OPINION, P6 ECONOMY, P2 ASHOK GULATI & RITIKA JUNEJA End agri-subsidies and support transition to water-efficient farming INTERNATIONAL, P4 EDITORIAL FARM PUSH FIGHTING COVID Electoral bonds don’t help clean up election funding, SC needs to examine this while deciding their legality Modernisation need of hour in agriculture sector, says PM 2nd doses to be given on time in UK without mixing jabs: Dowden NEW DELHI, MONDAY, MARCH 29, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. XLVII NO. 24, 12 PAGES, `6.00 (PATNA `6.00, RAIPUR `7.00) 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 IN THE NEWS NITI member pitches for new agri laws Special clearing ops for closure ofgovt a/c on Mar 31: RBI BANKS WILL CONDUCT special clearing operations for annual closure of government accounts on March 31, which is the last day of the current fiscal year, the RBI has said, reports PTI. The Reserve Bank has issued directions to the banks for smooth clearing operation and asked them to mandatorily participate in it. With regard to annual closing of accounts related transactions of the central and state governments, special measures are put in place for 2020-21 2020-21 Net tax receipts seen up `1.2L cr over RE BSNL gets nod for hybrid 4G tender Before the tender is floated, approval of ETG is also required KIRAN RATHEE New Delhi, March 28 THE DEPARTMENT OF telecommunications (DoT) has agreed in-principle to Bharat Sanchar Nigam's (BSNL) proposal to split its tender for rollout of 4G services into two parts. The stateowned firm which is facing delays in floating a fresh tendereversince the first onewas cancelled in March last year, had suggested that as part of the split, Part A comprising 50,000 sites should be strictly reserved fordomesticvendors. In parallel, it should be allowed to float another tender — Part B — for the remaining 50,000 sites which should be like the usual tenderwhere global companies like Nokia, Ericsson and others could participate. It had suggested that if by the time of the technical evaluation of the Part B tender if any of the Indian vendor was able to complete successfully trials of its technology (proof of concept), then they could also participate in it. According to sources, the DoT will now seek the approval of the empowered FE SPECIALS At RE level of expenditure, the Centre’s fiscal deficit to reduce to 8.8% from 9.5% budgeted BSNL's proposal: Part A: Part B: 50,000 sites to be reserved for Indian vendors Remaining 50,000 sites be open for all players PRASANTA SAHU New Delhi, March 28 BSNL has said that Indian vendors are yet to prove their technology 4G By splitting the tender, 4G rollout would be faster technology group (ETG), headed by principal scientific advisor K VijayRaghavan, so that BSNL can go ahead with a two-part tender. The DoT's approval came because BSNL had written to it that its survival depended on early rollout of 4G services and so far there was no proven Indian core available. It had said that it apprehended that barring TCS, which has tied up with C-DoT to develop a core, others may not be successful. Continued on Page 2 Durables back in business Brands launch high-tech ACs, fans and coolers to make up for poor sales recorded last year ■ eFE, P8 New urgency for digitalisation Hybrid working models & secure remote working top of mind for every CIO, says VMware’s Guru Venkatachalam ■ PERSONAL FINANCE, P9 Stopping arbitrary premium hikes Covid lends an edge to Pune’s need With yet another change in the project site, the city residents’ wait for an international airport has grown longer ■ SCIENCE & TECH, P12 Fixing digital cash fears One of the worst fears in an increasingly 'cashless' world is what if the internet goes dark 5.75 Likely* Revised estimate (RE) 4.59 4.84 4.46 3.61 3.9 Corporate tax PIT Union excise duties ` *Approximations (While 42% of Corporate and personal- income taxes are to be shared with states, only 4% of Union excise duties are shareable) lakh crore. So gross direct tax receipts in the current financial year could be a neat `1.5 lakh crore higher than the respective RE at `10.55 lakh crore. The Centre nets 58% of the gross receipts from these taxes after mandatory transfers to states. As far as 'Union excise duties' are concerned, only a measly 4% is shareable with the states, so the additional `30,000 crore would go almost solely to the Centre's coffers. According to the second advance estimate released by the National Statistics Office (NSO) recently, nominal GDP on which key budget numbers are benchmarked,is esti- mated to contract by 3.8% in FY21,against a 4.2% fall estimated earlier. While this will reduce FY21 fiscal deficit marginally from 9.5% (RE) of GDP to 9.4%, net tax receipts being higher than RE by `1.2 lakh crore from the three heads mentioned above could lower the deficit by another 60 basis points points to 8.8% of the GDP, at the RE level of expenditure and other revenue items. Thanks to the comfort on the tax revenue front, the government has already cancelled the planned `20,000 crore borrowing which was scheduled for Friday. Continued on Page 2 Average monthly salary SHUBHRATANDON Mumbai, March 28 Job Title DEMAND FOR FREELANCERS has increased in India over the last one year as Covid-19 disrupts and changes job profiles. While the freelancing market is well developed and accepted in the West, the pandemic has increaseditsscopeinIndianow. According to HR consultants, freelancing existed as an option in a nascent form in the country, but the pandemic has advanced its growth, as even companies are now more willing to add it as a part of their workforce strategy. With a number of jobs lost since the beginning of the pandemic,anincreasingnumberof talented and specialised people have been willing to work on a freelancebasis,whichincreased theirsupplyin the market.Also, organisations staring at an uncertainbusinessscenarionot knowing how the pandemic would unfold were looking to keep their cost structures flexi- (`) Php Developer 24,597 Recruiter 20,000 Business Development Executive Content Writer 20,000 19,038 Digital Marketer 18,750 ble,andhavingacertainportion of human resource on a freelance basis fit in well. Aditya Narayan Mishra, CEO, CIEL HR Services told FE that due to the pandemic,organisationshadto redotheirsupplychains,digitise processes,salesprocesseshadto bebroughtonlineandareaslike cloud technology and cyber securitybecame important. Continued on Page 2 Maha CM mulling lockdown with 'minimum impact on economy' IN VIEW of the rise in fresh Covid-19 cases, Maharashtra chief minister Uddhav Thackeray on Sunday asked officials to prepare a plan for implementation of a lockdown which will have a minimum impact on the economy on the recommendation of the state Covid-19 task force,an official release said. ■ Page 2 ALONGWITHTHE recoveryin secondary markets since last year,primarymarkets toohave shown resilience afterthe stellar success of some companies thatlaunchedtheirinitialpublic offers during the pandemic. Several initial public offerings (IPOs) have done very well upon listing since lastyear,but the momentum has slowed a bit as investors seem to be cashing out with listing day gains. Out of 22 companies that have been listed since August 2020 till date, many have come off from their listing day gains. Cross Border and Inland Trade Solutions According to data from Capitaline, many of the IPOs whichwere at the time of their issue subscribed several times have declined from their listing day gains. For instance, Easy Trip Planners which was oversubscribed 159.01 times listed at 11.47% gains but has declined by 11.3% since then. Similarly, other IPOs that were subscribed by more than 100timesfromAugust2020till datesuchasMTARTechnologies, IndigoPaints,ChemconSpeciality Chemicals and Mrs Bectors Food Specialties are down between2.78%to41.87%from theirlistingdaygains. We initiate issuance of Letters of Credit (LC) and also release payments under these LCs, from the comfort of our office. Continued on Page 2 Listing day % chg over Subscribed gain (%) listing close times IRFC Mindspace Business Parks REIT Brookfield India REIT Indigo Paints Home First Finance Heranba Inds MTAR Technologies Mrs Bectors Food Specialties Easy Trip Planners Chemcon Specialty Chemicals Antony Waste handling Nureca -4.62 10.44 -2.21 109.2 1.84 29.6 88.26 106.32 11.47 72 29.32 61.44 -4.03 -0.09 -15.24 -24.06 -14.05 -20.93 -2.78 -41.87 -11.3 -27.92 -34.37 -2.59 Pradeep Saigal 3.14 12.96 4.72 116.11 26.21 83.29 199.42 197.45 159.01 102.37 13.87 20.45 Director, Mosdorfer India Pvt. Ltd. Source: Capitaline POTENTIAL GAIN Cow dung paint to boost farmers’ income ILLUSTRATION: ROHNIT PHORE PRABHUDATTA MISHRA New Delhi, March 28 APART FORM THE 'ahimsa' philosophy,the economic utility of cow has played a role in its elevated theological status and being a reverred animal in many cultures. Well, there are more reasons for rearing the animal,other than religious. The daunting goal of doubling farmers' income needs action on multiple fronts. A steady source of additional income for cattle growers is being explored by the Khadi and Village Industries Commission (KVIC) with the innovative technology of 'Khadi (In ` lakh crore) Listing day gains lose momentum Irdai steps in at a time when several insurers have hiked premium of health insurance policies ■ INFRASTRUCTURE, P11 THE CENTRE MAY rake in additional net tax receipts of around `90,000 crore in FY21 over the revised estimate (RE) of `13.4 lakh crore, due to higher mop-ups from corporate and personalincome taxes. It may also get an additional `30,000 crore from'Union excise duties'net of transfers to the states. According to an FE analysis, gross (pre-devolution) corporate tax receipts in the current financial year could be as high as `5.75 lakh crore, as against RE of `4.46 lakh crore. The estimate is based on revenues gathered in April-January period and assumptions of likely revenues in the last two months of the fiscal based on historical patterns. Similarly,gross receipts of personal income tax (PIT) could turn out to be `4.84 lakh crore against RE of `4.59 Gross tax collections Freelance profiles find more takers INVESTORS CASH OUT URVASHI VALECHA Mumbai, March 28 ■ BRANDWAGON, P10 JOB MARKET ` NITI AAYOG MEMBER Ramesh Chand on Sunday said the target of doubling farmers' income by 2022 will not be fulfilled if the three new farm laws are not implemented immediately, adding that the protesting farm unions should consider the government's offer of discussing the legislations clause by clause, reports PTI. The government and unions representing farmers, who have been camping at Delhi's border for four months in protest against farm laws, have held 11 rounds of talks, the last being on January 22. DoT APPROVAL Prakritik' paint made out of cow dung. The eco-friendly, non-toxic, odourless product with anti-fungal and antibacterial properties, could potentially enable a farmer to earn additional `30,000 from one cow annually. Anupama, a young woman inearly20slivinginSector135, Noida has 4 cows and 2 buffaloes. She and her family prepare ‘upla’ — dried and roundsized cake made out of cow dung — and on some days earn some `70-100/day by selling the surplus stock after domestic use of upla as cooking fuel. Continued on Page 2 Experience ICICI Bank Trade Online A digital banking platform for your Cross Border and Inland Trade Transactions. Digital Customised Letters of Credit & Bank Guarantees Seamless Cross Border & Inland - Bills & Remittances Supply Chain Solutions Initiate 24x7 Trade Finance & More Terms and conditions of ICICI Bank apply. Give a missed call on 92 0548 0548 icicibank.com/tradeonline New Delhi SMS ‘TRADE’ to 5676766
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