New Delhi: NITI Aayog will soon come out with a development agenda for ‘New India 2022’, which will spell out strategy for expediting economic growth, its vice chairman Rajiv Kumar said on Monday.
Kumar further said NITI Aayog will start working on a 15-year vision document after finalising the development agenda document for ‘New India 2022’.
“The NITI Aayog is committed to bringing out a vision document and a strategy framework as originally mandated. The work on the strategy document is on advanced stage and will most likely be titled Development Agenda document for New India 2022. “And once this document has been completed and put in public domain, the work on preparing 15-year vision till 2030 will start,” he told PTI in an interview.
NITI Aayog had earlier planned to come out with three documents — 3-year action agenda, 7-year medium-term strategy paper and 15-year vision document.
The think-tank, in a presentation last year, had said the foundation for freedom from six problems — poverty, dirt, corruption, terrorism, casteism and communalism — will be laid by 2022 when India celebrates 75 years of independence.
Replying to a query on disinvestment of public sector units (PSUs), Kumar said, “There is now an effort to try and unlock the potential value of equity in some profit-making PSUs by taking steps to improve their performance and then monetise part of their equity so that the government could benefit. “This process is intended both to improve performance of these PSUs through greater public accountability and generate maximum revenues for the government,” Kumar said.
The Prime Minister’s Office (PMO) had earlier asked the think-tank to look into the viability of disinvestment of state-run companies and the Aayog has already recommended strategic disinvestment of 40 sick PSUs. The government expects to raise Rs 80,000 crore PSU disinvestment in the current fiscal.
Referring to the recent banking frauds, including over Rs 13,000-crore Punjab National Bank (PNB) scam, Kumar suggested that the P J Nayak Committee on corporate governance in public sector banks, which recommended some measures for improving governance in PSBs, should be looked at.
“And this includes establishment of holding company of the banks. Running straight to the privatisation of PSBs, I think is a knee-jerk reaction and needs far more analysis,” Kumar noted.
Kumar also made strong pitch for simultaneous elections across the country saying it will permit better economic decision-making as it will release pressure on decision-making which is brought about by constant elections.
“The very important reason for simultaneous elections is that continuous elections may lead to lower voter turnout and this will erode credibility of whole electoral and democratic process,” he asserted.
President Ram Nath Kovind and Prime Minister Narendra Modi have also strongly pitched for simultaneous elections to Parliament and the state assemblies. Kumar also emphasised that there should be no confusion about government’s electric mobility policy.
The NITI Aayog has been mandated to build a framework and co-ordinate with other relevant ministries and departments to ensure that necessary steps are taken to accelerate the electric mobility program in India, he observed.
Sensex sheds 298.82 to close at 38,811; Nifty shrinks to 11,650
Mumbai: The benchmark BSE Sensex erased early gains to end 299 points lower Thursday as investors booked profits after stocks soared to record highs after BJP’s strong showing in the Lok Sabha polls.
Sensex and NSE Nifty went on to record highs even as Lok Sabha election results showed that PM Modi-led NDA leading on over 300 seats. However after the euphoria during the morning session, Sensex shed 298.82 to close at 38,811 and Nifty shrank to 11,650 on the closing bell.
During the day, the Sensex hit the 40,000 mark while the Nifty crossed the 12,000-level for the first time ever. However, the indices succumbed to profit booking towards the fag-end of the session.
The 30-share Sensex tumbled 298.82 points, or 0.76 per cent, to close at 38,811.39. Similarly, the broader NSE Nifty settled 80.85 points, or 0.69 per cent, lower at 11,657.05.
IndusInd Bank was the biggest gainer in the Sensex pack, rallying 5.23 per cent, followed by Hero MotoCorp, Coal India, Yes Bank, PowerGrid, ICICI Bank, HCL Tech, L&T, Kotak Bank and Bharti Airtel, rising up to 1.56 per cent. On the other hand, Vedanta, ITC, Tata Motors, HDFC twins, Bajaj Finance, Sun Pharma, Tata Steel, TCS, ONGC and Infosys fell up to 5.53 per cent.
Riding on a massive Modi wave sweeping through most parts of India, the BJP was set to return to power Thursday as it led in 298 seats while the Congress trailed far behind with 52, according to trends released by the Election Commission for all 542 seats that went to polls.
“Markets were initially enthused to see the election results falling in line with the exit polls. However, the run up to the D-day was so sharp that it turned out to be a sell on news phenomenon,” said Devang Mehta, Head – Equity Advisory, Centrum Wealth Management.
Participants would now be keen to know the future course of action for bringing the economy back on track, solution to the liquidity situation, the union budget, onset and progress of monsoon in June and most importantly the earnings trajectory, he added.
According to traders, weak cues from other global markets and a depreciating rupee also weighed on investor sentiment. The rupee depreciated 37 paise to 70.04 against the US dollar in afternoon trade. Globally, bourses in Asia ended in the red.
Indices in Europe were also trading on a negative note in early deals. Brent crude, the global oil benchmark, was trading 1.79 per cent lower at USD 69.72 per barrel.
Silver up on increased offtake; gold steady
New Delhi: Silver prices rallied by Rs 200 to Rs 37,400 per kg in the national capital on Thursday, while gold held steady, according to the All India Sarafa Association.
Traders said silver prices rose on pick-up in offtake by industrial units and coin makers at the local spot market. Globally, spot gold was trading marginally higher at USD 1,276 an ounce, while silver was slightly up at USD 14.53 an ounce in New York.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 10 each to Rs 32,670 per ten 10 gram and Rs 32,500 per 10 gram. Sovereign gold, however, held steady at Rs 26,500 per eight gram.
Silver ready surged Rs 200 to Rs 37,400 per kg, while weekly-based delivery fell by Rs 66 to Rs 36,234 per kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
India PC mkt declines 8.3 per cent to 2.15 mn units in Jan-Mar qarter
New Delhi: Personal Computer (PC) shipment in India fell by 8.3 per cent in the January-March quarter of 2019 to 2.15 million units, registering a year-on-year decline for the third consecutive quarter, according to research firm International Data Corporation (IDC).
Besides, big commercial deals, market remained weak due to weak consumer demand, high inventory from previous quarters, and supply issues for Intel chips.
Shipments in the consumer segment saw a 26.5 per cent dip in the said quarter compared to the year-ago period. The commercial PC market saw a total shipment of 1.35 million units in the said quarter, a growth of 7.3 per cent over last year.
“The announcement of central elections on March 10, 2019 resulted in the model code of conduct coming into immediate effect further resulting in a delay in execution of government projects and impacting the commercial segment,” IDC said in a statement.
However, IDC expects the overall PC market in India to witness a growth in the second quarter. The commercial market is expected to pick up post new government formation in May, while the consumer market is expected to pick up largely driven by back to school campaign by vendors and online sales.
HP maintained its leadership position with an overall market share of 28.1 per cent in the first quarter of 2019, followed by Dell (25.9 per cent), Lenovo (25.2 per cent) and Acer (11.7 per cent).
The notebook PC (laptop) category accounted for 61.4 per cent of the shipment and witnessed a 9.8 per cent year-on-year decline.