Slowdown: Indian GDP growth may slip further to 5% in FY20, says CLSA
The gloom surrounding the Indian economy is likely to get worse in the months ahead. If analysts at CLSA are to be believed, the growth in real gross domestic product (GDP) for financial year 2019-2020 (FY20) could slip to 5 per cent with risks to the downside. Their worst-case scenario is 50 basis point (bps) lower than this projection, at 4.5 per cent.
“India is in the middle of a severe credit contraction that started with the liquidity squeeze triggered by the crisis in non-bank finance companies (NBFCs), which has now spread to deposit-taking companies as well. India is growing below historical trends and there will be some pressure on broad consumption aggregates. Modi’s corporate tax cuts are bold but will take time to gain traction. India’s recovery will be postponed to late 2020,” said Eric Fishwick, chief economist at CLSA.
Office of CJI is a public authority, comes under purview of RTI, rules SC
The Supreme Court today held that the office of the Chief Justice of India is a ‘public authority’ as defined in the Right to Information Act, upholding a 2010 landmark judgment of the Delhi High Court that brought the CJI’s office under the purview of the RTI. While public interest demands accountability, judicial independence is foremost, read Justice Sanjiv Khanna from the majority judgment.
However, bringing the CJI’s office under the RTI would not undermine the independence of the judiciary, said Justice D Y Chandrachud, who read out a separate opinion on the case.
SC asks govt to explore feasibility of Japanese tech to fight air pollution
The Supreme Court on Wednesday directed the Centre to explore the feasibility of a hydrogen-based Japanese technology as a permanent solution to the air pollution in the NCR region and other parts of north India. The court directed the Centre to expedite the deliberations on the issue and come before the court with its findings on December 3.
Bharti Airtel bids for RCom spectrum, Jio seeks deadline extension
The Bharti group, through two of its companies made a conditional bid for the spectrum of Reliance Communications (RCom) even as Reliance Jio asked for an extension of the November 12 deadline to make an offer under insolvency proceedings.
The interim resolution professional (RP) had invited prospective companies to bid for the company as a going concern with assets and businesses like telecom towers, spectrum, a fibre network, real estate, and an enterprise business, in order to recover debts of more than Rs 33,000 crore of secured creditors.
BHIM UPI goes international, launches at Singapore FinTech Festival
A pilot demo of BHIM UPI QR-based payments in Singapore began on Wednesday through a live transaction at a merchant terminal at the ongoing Singapore FinTech Festival 2019, the payment system's first approach to the international market. The demo will continue during the festival, which started on November 11 and would end on November 15. This QR code-based system would allow anyone with a BHIM app to scan the SGQR at NETS terminals for payments in Singapore.
Apex court strikes down rules in amended Finance Act 2017 on tribunals
The Supreme Court on Wednesday struck down rules in the amended Finance Act 2017 on tribunals and directed the government to reformulate fresh norms with respect to appointment of tribunal members. A bench headed by Chief Justice Ranjan Gogoi directed the Ministry of law to conduct impact study and submit report to the apex court. The top court directed that appointment in tribunals should be in accordance with respective statutes.