OPINION, P6 ECONOMY, P2 ADAIR TURNER There are definite upsides to population decline predicted COMPANIES, P4 EDITORIAL PM-SPEAK HYBRID WORK MODEL The new draft rules belabour e-commerce, no such regulatory burden on the brick & mortar space ‘Nudge for reforms helped; states borrowed `1L cr extra in FY21’ Besides office & home, there’ll be a ‘third place’, says Chandrasekaran MUMBAI, WEDNESDAY, JUNE 23, 2021 VOL. LXI NO. 147, 16 PAGES, `7.00 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD 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: 52,588.71 ▲ 14.25 NIFTY: 15,772.75 ▲ 26.25 NIKKEI 225: 28,884.13 ▲ 873.20 HANG SENG: 28,309.76 ▼ 179.24 `/$: 74.37 ▼ 0.26 `/€: 88.38 ▼ 0.21 BRENT: $74.74 ▼ $0.16 GOLD: `47,155 ▲ `150 IN THE NEWS Gujarat govt rolls out policy to promote EVs WITH AN aim to cut carbon emissions by 6 lakh tonne annually, the Gujarat government on Tuesday rolled out its first electric vehicle (EV) policy for the next four years by offering subsidies and capital incentives for buyers of EVs and charging infrastructure, reports fe Bureau in Ahmedabad. Bad bank: Finmin to seek Cabinet nod for `31k-cr plan THE FINANCE ministry could soon seek Cabinet approval for a plan to offer sovereign guarantee to the proposed bad bank, estimated to cost the government `30,600 crore over five years, reports fe Bureau in New Delhi. “The proposal could be placed before Cabinet for clearance very soon,” a source said. ‘One in three Indian employees to work remotely by 2022’ WORK FROM home is here to stay, at least for the short to medium term. Gartner suggested India will produce one of the largest number of remote workers with 1/3rd employees working remotely by 2022, reports Rishi Ranjan Kala in New Delhi. SLOTS NEEDED NCLT nod for Jet plan, with riders 1,636 Financial creditors (` cr) Total 7,460 1,084 754 594 543 SBI Yes Bank PNB Source: Jet Airways IDBI Bank FE BUREAU Mumbai, June 22 THE NATIONAL COMPANY LawTribunal’s(NCLT)Mumbai bench on Tuesday approved theJalan-Kalrockconsortium’s resolution plan for the revival of bankrupt Jet Airways. The development comes a little after two years since the airline suspended its operations due to financial crisis. The Murari Lal JalanKalrock consortium had offered `1,183 crore to the lenders,whichmeansahaircut of around 90% on the total admitted claims of `15,525 crore. Since the resolution plan needs to be implemented within a period of 90 days,the consortium would need to apply and get the necessary Canara Bank LALIT K JHA Washington, June 22 ICICI Bank 158 15 Bank of India IoB licences and slots at the airports from the Directorate General of Civil Aviation (DGCA)withinthistimeframe. In case of any delays, the consortium would need to approach the NCLT again. Since the DGCA and the civil aviation ministry had in the course of the hearings clarified that Jet Airways did not qualifyforgrant of slots on the basis of historic precedence andtheallocationwillbebased on slot allocation guidelines, the consortium cannot lay claim to the slots which were earlierwith Jet. TheNCLThasalsonotgiven anydirection onthe historicity oftheslotallocations.“Theresolution plan is approved, subject to certain directions. Continued on Page 11 DRAFT E-COMM RULES Pfizer in final stages to Flash sales: Action only on complaints get India nod forvax CEO Bourla says India will get at least 1 bn doses this year 519 266 BIG SHOT US PHARMA GIANT Pfizer is in the final stages of an agreement with India to supply anti-Covid-19 vaccines, CEO Dr Albert Bourla said on Tuesday, observing that the domestically manufactured vaccines would be the backbone of vaccinating the Indian people. Addressing the 15th edition of the India-US Bio Pharma & Healthcare Summit being organised by the USIndia Chamber of Commerce, Dr Bourla also said that Pfizer has made a specific plan that PRESS TRUST OF INDIA New Delhi, June 22 My hope is that very soon we will finalise the approval of the product in India and the agreement with the government so that we can also start sending vaccines, on our side... Getting the additional mRNA vaccines from us and also from Moderna will contribute significantly. —DR ALBERT BOURLA, CEO, PFIZER themidandlow-incomecountries,which includes India,will receive at least two billion of such doses. “My hope is that very soon we will finalise the approval of the product in India bythe Indian health care authorities and the agreement with the government so that we can also start sending vaccines,on our side,”Bourla said. Continued on Page 11 1.39 cr doses administered in 2 days INOCULATIONS ON Tuesday crossed the 50-lakh mark with 51.34 lakh doses having been administered till late evening, reports reports fe Bureau in Pune. With this, the tally of total doses administered in the country in the new phase,which began on Monday,rose to 1.39 crore. On Monday, India saw 88.09 lakh doses being administered. Continued on Page 2 ON COURSE FINDING A FIX Finance minister Nirmala Sitharaman with MoS, finance, Anurag Thakur (right) and revenue secretary Tarun Bajaj during a meeting with Infosys delegation on Tuesday GOING GREEN Soon, industrial units can buy 100% renewable power FE BUREAU New Delhi, June 22 INDUSTRIALUNITSAND businesses across the country will soon be able to meet their entire power requirement via renewableenergy(RE) sources, a move that could boost their goodwill image and help reduce their carbon footprint. Announcing a ‘green tariff mechanism’towardsthisendon Tuesday,Union power minister RK Singh said the necessary Green tariffs (GTs) to be alignedwith RE purchase cost for discoms Minister says GTs to cut industry power costs; not in all cases, say analysts ■ K’taka and Maha already have similar provisions ■ Move seen to reduce discoms’ hesitancy to sign wind/ solar PPAs guidelines would be issued shortly.Currently,in mostparts of the country,discoms supply powertoindustriesfromacommon pool created out of purchasesthatincludethermaland hydel powertoo,besides RE. “The green tariff will the weighted average of the cost of procurement of green energy, which should be slightly lower than the overall energyprices,” Singh said. Continued on Page 11 SATELLITE START-UP ONEWEB will cover the entire planetfromremotestdesertsto the Himalayas, Sunil Mittal, founder-chairmanofBhartiAirtel, said in an interview during the QatarEconomic Forum. The satellite broadband services,whicharelikelytostart“in the coming year”,will also help serve the needs of defence authorities,maritime and aviation sectors.Mittal rescued UKbased OneWeb from bankruptcy in 2020 as part of a $1-billion partnershipwith the British government. “We keep on reinventing ourselves,”Mittalsaid,referring toBharti’sjourneyfromoffering 2Gtwodecadesbackto5Gnow and next on to “a telecom network beaming out of space”. Bharti will provide one-stop solutions, be it fibre or radio or satellite connectivity. We are already down to 2.5 operators...If India goes down to just two, it will be tragic. India is a very large country and deserves to have three private players. —SUNIL BHARTI MITTAL, CHAIRMAN, BHARTI AIRTEL The telecom sector is only left with“two and a half operators” and it “will be tragic if it went down to two,” he said, adding: “India is a very large country and it deserves to have three private sectorplayers.” —BLOOMBERG Jobs mkt uncertainty: Gen Z, women hit THE SECOND WAVE of Covid-19 pandemic has left working women and Gen Z increasinglyvulnerabletothe economic uncertainty in the evolving job market, according to LinkedIn’s findings as partofWorkforceConfidence Index, reports fe Bureau in Mumbai.The survey shows India’soverallworkforceconfidence has declined after peakinginearlyMarch,witha compositescoreof+54,down 4 points from +58 in March. ■ Report on Page 4 NOVEL INITIATIVE IIFCL adopts real-time monitoring of infra projects: MD BANIKINKAR PATTANAYAK New Delhi, June 22 FROM DRONE-BASED videos tosatelliteimagesofinfrastructureprojects,state-runIIFCLhas startedusingaclutchoftoolsas part of a newweb-based mechanism,becoming the country’s first lender to introduce realtime, remote monitoring system for key projects, the company’s managing director PR Jaishankartold FE. The move will enable the infrastructure lender to scruti- "Real-time monitoring would bolster early warning system, help in identifying outliers in funded projects, which can be used for policy updates and risk mitigation, etc." —PR JAISHANKAR, MD, IIFCL nise fund utilisation on a realtime basis, bolster an “early warningsystem”,expeditedecision-making and identify out- liers that can be used for policy updates and risk mitigation, Jaishankar,whojoinedIIFCLlast year,said in an interview. The move comes at a time when the government has stepped up focus on implementing infrastructure projects on time, with an aim to reverse a slide in growth and boostjobs.AsofApril,401infrastructure projects, each worth `150 crore or more, had been hit by cost overruns of over `4.06 lakh crore owing to delays and other reasons, showed the MOSPI data. Usually,lendersrelyonindependent engineers roped in by themtophysicallyvisitthepro- THE DRUG Controller General of India (DCGI) on Tuesday accepted the 77.8% efficacy of Bharat Biotech’s Covaxin in the Phase-3 trials, reports fe Bureau in Pune. BB had submitted the data to the DCGI over the weekend and the Subject Expert Committee (SEC) reviewed the data at a meeting held onTuesday. WiththeSECmakingitsrecommendation, the final approval from DCGI is awaited. However,BB has not confirmed thedevelopments.BBisslatedto hold its pre-submission meeting with the WHO on Wednesday,as part of the process to get an approval for the emergency use listingof thevaccine. The govtwill take action if it receives complaints or CCPAcan take suo motu cognisance, Nidhi Khare, additional secretary, consumer affairs ministry, said on which the government has sought public comments by July 6. Continued on Page 11 United Breweries case: Sebi exempts Heineken from open offer obligation SEBI ON Tuesday exempted Heineken International BV from the obligation of makinganopenofferfollowingits proposed acquisition of shares in United Breweries, reports PTI.The order came afterSebireceivedanapplica- tion from Heineken seeking exemption from the applicability of SAST Regulations on its proposed acquisition of certain equity shares of UBL from the recovery officer of the Bangalore Debt Recovery Tribunal (DRT). ■ Page 9 ● DIVESTMENT OneWeb to start services next year PR SANJAI June 22 Govt expert panel accepts Covaxin Phase-3 trials data THE CENTRE ON Tuesdaysaid it will not seek disclosure of flash sales from e-commerce players to regulate the fraudulent sale of goods and services but will take appropriate action as per the law on consumer complaints. Discount sales that benefit maximum to consumers will continue, but not fraudulent flash sales on the e-commerce platforms, the government said, adding that the etailers need not be “anxious” about the draft rules. Ban on fraudulent flash sales, mis-selling and appointment of chief compliance officer/grievance redressal officer — are among key amendments proposed to the Consumer Protection (e-commerce) Rules, 2020, She also clarified the ministry ‘will not regulate’ the trade on e-commerce sites, said e-tailers need not be anxious about the proposed changes jectsiteandsubmitreports.But thisprocesstypicallyconsumes time (at times months), and given the subjectivity in analysis, multiple stakeholders in projects where several lenders are involved make the process cumbersome. Asked if the new development finance institution, announced in the Budget for FY22,will subsume IIFCL,Jaishankar said he “wouldn’t like to speculate”. Continued on Page 11 EoI for sale of IDBI Bank likely by Sept FE BUREAU New Delhi, June 22 THE DEPARTMENTOF investment and public asset management (DIPAM) in the finance ministry on Tuesday floated a Request For Proposal (RFP),inviting transaction and legal advisers for strategic disinvestment of IDBI Bank.Once IDBI Bank shareholding Public Union govt 5.28 45.48 (%) 49.24 LIC `18,876 crore Value of the govt stake in IDBI Bank as of Tuesday these advisers are appointed, the department would promptlyinvite expressions of interest (EoIs) for purchase of the stakes on offer and this would likely be by September, aseniorofficialtoldFE.According to the RFQ, the applications can be filed till July 13. Continued on Page 11
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