Daily Financial News Analysis – 23rd Nov’19 – Free PDF Download

Telcos Trouble

• Telecom operators like Bharti Airtel, Vodafone Idea, and Tata Teleservices on Friday separately moved the Supreme Court.
• Basically they are seeking a limited review of its 24th October order which asks the companies to pay licence fee and spectrum usage charges on their overall revenues within three months.
• Companies have sought waiver of interest, penalty and interest on penalty.
• Of the total Rs 1.47 lakh crore of dues which the companies are required to pay within 24 January 2020, as a result of the apex court’s order, nearly 75% comprises interest, penalty and interest on penalty.
• Since the order to pay up the amount came from the Supreme Court, the government is unwilling to provide any relief to the operators on this front.
• If the operators are able to get any relief from the court, the government will go by it.
• The operators have urged for the waiver keeping in context the overall financial hardship being faced by the industry.

Government not privatising railways

• Railways Minister Piyush Goyal said in Rajya Sabha
• GoI is only outsourcing commercial and on-board services to private players in order to provide better facilities to commuters.
• The Indian Railways is and always continues to be the property of India and people of India.
• As per the government’s estimate, the Indian Railways require about Rs 50 lakh crore in the next 12 years.
• Every day, members come with a new demand for lines and better services.
• If there are private players willing to invest and come and run on the existing system, which continues to be always owned by the Indian Railways the consumers and passengers will benefit.

GST fake invoicing

• The government on Friday raised concerns over fake invoices being generated in the business-to-business (B2B) segment which is impacting GST collections.
• This under-reporting has become a challenge for the government.
• It is not only the government, it is also the industry which also has to play an important role.
• This fake invoicing is a challenge for increasing the GST collection.
• “I promise you more changes in the system, which would be transparent and more accountability. We would be more than happy to (help) the industry to grow, to make more transparent system in place and I am sure you can also help us by bringing more investments,” the minister added.
• He also asked the industry to contribute towards making India a USD 5 trillion economy.
• Thakur also asked the appliances and consumer electronics industry to tackle e-waste generated from products.
• India generates 85 million tonnes of e-waste annually.
• The role of companies does not end when a product is sold.

Global Inclusive Prosperity Index

• The Prosperity & Inclusion City Seal and Awards (PICSA) Index, commissioned by Basque institutions and compiled by D&L Partners.
• List that ranked 113 cities across the globe in terms of inclusive prosperity.
• Measures not only the quantity of economic growth but also its distribution across their population.
• Bengaluru: 83rd
• Delhi: 101st
• Mumbai: 107th
• Topped by Zurich
• Vienna and Copenhagen are in the second and third place, respectively.
• The report further said that many of the world’s wealthiest cities are failing to create inclusive economies for their citizens.
• The report further noted that “a large number of cities in Africa, Asia and South America are ranked towards the bottom of the index, underscoring the huge poverty and inequality challenges they face
• The world’s top 10 richest cities have not scored well for inclusive prosperity.

1. London is the highest, at 33rd place, while New York City comes in at 38th, it noted.

Smriti Irani on cotton farmers

• The government has taken various measures to avoid distress sale of cotton by farmers with a view to safeguarding the interests of cotton farmers.
• 610 procurement points, including 367 procurement centres covering 125 districts in 12 cotton-growing states, have been opened in all the cotton-growing states under 18 procurement & sales branches of Cotton Corporation of India (CCI) Ltd.
• The cotton season starts from October and ends in September.
• As on 18 November 2019, CCI has procured around 4 lakh quintals kapas from the farmers mainly in the states of Punjab, Haryana, Rajasthan and Telangana and at some centres in the states of Gujarat, Maharashtra, Madhya Pradesh, Andhra Pradesh and Karnataka.

Cybertruck

• “Cybertruck” – Musk’s name for Tesla’s new electric pickup truck.
• The futuristic vehicle starts at US$39,900 and will come in three variants.
• The truck can already be ordered with a deposit of US$100, though production “nears in late 2021”, according to Tesla’s website.

Q1 What is the rank of India in enforcing contracts category of EoDB?

1. 161
2. 162
3. 163
4. 164

Q2 India’s best performing FTA, by far, has been with of the below given nation?

1. China
2. Sri Lanka
3. Australia
4. ASEAN nations

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