Harshal Dewangan

CEO & Founder at Dewa Direction

Total Pageviews

Breaking

Saturday, September 1, 2018

Friday, August 31, 2018

August 31, 2018

Reliance Infrastructure bags Rs 1,907-crore contract for Nagpur-Mumbai e-way package-7

Anil Ambani-led Reliance Infrastructure (RInfra) today said it has bagged a contract worth Rs 1,907 crore from the Maharashtra State Road Development Corporation (MSRDC) for package-7 of Nagpur-Mumbai Samruddhi Expressway project.The contract involves the development of package-7 from 296 km to 347 km, which is a part of Maharashtra government's flagship Rs 46,000-crore and over 700 km long Samruddhi Mahamarg project, a statement said.The scope of work includes design, engineering, procurement and construction of six-lane expressway and associated structures and project facilities.The work is expected to be completed in 30 months from the appointed date."This marquee project will add great value to our order book, which now exceeds Rs 10,000 crore in the state itself, along with other prestigious projects like the Versova-Bandra Sea Link and Mumbai Metro elevated packages," said Arun Gupta, chief executive officer - EPC, RInfra.He further said the company is keenly pursuing project opportunities worth around Rs 2 trillion to increase its EPC (engineering procurement construction) order book to Rs 50,000 crore by the current financial year.

from The Economic Times https://ift.tt/2wtNyQ6
August 31, 2018

India's oxytocin ban delayed by a month as Delhi HC hears cases against it

NEW DELHI: In a potential setback for the health ministry, the Delhi High Court on Thursday suspended for a month its ban on private companies from making and selling oxytocin as it continues to hear cases to stop the move. The court will hear the case next on September 12, lawyers present during the proceedings on Friday told ET."This is an interim move for the court to provide enough room to hearing all the arguments in this case," said one of the persons present during the hearing on condition of anonymity.Oxytocin is a hormone drug used to induce labour in pregnant women and stall post-partum bleeding.The ban was to come into effect from Saturday and would have restricted the production and sale of oxytocin in the country to public sector manufacturer Karnataka Antibiotics and Pharmaceuticals Ltd (KAPL). The centre had announced the move in order to prevent the drug's illegal supply and misuse in cattle.The government's ban, if implemented, would impact drug makers like Mylan and Pfizer. While Mylan is one of the companies that has opposed the ban in court, ET reported on July 26 that Pfizer already stopped manufacturing the drug and was planning to exhaust its finished inventory of the product within two month's time.ET had also reported then that the impending ban had sent hospitals into a panic-buying mode. Patient activist group All India Drug Action Network has also filed a Public Interest Litigation to stop the ban, citing reasons such as KAPL not being equipped to handle the required demand of the drug.ET is awaiting responses to queries sent to Mylan and AIDAN on this development and will update this article.

from The Economic Times https://ift.tt/2oqbm2U
August 31, 2018

Rotate employees in sensitive posts: CVC directs banks, insurance companies

Probity watchdog CVC has directed all banks, insurance companies and central government departments to rotate employees working in sensitive posts to check frauds. Citing its earlier directive in this regard, it said one of the reasons for frauds was non-implementation of the rotational policy. "It is once again reiterated that rotational transfers of officers continuing beyond three years may be strictly carried out from sensitive seats/posts," the Central Vigilance Commission (CVC) said in a directive to public sector banks, insurance companies and central government departments. It, however, clarified that the Commission's advice is for change from the sensitive seat/post, and not necessarily from the station, which is to be governed by the policy of respective organisations. The CVC had in May this year asked banks and insurance companies to effect rotational transfers in respect of those officers in sensitive posts who are continuing beyond three years. The move assumes significance as many big ticket frauds have been reported recently from the banks. The Central Bureau of Investigation (CBI) is probing fraud of over Rs 13,000 crore allegedly involving diamantaire Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems. "Analysis of frauds that have taken place in public sector banks as well as other organisations show that one of the reasons for such frauds was non-implementation of the rotational policy," the CVC's latest directive reads. It has asked heads or Chief Vigilance Officers (CVOs), who act as distant arm of the Commission to check corruption, to strictly ensure that the rotational policy is implemented in their respective organisations. The CVC has also sought a compliance report from them in this regard.

from The Economic Times https://ift.tt/2N4gZlr
August 31, 2018

India's world-beating growth not enough to end jobs drought

By Anirban Nag and Vrishti BeniwalThe world’s fastest-growing major economy isn’t growing nearly fast enough.That may seem like an absurd description for India, an economy the International Monetary Fund expects to expand 7.3 percent in the fiscal year through March 2019 and 7.5 percent in the next. Yet the reality is that even at its current pace, India is having trouble creating enough new jobs for its massive workforce or enough wealth to broaden its middle class.With its demographic tailwind and massive developmental needs, Asia’s third-biggest economy should be growing at double-digit rates. Holding India back are glacial economic reforms, a fragile banking sector, rigid labour laws and a spotty educational system that imparts limited skills to the 12 million young people who enter the job market each year.Prime Minister Narendra Modi is trying to address these challenges. He’s introduced a nationwide consumption tax, an insolvency code for companies and a program to boost domestic manufacturing under his signature Make in India campaign.Yet analysts generally agree that more needs to be done to open up the economy, attract foreign capital and generate the kind of wealth and business opportunities that has broadened the middle class in China, whose $12.2 trillion economy is more than four times as big as India’s ($2.6 trillion).“It hasn’t embraced global trade and foreign direct investments in the way China aggressively succeeded,” said Jim O’Neill, a former Goldman Sachs Asset Management chair and ex-commercial secretary to the U.K. Treasury and who coined the acronym BRIC in 2001 to describe Brazil, Russia, India and China as a group.“India has created big wealth for a limited number of people at the highest income levels, but it hasn’t created a massive pool of consumers by creating hundred of millions of middle income class,” he said. 65618220 India’s economy has averaged 7 percent growth since its reforms began in 1991 under Prime Minister P.V. Narasimha Rao. China, by contrast, expanded by an average of almost 10 percent each year since its economic opening and modernization started some 40 years ago.The latest pulse check for India’s economy comes Friday. Economists forecast gross domestic product expanded 7.6 percent in the three months through June from a year earlier.With more than 90 percent of India’s labor force employed in the nation’s informal economy, the government has struggled to produce reliable jobs data to even get an accurate read on the level of joblessness in India. A glimpse into just how dire the job market is came in March, when the government announced 90,000 vacancies at the state-run Indian Railways, the nation’s biggest civilian employer, and a staggering 28 million people applied.The rail jobs pay a minimum of Rs 216,000 per year -- a princely amount in a country where per-capita income is about $1,800, versus more than $8,800 in China.India should be enjoying a demographically powered economic dividend at this stage of its development. It’s one of the youngest countries in the world with a median age of 28, compared to China’s 37 and 47 in Japan.Yet economic gains from favourable demographics aren’t automatic. A lot depends on whether the government can harness that dividend and overcome the population’s skill shortage. And time is ticking -- in 2040 the share of the population that’s of working-age is set to start declining.According to Ejaz Ghani, a World Bank senior economist and India expert, there’s concern that India’s job challenge will remain long into its future. One worry is that India will join the global trend toward more protectionism, limiting its manufacturing and technological progress. Another challenge is that the growing use of digital technologies would create more skilled and productive jobs while displacing less-skillful and labour-intensive positions.“Growth, education, home ownership, better economic security, and a desire for more durable goods are the cause and consequence of young demographics. But demographic dividend can also transform into a curse,” he wrote earlier this year.What Our Economists Say... A massive, young, rural workforce could turbocharge growth, or torpedo political stability. China solved the problem by going from farm to factory. For India, entrenched global supply chains and domestic policy failures mean that path will be difficult to follow. Another is more accessible. India is going from the farm to services.-- Abhishek Gupta, India economist, Bloomberg EconomicsFor more, see our India InsightThe jobs void risks tarnishing the country’s image as an investment destination, stoking social unrest and posing a threat to Prime Minister Modi’s re-election bid early next year. That explains why employment creation is a top priority for Modi after he made a campaign promise to create 10 million jobs each year. As he nears the end of his five-year term, he doesn’t have any credible numbers to show that he’s met that goal.In his defence, Modi has said there are enough jobs and the data doesn’t properly reflect the job creation during his tenure. From commissioning fresh field surveys to using payroll data, he has tried multiple ways to measure employment generation in the country.However, there is also evidence that Modi’s policies have created economic setbacks.Data provided by private research firm, the Centre for Monitoring Indian Economy Pvt., show 1.5 million jobs were lost immediately after a ban on large-denominated money notes was imposed in late 2016. And last July’s chaotic introduction of a consumption tax adversely affected labour-intensive sectors like farming and construction.Those twin blows dragged India’s growth to a sub-par 6.6 percent in the financial year ended March 2018.Eswar Prasad, a professor at Cornell University and an ex-IMF official, says a sustained growth of 7-7.5 percent will lead to a healthy increase in per-capita income over time. However, there is a vast gap between China and India that needs to be bridged.“The key requirements for sustaining high growth are to develop and reform the financial system, free up labour markets, improve physical and soft infrastructure, and maintain fiscal and monetary discipline,” he says.

from The Economic Times https://ift.tt/2N28dEl
August 31, 2018

India, China to drive global oil demand in years to come: IEA

Main worry is oil prices are likely to go even higher, Fatih Birol, ED, International Energy Agency, tells ET Now. It will be great if we see production increase coming 65612202 65597378 65620319 from the OPEC alliance countries, says BirolEdited excerpts: Supply chain issues seem to be hitting hard leading to a big spike in crude prices. What is your own analysis? I am not happy that my expectation that crude prices would go up, are turning out to be true because the higher prices we are experiencing today at about $77 are neither good news for the global economy, nor good news for the oil importing nations like India. But my worry is that there are many reasons why we may well see prices going up even higher. First, we expect strong oil demand growth by this year and next, to about 1.5 million barrels per day. This is very strong compared to historical averages. But on the supply side, we are seeing that there are serious challenges. Number one and the most important one is Venezuela is a major oil supplier. Venezuelan oil production in two years’ time has halved from more than 2 million barrels per day to today around 1 million barrels per day. We may see further decline in Venezuelan oil production. Secondly, in many countries in Middle East there are serious geopolitical as well as domestic problems which may hamper their export and production capacities and this is definitely not good news in addition to Venezuela on the supply side. To sum up, strong oil demand growth, serious constraint on the important suppliers’ side may well mean a further tightening of oil markets towards the end of this year. This in turn may well mean that there can be upward pressure on the oil prices. How prolonged could this rally in crude be? In the next six months or so, Venezuela suddenly and completely reversed would be rather an optimistic expectation. But later on we may well see oil coming from other countries. Even in the current period of time, it will be great if we see production increase coming from the OPEC alliance countries. This will be something which would be good news for countries like India, China and other major oil importing counties and for their economic stability. What is the thinking at the OPEC level? What production levels would they see the output at and also, is there any angle with the Saudi Aramco IPO being delayed? It is very difficult for me to know the thinking in OPEC countries. But what I would like to see is the head of the international agency talking with many governments around the world, as I had a wonderful, fruitful discussion with minister Dharmendra Pradhan here. I would like to see that the production from the OPEC countries increase especially in the next few quarters and comfort the markets, not putting further pressure on the prices. When it comes to the Saudi IPO question, this has to be discussed with the Saudi authorities but I am very much supportive of the Saudi Arabia pulling up its economy and diversifying its economic efforts. In fact, very soon, we will be coming out with a major report about the need of major oil producing countries to diversify these economies slowly but surely in order to address some of the challenges that their economies are facing today and could face more seriously in years to come. What are the key monitorables from now on? What should crude oil watchers keep an eye out for? In the oil markets, we have look very carefully at how oil demand is moving and if it moveing as strong as we expect it to. This is the pressure factor. Second, if the decline in Venezuela output somehow slows down, that will be good news. Venezuela is something to watch out for and also the geopolitical developments in key Middle East and North African countries like Iran, Lybia and Iraq. I wish to see Saudi Arabia and its allies increasing production. I will be watching it closely and I hope to see more oil, more volumes to come from Saudi Arabia to comfort the markets and to put downward pressure on the price increase. How do you see consumption trends at the end of large consumers like India and China panning out? When we look at IEA numbers, we see that the two major drivers of oil demand growth are China and India. This is driven by the mobility, by cars, trucks but more and more by the petrochemical industry which is a major user of oil. On top of that, in both of these emerging giants, aviation jets are playing an increasingly bigger role in the higher oil demand. We are sure that India and China with their increasing economic activity, with the strong population growth prospects and greater emphasis on petrochemicals will continue to drive global oil demand growth in the years to come.

from The Economic Times https://ift.tt/2C2F47L
August 31, 2018

Sadbhav Engineering bags Rs 1,620 crore order from Maharashtra State Road Development Corp

Sadbhav Engineering today said it has received letter of acceptance (LOA) from the Maharashtra State Road Development Corporation for road project worth Rs 1,620 crore. The order is for construction of access controlled Nagpur-Mumbai Super Communication Expressway (Maharastra Samruddhi Mahamarg) in Maharashtra in district Washim. "The company has received Letter of Acceptance (LOA) from Maharashtra State Road Development Corpn. Ltd. (A Government of Maharashtra Undertaking) for the road project/work for a negotiated contract value of Rs 1,620 crore," Sadbhav Engineering said in a BSE filing. In a separate filing, the company said it has also been declared the successful bidder (Ll) for other road and irrigation projects worth Rs 1,299.98 crore. Shares of the company were trading 0.30 per cent lower at Rs 280.25 apiece on the BSE.

from The Economic Times https://ift.tt/2LJovNJ
August 31, 2018

Co-working space provider Smartworks opens second facility in Chennai

NEW DELHI: Smartworks, a provider of managed workspaces, opened its second facility in Chennai on Old Mahabalipuram Road (OMR), bringing its total footprint in India to over 1.2 million sq. ft, according to a release.The facility at OMR, Chennai is spread across 85,180 sq. ft. with a seating capacity of 1,500 seats. With this launch, Smartworks is taking its total number of centers in India to 15 across nine cities: Delhi, Gurugram, Noida, Kolkata, Bangalore, Mumbai, Pune, Hyderabad and Chennai. Launched three months ago, Smartworks first center in Chennai at Guindy was fully occupied by more than 10 companies within two months as demand for shared workspaces in the city is increasing. Currently, Smartworks has brought on board several clients, counting Tata Communications, Microsoft, Arcelor Mittal, Amazon, Carrier, Daikin, Lenovo, Bacardi, Swiggy, Rivigo, Otis and OLX among its 500+ strong client base.Speaking of the launch in Chennai, Smartworks founder, Neetish Sarda said, “Chennai is witnessing a rise in demand for office spaces. This is a huge accomplishment for us. Chennai is fast emerging as a destination for information technology, outsourcing, manufacturing and enterprises, that has led to entry of global firms here.”65620251 He added, “The facility in OMR complements our already functional Smartworks facility in Guindy was booked out 100% within two months of its launch which has led to the opening of this new facility in OMR. We are bullish on the sector we operate in and see ourselves expanding very fast in the next three years, targeting 10 million sq. ft.” In its one of a kind collaboration, Smartworks announced its association with Episource, a US headquartered company with operations across India and the Philippines. In their recent expansion with Smartworks, they have occupied eight of the ten floors at OMR Centre, seating 1,400 of their new employees.65620253 “Outsourcing our office management to co-working operators allows us to focus on our core competency— medical record review services,” said Sishir Reddy, CEO, Episource.The OMR area of Chennai is the IT corridor of the city. The area offers a good mix of residential and office complexes, contemporary structures, swanky eateries and a growing number of entertainment zones.With demand for customized workspaces growing rapidly across Tier 1 & Tier 2 cities, Smartworks is targeting 10 million sq. ft. of managed office space over the next three years.

from The Economic Times https://ift.tt/2PTo3A0

Popular Posts