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The Economic Times

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make in india: lot needs to be done for make in india to become a success: bureaucrats and industry leaders

even as government charts out a roadmap to give a significant push to its flagship programme make in india, country's top bureaucrats and multi national companies feel a lot needs to be done still to make it a success such that more and more companies are willing to set up manufacturing base here. "lot still needs to be done in make in india and focus on defence manufacturing will go a long way in doing that," niti aayog ceo amitabh kant said. kant, who has been the man behind the make in india programme, was speaking at a session on make in india at the economic times global business summit on saturday. according to kant, enforcement of contracts is one of the weak areas of doing business in india and this needs to be improved. "india has shown significant improvement...





andy xie at et gbs: major reason for imbalances in world is financial bubbles: chinese economist andy xie

terming donald trump-led us as a destabilising force, leading chinese economist andy xie suggested india should create economies of scale to become wealthy. "west is becoming a destabilising force. it is an unfortunate reality we have to live with for long," andy xie, leading independent chinese economist said at the economic times global business summit. xie was speaking at an et gbs session on "froth in the global economy". andy xie is a shanghai-based independent economist specialising in china and asia, and writes, speaks and consults on global economics and financial markets. according to xie, the key for all developing economies in east asia is to trade among themselves to become richer. "business as usual approach will not work anymore. all economie...





government goes slow on notifying new agency to monitor cas

new delhi: the government has been talking about the institute of chartered accountants of india's poor disciplinary record but almost five years after the new companies act was enacted, it has so far failed to notify national financial reporting authority (nfra), putting its own commitment under spotlight. the law provides for nfra to look into matters of professional or other misconduct and also suspend cas and firms from practising for six months-to-10 years. in fact, nfra is one of the few sections of the law that is yet to be notified as chartered accountants have lobbied successfully with the centre to block the agency. following prime minister narendra modi's outbursts against icai's poor disciplinary records in july, the corporate affairs ministry had moved the cabi...





gold: gold slides on weak global cues

tracking weak global cues, gold saw fall in its prices at the bullion market during the week and ended lower by rs 170 at rs 31,580 per ten grams. besides, muted demand from local jewellers and retailers following end of wedding season weighed on gold prices. silver followed suit and finished lower at rs 39,475 per kg on low demand from industrial units and coin makers. marketmen said a weak global trend as minutes from the last us federal reserve indicated a hike in interest rates, strengthening the dollar and diminishing the appeal of gold as safe haven, mainly dampened the sentiment. globally, gold ended the week lower at usd 1,328.20 an ounce and silver at usd 16.50 an ounce in new york. besides, sluggish demand from local jewellers following the end of wed...





steel sector: this sector is finally out of the slump to show steely prospects

by dk aggarwalthe steel sector in india, which had been under stress due to lack of demand, is finally picking up. economic reforms initiated by the government such as minimum import price, anti—dumping and safeguard measures and quality control, have provided extensive support to the industry. undoubtedly, these measures have added new dimensions to industrial growth in general and steel industry in particular. the classic example of returning confidence was the recent bidding of acquisition of bhushan steel by tata steel and jsw steel and jsw group’s sole bid for monnet ispat. these companies are up for sale as part of the insolvency proceedings. in the race of acquisition of bhushan steel and power, tata steel has been the highest bidder. the steel sector in india, like ...





arun jaitley | gbs 2018: banks frauds killing entire ease of doing business efforts, says arun jaitley

in an exclusive interview with bodhisatva ganguli, executive editor, the economic times at the economic times global business summit (etgbs ), finance minister arun jaitley discusses lack of ethical practices of a section of the business community, the electoral bonds, simultaneous election and what to do with psu banks. edited excerpts: on the ethics issue, in one of your earlier comments you talked about the lack of ethical practices at the section of the business community. how widespread do you think the problem is? is it a remnant of the licence permit raj which is still lingering over or is this something which is much more widespread? when i speak in terms of the ethical practices, i think it is a significant problem in india and i ...





gitanjali gems: andy xie at gbs 2018: financial markets led growth bad for economy: andy xie, chinese economist

mumbai: mehul choksi, promoter of gitanjali gems, has told his employees through a mail to look for other employment opportunities as the company would be unable to clear their dues owing to multiple investigative agencies freezing the company's bank accounts and other properties. the letter also terms the multiple investigation against him and his companies 'unfair ' the letter, accessed by et through his lawyer sanjay abbot, says the hr was being instructed to issue relieving letters and experience certificates to employees . "it is very tough for me, as of now, to be clearing your dues or to pay your future salaries , in view of the seizing of various bank accounts and other properties by the government agencies ....in view of firstly no certainty about the payment ...





sc asks centre to curb illegal operations of multinational auditors

new delhi: the supreme court took serious note of alleged illegal operations of multi-national accounting firms (mafs) in india in collaboration with indian charted accountancy firms (icafs) and asked the centre on friday to examine steps to rein them in. "the union of india may constitute a three-member committee of experts to look into the question whether, and to what extent, the statutory framework to enforce the letter and spirit of sections 25 and 29 of chartered accountants act and the statutory code of conduct for cas requires revisit so as to appropriately discipline and regulate mafs," a bench of justices adarsh kumar goel and uday umesh lalit ordered. petitioner s kumar and ngo centre for public interest litigation had alleged that mafs, operating illegally in...





bank scams: three fresh cases of financial fraud reported

new delhi: three fresh cases of financial fraud have come to light after the cbi filed cases against a jeweller, a businessman and a public servant on complaints by three different banks earlier this week, an official said on saturday. on thursday, the central bureau of investigation registered a case against diamond jewellery exporter dwarka das seth international for an alleged bank loan fraud to the tune of rs 389.85 crore towards the oriental bank of commerce. the cbi on wednesday filed a case against businessman amit singla and others on a complaint of bank of maharashtra for securing a loan on false representation by forging documents and its criminal misappropriation and use. on the same day, it filed a case against inder chand chundawat, then senior branch mana...





donald trump administration makes h-1b visa approval tougher

bengaluru: the trump administration’s new visa policy is expected to create an “indirect barrier” to technology companies that send engineers from india to work on us projects. it puts restrictions on a practice that the industry follows to keep cost low: hiring engineers, who hold h-1b visas, on short term from bodyshopping firms and deploying them on us projects. however, software companies such as tata consultancy services, infosys, wipro and hcl technologies are unlikely to see any problem when they send their own staff to the us, though the paperwork and cost to get the visas would be more now, industry experts said. under the policy announced on thursday, companies have to prove that the staff they send to the us on h-1b visas have “specific and nonspeculativ...





in india, politicians are accountable but regulators are not, says arun jaitley

arun jaitley took a dig at banking regulators in a response to incidents of largescale scams and defaults, saying in the country only politicians faced flak for such issues while regulators manage to skip the heat. voicing concerns on wilful defaults at the 4th global business summit, jaitley said, sections of indian business lag behind and must introspect cases of wilful defaults, banks frauds killing ease of doing business efforts. replying to a question on judicial interventions affecting the overall economy, he said, " study needs to be done on what is the negative impact on gdp and amount of job loss due to judicial decisions." these are the key highlights of jaitley's addressif any investor is still using vodafone case as a reason to not invest in india, for sure he ha...





i cannot stand donald trump, says apple co-founder steve wozniak

01:38 pmjust don't think about privatisation. it's just a word. the debate should be about government's 50% ownership. why can't it be brought to 30%. bank should have more autonomy: janmejaya sinha, chairman (asia-pacific), bcg





sensex: sensex rises 323 points on strong asian cues, but players expect trend to stay weak

mumbai: stock indices ended up 1 per cent on friday, with the nifty rising the most in a month on strong cues from asian markets. with friday’s gains, indices managed to eke out gains for the week. both indices closed at a oneweek high. the sensex ended up 322.65 points or 0.95 per cent at 34,142.15 and the nifty ended up 108.35 points or 1.04 per cent at 10,491.05. the volatility index india vix declined for the third day, ending down 4.2 per cent at 14.20. the broader market outperformed, with the bse midcap index rising 1.47 per cent to 16,562.03 and the bse smallcap index gaining 1.54 per cent to end at 17,996.22. most asian indices gained on friday after bond yields in the us fell from their multi-year highs, which helped ease concerns over higher rates and infl...





numetal mauritius: numetal mauritius seeks lenders’ nod for odisha slurry stake buy

mumbai: numetal mauritius, one of the two bidders for essar steel, has formally sought lenders’ approval to acquire a stake in odisha slurry pipeline infrastructure (ospil), which is integral to running essar steel and faces litigation over its ownership. bankers are unlikely to accept this offer on the ground that the matter is in the courts. two senior officials aware of the development said that in a formal letter to lenders, numetal mauritius has sought their approval to acquire a majority stake in ospil from a fund owned by srei infrastructure. numetal is a joint venture between russia’s vtb bank and rewant ruia, son of ravi ruia. the latter is the founder promoter of essar steel and is barred from bidding for the company unless he repays the dues. in a proposal t...





h nemkumar, iifl institutional equities

mid-cap and small-cap indices, which have outperformed in recent years could underperform the large caps, or even yield a negative return this year, said h nemkumar , head, iifl institutional equities . in an interview with sanam mirchandani on the sidelines of the iifl global investors’ conference, nemkumar said the period of low volatility is over and the market may see much higher volatility going forward. edited excerpts: indian markets have fallen sharply from record highs. how should investors play this market now? markets, unlike last year, will remain volatile this year. the pe multiple on a trailing basis is at a record high. the market is pricing in a lot of growth and that cost of capital will remain benign. if one of these hypotheses...





market: pessimism-infested market finally gearing up for a short-term rally

after monday’s fall, the market crawled sideways in spite of bearish sentiments running throughout media during the week. the headlines about ‘rising us bonds yield, ltcg tax implications, pnb fraud and the consequential collateral damage therefrom, low rollover to the next series, foreign investors adding bearish bets’ etc all led to fear in the market. around 30 per cent lower open interest in the new f&o series all but indicated that in the short term too much permission has been loaded and, therefore, it’s time for some trend reversal. fmcg, it, pharma and real estate seem to have seen decent corrections and, therefore, offer value at the current juncture from a short-term perspective. events of the weekthe hard work to recover money from stressed assets by rbi...





india as a $10-trillion economy by 2030 is very attainable, here’s how

sandeep gurumurthi , executive editor, et now , in conversation with anil agarwal , chairman, vedanta, rana kapoor , md & ceo, yes bank & chairman, yes global institute, bob van dijk , ceo, naspers , dominic barton , global managing partner, mckinsey & company and william b thoma s, chairman , kpmg international at the et global business summit 2018 , talk about taking india to a $10 trillion economy by 2030. edited excerpts: what are the advantages that india has that will help the economy accelerate to a $10 trillion one by 2030? anil agarwal : one is absolutely the huge technology background, the kind of mind we have in the south. people all over the world look at the technol...





malcolm turnbull: donald trump, malcolm turnbull discuss ways to expand ties with india, japan

washington: us president donald trump and australian prime minister malcolm turnbull today reiterated their commitment to promote a free and open indo-pacific and affirmed the importance of expanding quadrilateral co-operation with india and japan. following their meeting, the white house said trump and turnbull "discussed ways to deepen trilateral cooperation with japan and affirmed the importance of expanding cooperation between australia, the us, japan, and india." expressing serious concerns about the situation in the south china sea, they called upon parties to exercise restraint and resolve disputes peacefully based on international law. trump thanked turnbull for his continued support for the us' program of freedom of navigation operations. the overseas priva...





sadhguru at gbs 2018: the idea of growth based on accumulation is not growth but sickness: sadhguru jaggi vasudev

addresssing the global business summit on day 2, spiritual leader sadhguru jaggi vasudev began his speech by defining the meaning of growth. he said growth is not an individual aspiration, it is intrinsic to humanity. it is limitless, according to human nature. our understanding of growth is based on accumulation. accumulation of money, fame, knowledge is only contextual in a sense. this understanding of growth needs to be reversed, stated sadhguru jaggi vasudev. he said any growth which is at the cost of others should not be considered as real growth. only growth which will benefit humanity is sustainable growth and not accumulation. it is of utmost importance that we produce great human beings. this is fundamental to humanity, if our mankind has to progress. the well...





pnb fraud: goverment moves to attach all assets of accused in rs 11,300cr pnb fraud

mumbai: the government has moved to attach all assets of the key accused in the rs 11,300 crore punjab national bank fraud, including those of the companies owned by them. the accused include jeweller nirav modi, his wife ami modi, his brother nishaal modi and uncle mehul choksi. on friday, the ministry of corporate affairs (mca) approached the national company law tribunal (nclt) with a petition under sections 221 and 222 of the companies act to freeze all assets of the 64 respondents in the nirav modi case. besides family members, the respondents include companies and trusts belonging to them. the next date of hearing has been fixed on february 27. while government agencies have been seizing jewellery and cars and attaching immovable properties of the accused, these are ...