Hyderabad: A growing large economy like India with huge domestic market should build aircraft indigenously and make sure that it does not depend on international entities alone to meet its needs, says an eminent scientist.
The former Chairman of Indian Space Research Organisation A S Kiran Kumar said India is now poised for a significant growth in the aircraft industry.
The President-elect of Aeronautical Society of Indias aid many of the Indian industries and private enterprises actually contribute to the global aircraft industry and provide some key components because of the “advantages” they have.
These industries and enterprises are establishing newer capabilities within the country. “In the coming days and years, there is a tremendous opportunity, we need to build on the capabilities of the country,” Kiran Kumar told PTI.
Companies globally are realising there is a tremendous potential in India to make cost-effective components and sub-systems, and “gradually things are moving in this direction,” according to him.
More and more entrepreneurs, Kiran Kumar said, are gradually trying to pitch in and capture the market.
“It’s a positive development that’s happening and in the coming days and years, we also need a large number of aircraft; if we are able to do some more developments on aircraft industry within the country, it will be great,” he said.
Government, Kiran Kumar said, needs to make sure that the environment is conducive within the country, and industries are supported and encouraged to build aircraft.
“We also need to make sure that we don’t depend only on outside entitities for building the aircraft, we need to start building in the country,” Kiran Kumar said.
Indian aircraft manufacturing industry should start developing, he said.
“We cannot be depending on international sources as we keep growing as one of the largest economies in the world, and we have a huge market within the country. Unless we start building our own aircraft…. airlines…indigenous development…it’s a very important aspect which needs the attention of everybody,” he said.
“We want Indian aircraft to be realised. Right now, some of the Indian companies have started providing parts to the global aircraft industry, we want an Indian aircraft to also come out,” he said.
Kiran Kumar agreed that such an endeavour needs a clear road-map and vision to achieve the objective.
MPC to meet six times during 2019-20: RBI
Mumbai: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said.
The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2019-20 will be held from April 2 to 4.
The policy will be announced on April 4. Headed by RBI Governor Shaktikanta Das, the committee also includes two representatives from the central bank and three external members.
The external members are Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics Director Pami Dua and Indian Institute of Management-Ahmedabad professor Ravindra H Dholakia.
According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 3, 4 and 6; third meeting (August 5-7); fourth meeting (October 1, 3 and 4); fifth meeting (December 3-5) and sixth meeting (February 4-6, 2020).
SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds
New Delhi: The country’s largest lender State Bank of India (SBI) said it has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds.
“The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel lll-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank…aggregating to Rs 1,251.30 crore,” SBI said in a regulatory filing.
The bonds with a face value of Rs 10 lakh each bears a coupon rate of 9.45 per cent per anum payable annually with call option after 5 years or any anniversary date thereafter, it said. The bonds were subscribed on Friday, it added.
State Bank of India (SBI) also said the central board of the bank at its meeting held has accorded its approval for extension of validity period for raising equity capital of up to Rs 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020.
Sebi fines 4 entities Rs 27 lakh for fraudulent trading in BSE stock options
New Delhi: Markets regulator Sebi imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.
Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.
fter observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.
Following the probe, the regulator found that the trades executed by the entities were not genuine as they were reversed within few seconds with same counter parties with significant difference in price, resulting in profit to the entities.
Securities and Exchange Board of India (Sebi) said it was a deliberate attempt to deal in such a fashion and not a mere coincidence.
The trades executed by the entities were not genuine and created an appearance of artificial trading volumes, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted.
Accordingly, a fine of Rs 8.7 lakh and Rs 8.4 lakh were imposed on Yudhbir Chhibbar and Vimladevi, respectively while a penalty of Rs 5 lakh each was levied on Umapati Oil Mill and Kasturbhai Mayabhai Pvt Ltd, totalling Rs 27.1 lakh.
In a separate order, Sebi imposed a total fine of Rs 6 lakh on four promoters of Artech Power Products for delayed disclosures to exchanges regarding their change in the shareholding in the company.
Ranjith Vijayan, I V Vijayan, Repsy Vijayan and Resmi Vijayan are the four promoters, according to Sebi’s order.
The promoters have deprived the vital information to the public by non-disclosure /delayed disclosure as mandated by the Takeover Regulations, Sebi noted.