OPINION, P6 & 7 COMPANIES, P4 RENU KOHLI The return of fiscal dominance will test inflation targeting INTERNATIONAL, P8 EDITORIAL ‘MAKE IN INDIA’ ACTING TOUGH CJI’s statements on marital rape, marriage as redressal for rape set a bad precedent Govt woos Tesla with cheaper production costs than China US imposes sanctions on Russia over poisoning of Navalny KOLKATA, WEDNESDAY, MARCH 3, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. 30 NO. 104, 16 PAGES, `6.00 (NORTH EAST STATES & ANDAMAN `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 READ TO LEAD SENSEX: 50,296.89 ▲ 447.05 NIFTY: 14,919.10 ▲ 157.55 NIKKEI 225: 29,408.17 ▼ 255.33 HANG SENG: 29,095.86 ▼ 356.71 `/$: 73.37 ▲ 0.18 `/€: 88.09 ▲ 0.48 BRENT: $63.93 ▲ $0.24 GOLD: `45,314 ▼ `512 IN THE NEWS 75% pvt jobs for locals: Bill gets Haryana guv nod HARYANA GOVERNOR Satyadeo Narain Arya has given assent to the Bill providing 75% reservation in the private sector to job seekers from the state, chief minister ML Khattar said on Tuesday, reports PTI. The Haryana Assembly had late last year passed the Bill. Labour strike ends at TKM’s Karnataka plant TOYOTA KIRLOSKAR Motor (TKM) on Tuesday said the labour strike at its Bidadi manufacturing plant in Karnataka has come to an end, reports PTI. In November 2020, TKM had to declare a lockout after workers' union members started a sit-in on the factory premises against a worker’s suspension. Flipkart to expand grocery services to over 70 cities FLIPKART ON Tuesday said it plans to expand its grocery services to over 70 cities in the next six months as the Walmart-owned company looks to cash in on the growing e-grocery segment, reports PTI. It has expanded its grocery services to more than 50 cities. SLIGHT FALL 63% UNSOLD Spectrum sale fetches Centre `77,815 crore Upfront payment by operators would be `27,000 crore; Jio biggest buyer FE BUREAU New Delhi, March 2 AUCTIONS FOR TELECOM airways concluded on Tuesday with operators committing to buy a total of 855.60 MHz of spectrum worth `77,814.80 crore. The auctions were completed in the shortest time since the process started in 2010. The government will receive an upfront amount of around `27,000 crore from the operators — `20,000 crore in FY21 and the remaining `7,000 crore in FY22 when some spectrum would be made available. The government put up a brave front, saying the outcome was satisfactory given the pandemic and financial position of the industry and that the revenues were higher than its internal esti- Export recovery hits a bump in February FE BUREAU New Delhi, March 2 Total spectrum put on auction: 2308.80 MHzworth `3.92 lakh cr TOTALSPECTRUM SOLD: 855.60 MHz CHAI PE `77,814.80 cr CHARCHA TOTAL REVENUE: All India Congress Committee (AICC) general secretary Priyanka Gandhi Vadra during an interaction with tea workers at Sadhuru tea garden in Biswanath, Assam, on Tuesday ■ Upfront payment by operators in FY21: `20,000 cr ■ Upfront in FY22: `7,000 cr RelianceJio: `57,122.65 crore (488.35 MHz spectrum bought) BhartiAirtel: `18,698.75 crore (355.45 MHz spectrum bought) Vodafone Idea: `1,993.40 crore (11.80 MHz spectrum bought) No bids for 700 MHz and 2500 MHz mate of around `45,000 crore. However, from objective accounts, what was sold was far less than what was put up for sale. Continued on Page 2 SC RULING HAVING GROWN AT the fastest pace in 22 months in January, merchandise exports slipped again in February, though marginally, continuing its roller-coaster ride in the aftermath of the Covid19 pandemic. Of course, growth in exports (year-on-year) may accelerate again in the coming months but that would be driven more by an ultrafavourablebaseeffectthanany meaningful recovery. Exports had crashed between March and May 2020, as the govern- Exports (% change, y-o-y) 10 0 -0.3 -10 -20 -30 -40 -50 -60 -70 -61 April 2020 ment was forced to impose a stringent lockdown to battle the pandemic. Continued on Page 2 Payments to non-resident firms for software not taxable as royalty Firms to seek 'right ● MEET WITH PM INDU BHAN New Delhi, March 2 THE SUPREME COURT on Tuesday ruled that payments made to non-residents for software purchase can’t be taxed as royalty, setting at rest a longstanding row. This means tax liability of foreign software sellerwithout a permanent establishment in Indiawould reduce to the 2% equalisation levy introduced via Finance Act 2020,fromthe10%royaltytax, Nifty IT index Intra-day, March 2 25,450 25,301.85 25,250 25,050 24,850 24,809.70 24,650 24,450 Previous close: 24,556.30 Open Close which the Indian buyer has hithertobeenliabletowithhold. Therulingwilllowerthecost ofsoftwarepurchasesforIndian firmsastheoverseassellersmay chose to lower prices, taking advantageofthetaxrelief.Software firms such as IBM India, Samsung Electronics,GE India, HewlettPackardIndia,Mphasis and others,which import softwareforsaleinIndia,areamong the principal beneficiaries. Continued on Page 2 price' for vaccines PRASANTA SAHU New Delhi, March 2 TOP EXECUTIVES OF vaccinemanufacturers,including Serum Institute (SII) and Bharat Biotech, will meet Prime Minister Narendra Modi on Wednesdaytoseekdoublingoftheprice at which the government procurestheprophylacticproducts. They would also urge the PM against any ceiling on the vac- cine price for the private sector, according to a person privy to the matter. Currently, the government procures the vaccines — Covishield and Covaxin—atafixedprice of `150 perdose. “The government can procure at `300-400/per dose and order the quantity it requires on a priority basis,” the person said. Continued on Page 2 ● COVID VACCINATION 2.0 Nearly 50 lakh register on Co-WIN portal PRESS TRUST OF INDIA New Delhi, March 2 ABOUT 50 LAKH people have registered themselves on the Co-WIN portal, without any system glitch, since the window opened on Monday morning, the Centre said on Tuesday,adding that over2.08 Cases rising again (Daily infections, 5-day moving avg) 1,200 Mumbai 1,015 1,000 800 600 426 400 200 0 Feb 1, 2021 Mar 1, 2021 lakh beneficiaries above 60 or those aged 45-60with comorbidities have received the first dose of Covid-19 vaccine till this afternoon. The vaccination drive for those over 60 years of age and within the age bracket of 4560yearswith specified comorbidities began on March 1,and Feb 2021 Source: DGCIS, Ministry of commerce the registration opened at 9 am Monday on the Co-WIN portal — cowin.gov.in. In the first two phases so far,1,48,55,073 Covid-19vaccine doses have been administered in the country till 1 pm on Tuesday. Continued on Page 2 QuickPicks PM says $82 bn being invested in ports, invites global firms to join in INDIAWILL invest $82 billion or `6 lakh crore in port projects by 2035, raise share of clean renewable energy source in maritime sector, develop waterways, augment seaplane services and boost tourism around lighthouses, Prime Minister Narendra Modi said on Tuesday, urging global players to make India a "preferred investment destination". As many as 400 projects with investment potential to the tune of $31 billion are ready for investors, who can be a part of India's growth trajectory, he said, inaugurating the Maritime India Summit. PAGE 2 Centre to raise about `662 crore from Ircon offer for sale THE CENTRE will raise around `662 crore by selling up to 16% stake in Ircon International at a floor price of `88 per share via an offer for sale (OFS) on March 3-4, reports fe Bureau in New Delhi. “Offer for Sale in Ircon opens tomorrow for non retail investors. Day 2 for retail investors. Govt. would divest 10% equity with an additional 6% as green shoe option,” the department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey tweeted. Kolkata
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