OPINION, P6 ECONOMY, P2 INTERNATIONAL, P8 EDITORIAL G20 MEETING US PRESIDENTIAL ELECTION FM Sitharaman calls for collective efforts to tackle Covid-19 After recount, Biden wins Georgia as Trump setbacks mount Are we ready to pay the price atmanirbharta will exact? To limit whatever role asymptomatics are playing in Covid spread, enforce mask-use, distancing NEW DELHI, SATURDAY, NOVEMBER 21, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVI NO. 227, 16 PAGES, `10.00 (PATNA `8.00, RAIPUR `9.00) 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: 43,882.25 ▲ 282.29 NIFTY: 12,859.05 ▲ 87.35 NIKKEI 225: 25,527.37 ▼ 106.97 HANG SENG: 26,451.54 ▲ 94.57 `/$: 74.15 ▲ 0.13 `/€: 87.92 ▼ 0.07 BRENT: $44.46 ▲ $0.26 GOLD: `50,199 ▲ `58 IN THE NEWS Future Group-RIL deal gets CCI green light DESPITE AMAZON HAVING lodged requests with Indian regulators to take note of an interim stay awarded by the Singapore International Arbitration Centre on the FutureRIL deal, the CCI on Friday approved the `24,713-crore transaction, reports fe Bureau in New Delhi. EPF base up 15 lakh in Sept, says govt AT 14.9 LAKH in September this year, the net addition to the EPF subscribers base was not just the highest so far in the current fiscal, but also more than double the monthly average net addition of 6.55 lakh recorded in 2019-20, according to official data, reports fe Bureau in New Delhi. Govt releases backend code of Aarogya Setu THE GOVERNMENT ON Friday released the backend code of Aarogya Setu in the open domain that will help people understand the functioning of the COVID-19 contact-tracing app and allay apprehensions they may have around privacy and security, reports PTI. LICENCE TO LEND Big business houses may soon promote banks Cap on promoters’ stake may be raised from 15 % to 26% over 15 years, suggests RBI panel GAME CHANGER Cap on promoters’ stake may be raised from 15 % to 26% over 15 years % FE BUREAU Mumbai, November 20 IN A SIGNIFICANT shift of stance, large corporates and conglomerates could own banks if the suggestions of an internal working group (IWG) constituted by the Reserve Bank of India (RBI) are accepted. The IWG recommends sweeping changes and easier rules that could altogetheraltertheIndianbanking landscapewith the presence of many more banks of all hues. Forinstance,large,well-run non-banking finance companies (NBFCs),with an asset size of `50,000 crore and above could become banks post 10 years of operations once they pass the due exercise. These could be owned bya corporate house so a Bajaj Finance, L&T Financial Holdings oran M&M Financial could make the cut. Many NBFCs have been keen to turn into banks as it would give them access to Uniform cap of 15% for all non-promoter shareholders Big corporate, industrial houses may promote banks, post changes to BRA Well-run, large NBFCs, with assets of `50,000 crore and above, may convert into banks after 10 years Payments banks with three-year experience can become SFBs NOFHC must to continuewhere individual promoters, promoting entities or converting entities have other group entities; preferred structure for all new universal bank licences Banks licensed before 2013 may move to an NOFHC; banks now under NOFHC can exit if they do not have other group entities Once NOFHC attains a taxneutral status, all banks licensed before 2013 shall move under it within 5 years from taxneutrality announcement SFBs and payments banks may list within 6-10 years Minimum initial capital to be raised to `1,000 crore for new universal banks, and to `300 crore for new SFBs Continued on Page 13 SATELLITE BROADBAND ● RICE PROCUREMENT Fixed fee for arhatiyas Bharti's OneWeb takes seen to cut FCI’s costs off; eyes full commercial services by mid-2022 PRABHUDATTA MISHRA New Delhi, November 20 THE FOOD CORPORATION of India (FCI),the largest procurer offarmproducefromtheAPMC mandis, has started a paying a fixedfeeforcommissionagents (arhatiyas) in Punjab and Haryana,forricepurchasesduring the current kharif season, instead of an MSP-linked fee. The move could deflate the FCI’sprocurementcostoverthe years, and thereby the Centre’s food subsidybill. Tillthelastrabiseason,when theFCIstartedpayingcommission to the arhatiyas in Punjab and Haryana a fixed amount as commission for wheat, the FCI cheap CASA deposits even if meeting statutory ratios are initiallyexpensive.Forits part, RBI maypreferNBFCs become banks as they could then be betterregulated and subject to more regulations. A final stake of 26%, as the IWGsuggests,upfromthecurrent15%couldbeasweetener. If accepted,itwould standardisetherelaxationgiventoUday Kotak, promoter of Kotak Mahindra Bank, earlier this year. For non-promoter shareholders,a uniform cap of 15% has been prescribed. However, the IWG feels the initial limit of a 40% shareholdingremains,withnoupper ceiling during the first five years.Payments banks intendingtoconverttoasmallfinance bank (SFB) need a track record of three years as a payments bank, lower than the current minimum of five years. SFBs and payments banks may be listed within six years from the date of reaching a net worth equivalent to prevalent entry capital requirement prescribed for universal banks or 10 years from the date of commencement of operations, whichever is earlier. ● STELLAR SHOW Gland Pharma shares make strong debut, surge 21% FE BUREAU New Delhi, November 20 ■ FCI used to pay 2.5% of MSP as arthiya commission, instead, a fixed fee (`45.38-45.88 per quintal) for paddy in 2020-21 ■ FCI outgo roughly the same in both cases; since fixed fee not likely to move with annual MSP increments, the outgo may reduce over years usedtopay2.5%ofthenotified minimum support price (MSP) tothemforthetwomaingrains. Continued on Page 2 Special Feature There is a shift from diesel to both petrol and CNG cars Despite exiting the diesel engine space earlier this year, Maruti Suzuki has recorded highest ever sales in October 2020, with 51% market share: Shashank Srivastava, MSIL. ■ Motobahn, P13 QuickPicks ALL announces VRS for execs; 5,700 employees eligible to opt IN A serious attempt at pruning its workforce Ashok Leyland (ALL) on Friday announced a voluntary retirement scheme for its executive cadre making 5,700 eligible to opt for the plan, reports Sajan C Kumar in Chennai. Executives who have completed as little as one year can opt for the VRS. N V Balachandar, president HR, CSR and communication, ALL, told FE the objective of the VRS is to scale down the team and bring in efficiency. PAGE 4 IPL 2020 scores big; viewership grows 23% over last year THE 2020 edition of the Indian Premier League recorded a 23% jump in viewership over 2019, reports fe Bureau in Mumbai. According to BARC India, the tournament registered 405 million viewers and a total of 400 billion viewing minutes on television. IPL surpassed the previous record held by the 2019 cricket (ODI) World Cup which garnered 344 billion viewing minutes on television. PAGE 4 PRESS TRUST OF INDIA New Delhi, November 20 WITH BHARTI ENTERPRISESLED low earth orbit (LEO) broadbandsatellitecommunications company, OneWeb emerging from US Chapter 11 bankruptcy protection and achieving all relevant regulatoryapprovals,chairman Sunil Bharti Mittal said that beginning mid-December till October 2021, the company will launch a total 360 satellites to constructaglobalsatelliteconstellation that will provide enhanced broadband and other services to countries around the world. This would mark the trial test runs. Speaking to FE,Mittal said that from May-June 2022 commercial broadband services would be launched in several parts of the globe in remote and hilly regions where currently such services are not available.The services would commence from UK MAKING A STELLAR debut, shares of Gland Pharma on Friday surged over 21% on the bourses compared to its issue price. After opening on a strong note, the scrip settled with a 7% gain on the BSE and the NSE when compared with the opening level. On the BSE, the shares opened at `1,701 apiece, a gain of over 13% compared to the issue price of `1,500. The stock touched an intra-day high of `1,850 and ended the day at `1,820.45. Similar trends were witnessed on the NSE where the scrip listed at `1,710 and touched an intra-day high of `1,850.The opening pricewas 14% more compared to the issue price.It closed at `1,828. Compared to the issue price of `1,500 apiece, the scrip ended the day with a gain of more than 21% on both the bourses. The price band for the initial public offering (IPO), which closed earlier this month, was fixed at `1,4901,500 per share. The company’s promoters are Fosun Singapore and Shanghai Fosun Pharma. Broadband communications through satellites is provided by dropping a box which creates Wi-Fi spots through which broadband services are provided ■ It is ideal for remote and hilly regions where normal communication links are difficult to build Trial Bharti and test consortium runswill begin have invested from the $1 billion second halfof and will raise another $ 1 billion December and theArctic region and subsequently expand. Continued on Page 2 There is an unmet demand around the globe for broadband connectivity and we intend to continue OneWeb’s social mission. We will use our JV facility to drive down cost of service, opening new use cases for low latency broadband provision. —SUNIL BHARTI MITTAL, CHAIRMAN, ONEWEB Continued on Page 13 ● COVID EU could pay over $10 bn for CureVac, Pfizer vaccines FRANCESCO GUARASCIO Brussels, November 20 THE EUROPEAN UNION could pay more than $10 billion to secure hundreds of millions of doses of the vaccines being developed by PfizerBioNTech and CureVac, an EU official involved in the talks told Reuters. The bloc has agreed to pay $18.34 per dose for the vaccines being developed by Pfizer and BioNTech, according to the official. That would mean an overallpriceofupto$3.7billionfor 200 million doses, rising to $5.52 billion if another optional 100 million doses are boughtunderthedeal,theofficial said.The pricing information, previously undisclosed, confirms the EU is paying less perdose than the US foran initial supply of vaccine, as reported by Reuters last week. The deal includes an insurance for EU countries to get compensation if the companies divert doses to the US, according to the source, who requested anonymity due to the sensitivity of the matter. FACEBOOK USER DATA US, India top govt request tally in H1 PRESS TRUST OF INDIA New Delhi, November 20 GOVERNMENT REQUESTS FOR Facebook user data increased23%globallyinJanuary-June 2020with India occupying the second spot after the US in terms of such requests being made.According to Facebook’s latest transparency report, total 35,560 requests weremadebyIndiaintheperiod for 57,294 users/accounts. Some data was produced in 50% cases,it added. In the first six months of 2020,government requests for user data increased by 23% to 1,73,592 globally from 1,40,875 in H2 of 2019. The highest number of requests in January-June 2020 came from theUSwith61,528requestsfor 106,114 users/accounts, and FACEBOOK HAS FOR the first time disclosed prevalence of hate speech on its platform, saying that out of every 10,000 content views in Q3, 10-11 were hate speech,reports PTI. Continued on Page 13 FOR BEGINNERS, THIS could turnouttobeanidealopportunityfortrialandtesting,andfor Netflix,thegaincouldbehigher number of subscribers. The popular video streaming platform has decided to host a weekend StreamFest in India next month that will give consumers free access to its content library. Any- competes with global players Amazon Prime Video and Disney+Hotstar in India, besides a clutch of homegrown players & cities; Disney+Hotstar subscribers accounted for a little over a quarter of the global subscriber base ofDisney+ ■ On an average, North Indians purchased 3 new OTT subscriptions; South Indians added 2, according to a study by DAN India Data Sciences ■ Indian online video services market is estimated to touch $2.5 bn by FY24 from the current $0.6 bn 1,73,592 govt requests for user data globally in H1 2020, from 1,40,875 in H2 2019 US India 61,528 35,560 requests made requests made for 106,114 for 57,294 users/ accounts users/accounts 88% of the cases some data was produced 50% of the cases some data was produced somedatawasproducedin88% of the cases,the report said. Continued on Page 13 Facebook,whichhas1.82 billion daily users globally, hasdrawnflakinthepastfor its handling of hate speech on the platform in India, which is among its biggest markets. ■ Page 8 HEAVY METAL ArcelorMittal-Nippon Steel lays out large expansion plan, seeks govt aid SURYA SARATHI RAY New Delhi, November 20 SANGUINE ABOUT INDIA’S high growth potential in the steel sector, AM/NS India has approached the government, seeking specific policy support to an ambitious plan to expand its steel-making capacity in India with “significant investments”, according to a senior companyexecutive.Itisprimarily evaluating the option of a largegreen-fieldfacilityineastern India, but may also opt for We have explained (to Dharmendra Pradhan) our ambitions to expand our India footprint. We also discussed the appropriate backdrop which would provide us with the confidence to make significant investment to fulfill the ambitious plans. —DILIP OOMMEN , CEO, AM/NS INDIA further expansion through the inorganic route.AM/NSIndia,a 60:40 joint venture between world’s largest steelmaker Arcelor Mittal and Japan’s Nip- PATENT TUSSLE JLR seeks to block Porsche, Audi SUV imports in US CHRISTOPHER YASIEJKO & SUSAN DECKER November 20 YOUWOULDN’TKNOWitwas aboutJagsandLambos,tojudge by its rather dry name: In the Matter of Certain Vehicle Control Systems. But that’s the ■ JLR says Porsche, Lamborghini, Audi and Volkswagen SUVs using its patented Terrain Response technology without permission complaint Jaguar Land Rover Automotive filed on Thursday to block US imports of Porsche, Lamborghini, Audi and VolkswagenSUVsitsaysareusingits patentedTerrainResponsetechnology without permission. JLRsaid in its filingwith the US International Trade Commissionthatthetechnologyisakey feature in Jaguar’s F-Pace and Land RoverDiscoveryvehicles. Continued on Page 2 ● LABOUR WELFARE Appointment letter and free annual health check-up must SURYA SARATHI RAY New Delhi, November 20 willgetonlyonestreaminstandard definition and can access all the features that members use.“AtNetflix,wewanttobring the most amazing stories from across the world to all fans of entertainment in India,” the company said. Currently, Netflix offers monthly subscription plans across three price slabs of `499,`649 and `799, respectively, apart from the `199 mobile-only pack. Continued on Page 2 Continued on Page 2 Continued on Page 2 ■ The tech is a key feature in Jaguar’s F-Pace and Land Rover Discovery vehicles ■ JLR has filed the complaint with the US International Trade Commission one in India can watch all the blockbuster films,series,documentariesandrealityshowsfor two whole days, the company saidinablogpostonFriday.The move,expertssuggest,isaimed at bringing new users to the platformthatcompetesagainst players like Amazon Prime Video, Disney+ Hotstar and Zee5 in the burgeoning OTT (overthe top) market in India. Thetwo-dayStreamFestwill be on December 5 and 6. Customerswho sign up forthe Fest pon Steel, had acquired Essar Steel’s 9.6 MT Hazira plant for `42,785 crore in December. ALL ESTABLISHMENTS WILL require to issue appointment letters delineating skill,wages and growth avenue and foot the bill for annual free-of-cost medical examination for all factory,mineandconstruction workers above 45 years of age. Theseareamongthehighlights of the draft rules released by the Centre, under the operational safety, health and working conditions Code that came into effect recently. While the Code itself caps the work time at 48 hours a week,thedraftrulesstatesthat, “The period ofwork of aworker shall be so arranged that inclusiveofhisintervalsforrest,shall not spread over for more than twelvehoursinaday.Theperiod of work shall not exceed five hours and that no worker shall work for more than five hours beforehehashadanintervalfor rest of at least half an hour.” The rules also provide for safety of women employment in all establishment forall type of work before 6 am and beyond 7 pm with their consent.Incalculatingovertimeon any day, a fraction of an hour between15to30minutesshall be counted as 30 minutes; at presentlessthan30minutesis counted as no overtime. Netflix to stream all content for free on Dec 5 and 6 ■ PrimeVideo reaches over 4,300 towns World Of every 10,000 content views in Q3, 10-11 were hate speech: Facebook PRIME TIME FE BUREAU New Delhi, November 20 SCALING THE WALL New Delhi