Harshal Dewangan

CEO & Founder at Dewa Direction

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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

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