OPINION, P6 NATION, P5 UTTAM GUPTA Centre’s reform scheme is a mere bailout package for discoms INTERNATIONAL, P8 EDITORIAL JAVADEKAR-SPEAK UNDER INVESTIGATION Haryana should focus on getting industry to create more jobs than shackling it with domicile quota ‘OTT industry, govt to partner to make viewer experience better’ UK starts probe on Apple over alleged App Store monopoly KOLKATA, FRIDAY, MARCH 5, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. 30 NO. 106, 20 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 SENSEX: 50,846.08 ▼ 598.57 NIFTY: 15,080.75 ▼ 164.85 NIKKEI 225: 28,930.11 ▼ 628.99 HANG SENG: 29,236.79 ▼ 643.63 `/$: 72.84 ▼ 0.12 `/€: 87.64 ▲ 0.37 BRENT: $64.27 ▲ $0.20 GOLD: `44,660 ▼ `310 IN THE NEWS GST amnesty: SC refuses to extend scheme THE SUPREME Court on Thursday refused to direct the finance ministry to extend the goods and services tax (GST) amnesty scheme till the Covid-19 pandemic exists in India, saying it was “a policy decision exclusively within the domain of the government”, reports fe Bureau in New Delhi. Flipkart mulls US listing with SPAC as option WALMART-OWNED Flipkart is exploring going public in the US through a merger with a blank-cheque company as it seeks to quicken its listing process, according to people familiar with the matter, reports Bloomberg. Ficci: Haryana job quota law will ‘spell disaster’ INDUSTRY BODY Ficci on Thursday said the Haryana government's new legislation that provides reservation in private jobs for local candidates will "spell disaster" for industrial development in the state, reports PTI. Arcelor plans new steel unit in Odisha Wipro buys Capco in $1.45-bn deal FE BUREAU New Delhi, March 4 Acquisition of UK consultancy firm Wipro’s biggest-ever INDIA-BORN BILLIONAIRE Lakshmi Mittal is revisiting a plantosetupalargegreenfield steel plant in the mineral-rich Odisha.ArcelorMittal-Nippon Steel India (AM/NS India), a 60:40 joint venture between world’s largest steelmaker ArcelorMittal and Japan’s Nippon Steel, on Thursday inked an agreement with the Odisha government to set up a 12 million tonne integrated steel plantinthestate’sKendrapada district with an investment of `50,000 crore, according a statement issued by the Odisha government. Mittal and chief minister Naveen Patnaik were present during the signingofthememorandum of understanding at Lokaseva Bhavan. AM/NS India ■ AM/NS India acquired Essar Steel’s 9.6 mtpa Hazira plant for `42,785 cr in December via insolvency route ■ Move comes at a time when after a tough year in 2020, steel prices have risen in Europe and China OVER 6.4 CRORE people workingintheorganisedsector will get a competitive 8.5%returnontheiremployees’ provident fund (EPF) deposits in 2020-21, the authority concerned announcedonThursday,reportsfe had acquired Essar Steel’s 9.6 million tonne Hazira plant for `42,785 crore in December via the insolvency route after a protracted process. Continued on Page 2 Bureau in New Delhi. The interest rate was same for 2019-20, which, though a seven-year low, was way higherthanthereturnssmall saver could get under any otherfixed-incomeschemes. ■ Report on Page 2 ● HIGH DEMAND Average FDI equity inflows spot power rise 40% to $51.5 bn price up FE BUREAU FDI equity New Delhi, March 4 16% in Feb 21.5 ($bn) 25 PRESS TRUST OF INDIA New Delhi, March 4 20 15 10.8 10 9.8 Q2FY20 5 0 6.6 Q1FY21 Q3FY19 Q3FY21 Source: DPIIT drawn byReliance Jio alone. TheFDIinflowstakeplaceat a time when domestic private investmentshaveremainedelusiveinrecentyears.Investments remain critical to the country’s economicresurgence,asprivate consumption has been badly bruised by income losses in the aftermathof the pandemic. Continued on Page 2 QuickPicks Reliance Power defaults on repayment to lenders RELIANCE ANIL Dhirubhai Ambani Group firm Reliance Power has defaulted on repayments to Axis Bank, Yes Bank and Lakshmi Vilas Bank (LVB) due on January 31, 2020, reports fe Bureau in Mumbai. As per regulatory disclosures, the company has defaulted on repaying `78 lakh to Axis Bank, `1.09 crore to Yes Bank and `1.25 crore to LVB. PAGE 10 SRINATH SRINIVASAN Chennai, March 4 In February,AM/NS India bagged an iron ore mine with estimated reserves of180 million tonne in Odisha through competitive bidding. Company has plans to expand the finished steel-making capacity at Hazira to 12-15 mtpa EPF subscribers to get 8.5% return for FY21 APR-DEC DEFYINGTHE COVID-induced disruptions, foreign direct investment (FDI) in equities in India surged 40% in the first three quarters of this fiscal to a record $51.5billion. Gross FDI inflows — which include FDI in equities, reinvested earnings, equity capital of unincorporated bodies and other capital — rose 22% yearon-yeartoasmuchas$67.5billion between April and December 2020, showed the data released by the commerce and industry ministry on Thursday. TotalinflowsinDecemberalone jumped24%fromayearearlier to $9.2billion. Inflows were boosted by those into the digital sector. Analystshavepointedoutthata sizable chunk of these was BIG BET `50K-CR PLANT AVERAGE SPOTPOWER price at Indian Energy Exchange (IEX) rose over 16% to `3.39 per unit in February in the day ahead market (DAM), over the same month a year ago. “The day-ahead market (DAM) traded 5,124 MU (million units) volume and saw a notable 19.5% y-o-y growth in February’21. The cumulative sell bids at 8,535 MUwere 1.7 times of cleared volume indicating ample availability of powerin the market,”an IEX statement said. The average monthly price at `3.39 per unit during the month saw 16% year-on-year (y-o-y) increase driven by a sharp increase in demand by several states. The average spot power price was `2.91 per unit in DAM at IEX in February 2020. The term-ahead market (TAM) comprising intra-day, contingency,daily and weekly contracts traded 432 MU volume during February’21 recording a significant 90.84% y-o-y increase. CORONA COVER Finance minister Nirmala Sitharaman receives her first dose of Covid-19 vaccine, in New Delhi on Thursday COVID VACCINE Disclose capacity,HC tells SII,Bharat Biotech Also asks Centre to explain rationale behind classification for vaccination Although India ranks fifth in terms of total doses administered... ...In terms of per capita vaccination (doses per 100 people), it ranks 23rd in the world 100 80 PRESS TRUST OF INDIA New Delhi, March 4 60 THE DELHI HIGH COURT on Thursday asked the Centre to explain the rationale behind keeping strict control over class of persons who can be vaccinated against Covid-19 currently as under the present system those above the age of 60 years or with co-morbidities can receive vaccination. The high court said the two institutes which have developed the vaccines Covishield and Covaxin — Serum Institute of India and Bharat Biotech — have more capacity to provide the vaccines but it seems that theirfull capacityis 78.63 40 31.41 UK COVID-19 VID-19 52.52 21.32 US China EU US 23.51 Brazil 4.16 34.82 20 0 96.07 Israel not being exploited. “We are not utilising it fully.We are either donating it to foreign countries or selling it to them and are not vaccinating our own people. So there has to be that sense of responsibility and urgency,” a bench of JusticesVipin Sanghi and Rekha Palli said. India 1.13 The high court directed the two institutes to file separate affidavits on their capacity to manufacture the vaccines on perday/week/monthbasisand also the current optic of the vaccines and how much unused capacity is lying. Continued on Page 2 Ease of Living Index 2020 FE BUREAU Bengaluru most liveable among large cities Among India's large cities with million-plus population, Bengaluru is 'the most liveable', followed by Pune,Ahmedabad, Chennai and Surat, according to the latest edition of the government's liveability index.Among cities with lower population, Shimla, Bhubaneswar and Silvassa secured the first three slots. Number of cities covered: KEY PARAMETERS: 111* ■ Quality of Life *49with millionplus population and 62with lower popualtion ■ Sustainability Continued on Page 2 ■ Economic Ability ■ Citizens' Perception Cities with millionplus population Top five Bengaluru Pune Ahmedabad Chennai Surat Bottom five^ Srinagar Dhanbad Bareilly Guwahati Amritsar Cities with population
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