lakhdeaths.Indiaisstill far behind the US and Brazil in termsof totalCovid-19related fatalities, as they account for 2,07,808 and 1,44,680 deaths, respectively. But India has averaged 1,000 deaths per day in September, leading the world in terms of daily deaths. In fact, India’s share in global deaths increased from 7.6% on September 1 to 9.6% on Friday. Moreover, one-fifth ofdailyfatalitiesareaccounted for by India. The worrying aspect is that India’s deaths are still growing at a faster rate than in the US and Brazil. Continued on Page 2 Deadly rise 12,00,000 (Number of deaths) IN THE NEWS Jet Airways claims cross `40,000 crore Continued on Page 2 ● OVERSTEPPING US judge blocks Trump order on H-1B visa ban LALIT K JHA Washington, October 2 A FEDERAL JUDGE has blocked the enforcement of the H-1B visa ban issued by US President Donald Trump in June this year,saying the president exceeded his constitutional authority. The order was issued on ThursdaybyDistrict Judge JeffreyWhite ofNorthernDistrict of California. The lawsuit against the Department of Commerce and Department of Homeland Security was filed by companies represented by National Association of Manufacturers, US Chamber of Commerce, National Retail Federation and TechNet. The ruling places an immediate hold on a series of visa restrictions that prevent manufacturers from filling crucial, hard-to-fill jobs to support economic recovery, growth and innovation when most needed, the National Association of manufacturers said. Continued on Page 2 CHARGING AHEAD Musk suggests Tesla India entry in 2021 REUTERS Bengaluru, October 2 TESLA CHIEF EXECUTIVE officerElon Musk indicated on Friday that the US electric carmaker will make a foray into India in 2021. “Next year for sure,” Musk said on Twitter in reply to a post with a photograph of a T-shirt with the message: “India wants Tesla.” “Thanks forwaiting,”Musk said. Tesla’s entry could come at a time when Prime Minister Narendra Modi is increasingly becoming focussed on promoting the use and manufac- Tesla Club India@TeslaClubIN Hey Elon, just thought we'd put this out here. We wait and hang on to hope wrt "hopefully soon" for India Tesla entry. Would love to hear of any progress in this regard. coronavirus pandemic and carmakers are seeking government support to push sales. TESLA DELIVERED A record numberofcarsworldwideinthe thirdquarter,smashinganalysts’ estimates and maintaining its dominance in electric vehicle sales — but still below the pace needed to reach its annual sales goal.The California-based carmaker delivered 139,300 cars, eclipsingitspriorall-timehighof 112,000inthefourthquarterof 2019 and above the 129,950 projected by analysts surveyed byBloomberg. Continued on Page 2 Report on Page 8 Elon Musk @elonmusk Next year for sure ture of electric vehicles. The country’s auto sector, already reeling from a slowdown in demand last year, has been further hit by the novel Tesla reports record third-quarter sales New Delhi 10,00,000 Astra vaccine: Japan trials restart, still on hold in US CLINICALTRIALS ofAstraZeneca and Oxford University’s experimental Covid19vaccinehaveresumedin Japan,almostamonthafter being put on hold due to anillnessofaBritishvolunteer, while talks with US authorities continue, reports Reuters. The UK drugmaker said on Friday the early-to-midstage trial for the vaccine resumed in Japan after consultationswith the national healthregulator.Trialsinthe UK,Brazil,South Africa and India had already restarted, butUStrialsremainpaused. India's share in global deaths has increased from 5.4% on Aug 1 to 9.7% 8,00,000 6,00,000 4,00,000 2,00,000 0 Aug 1, 2020 India United States Brazil Oct 1, 2020 Rest of the world
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