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NEWS FEATUREGovernment to play active role in making India a global semiconductor hubThe ministry of electronics and information technology (Meity) is revising its policy framework towardsmaking India a global semiconductor hub, which will see the government taking a more active role, includ-ing initial investment, in a bid to attract private sector players.

Nearly 10 lakh customers win over Rs 153.5 crore in govt’s digital payment schemesThe government has rewarded nearly 10 lakh customers with over Rs 153.5 crore for embracing digital payments.

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FDI inflow zooms 18% to $46 billion in 2016: DIPPForeign direct investment (FDI) in India grew 18 per cent during 2016 to touch $46 billion, data releasedby the Department of Industrial Policy and Promotion (DIPP) showed.

OVERSEAS INVESTMENTS

‘India’s simplified laws attracting FDI from China’The simplification of Indian laws and regulations towards ease of doing business has drawn “significant” interestfrom Chinese companies to make investments in the country, China’s former Vice Foreign Minister Lu Xinhua said.


Economic DiplomacyDivision

Ministry of External Affairs

Government of India

Issue No 716 I February 21-27, 2017

p. 02/04

TRADE NEWSIndia approves 16 road projects in NepalIndia has approved 16 road projects to be undertaken through its financial assistance to the Himalayancountry under the third Line of Credit.


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SECTORAL NEWSIndia to link Kathmandu with Delhi, Kolkata by railIndia’s Minister of Railways Suresh Prabhu announced here that it would soon link Kathmandu to NewDelhi and Kolkata using direct railway lines, in a bid to strengthen cross-border connectivity and facilitatemovement of people between the two countries.


NEWS ROUND-UPModi hails ISRO’s achivements, interceptor missile successPrime Minister Narendra Modi on Sunday heaped praise on Indian scientists for launching 104 satellitesinto space in one go and for carrying out test of Ballistic Interceptor Missile.


WEEKLYECONOMIC BULLETIN

WEEKLYECONOMIC BULLETIN 2

Issue no 716 I February 21-27, 2017

>> NEWS FEATURE

Government to play active role in makingIndia a global semiconductor hubThe ministry of electronics and information technology (Meity) is revising its policy framework towards making India a globalsemiconductor hub, which will see the government taking a more active role, including initial investment, in a bid to attractprivate sector players. The existing policy has not worked as it offered littlecommercial viability for the private sector.

Earlier, a Jaypee-led consortium pulled out midwayfrom a project for setting up of a semiconductor waferfabrication manufacturing facility.

Recently, another consortium, led by HindustanSemiconductor Manufacturing Corporation (HSMC) in-cluding ST Microelectronics and Silterra Malaysia,which had also received approval to set up a fab unit,has been facing challenges in tying up the funding. Thetwo projects were worth Rs 51,000 crore.

Admitting that the government’s earlier approach ofinviting two private parties for the project — in which itwas ready to subsidise as much as 40% of the projectcost — had not worked, Meity Secretary Aruna Sundarajan told that the new approach will be more broad and have the gov-ernment taking “a strategic and central role”. “Instead of just inviting the private sector, we are looking very closely at an ap-proach where government makes a strategic investment (complete initial funding), and then at a suitable point in time,dilutes equity to bring in private sector partners,” Sundararajan said.

While allowing alterations to make the policy more compelling to investors, the government may also “look at overseasacquisition of assets”, she added, without specifying. Chip-level manufacturing is core to Prime Minister Narendra Modi’s am-bitious Make in India programme that may attract big-ticket investment with the entire ecosystem including design and re-search & development, and potential job opportunities.

Research firm Frost & Sullivan estimates that India’s semiconductor demand would bring economic opportunity worth$50 billion by 2020 across segments that include $30.3 billion from telecom products and equipment alone.

The electronic chipset accounts for a major cost of mobile phones and other electronic devices. But there has been littlecommercial viability for multinational firms to set up units in India, dditional secretary Ajay Kumar said.

He added that the department is closely working with the sole consortium led by HSMC, which is still trying hard.The government has given all the requisite clearances to the HSMC-led consortium and the group is now mobilising its re-

sources and getting investors. In 2016, the consortium was given more time to submit documents for setting up the facility.Since the government believes that having its own ecosystem is important enough, it is looking at building the local capabili-ties in some areas like gallium nitrate-based fabs. The government is also considering promoting some of the more promis-ing approaches that have come from Indian Institute of Science, along with a consortia.

In January 2015, the government reconstituted an empowered committee (EC) under the chairmanship of NITI Aayog mem-ber VK Saraswat to set up fab projects. The EC is working towards stimulating the fab segment, which is capital intensive withniche technology expertise, available with only a limited number of players worldwide. “An incubator has been set up with fi-nancial support from the MeitY at IIT Hyderabad to promote fabless chip design industry in the country,” Kumar said.

Source: The Economic Times

WEEKLYECONOMIC BULLETIN >> NEWS FEATURE3


Nearly 10 lakh customers win over Rs 153.5crore in govt’s digital payment schemesThe government has rewarded nearly 10 lakh customers with over Rs 153.5 crore for embracing digital payments.

Niti Aayog had launched two schemes on December25 last year - Lucky Grahak Yojana for consumers andDigi-Dhan Vyapar Yojana for merchants - to promotedigital payments. The schemes will remain open tillApril 14.

“The initiative to make digital payments a massmovement in India through the two schemes has madeheadway across the country with more and more peo-ple adopting digital transactions,” NITI Aayog CEOAmitabh Kant told media persons.

According to the latest figures released by the Na-tional Payments Corporation of India, which has beenexecuting the two schemes, the 9.8 lakh winners in-clude 9.2 lakh consumers and 56,000 merchants.

Maharashtra heads the list of states in terms of num-ber of winners, followed by Tamil Nadu, Andhra Pradesh, Uttar Pradesh and Delhi.

“There are challenges to keep the momentum going and the biggest change is to bring about behavioural change, to en-sure technical failures come down, merchant discount rates fall and digital transaction costs are on a par with cash transac-tion,” Kant said.”We will be able to address these challenges.”

Kant said the government will ensure BHIM (Bharat Interface for Money mobile application) becomes the default option fordigital payments. The Centre will soon roll out a cash-back scheme to give a further boost to the use of BHIM, he said.

The NITI Aayog has said that the mobile app pushed by the government to make digital payments a mass movement inIndia has seen more than 17 million installs (downloads), a world record.


WEEKLYECONOMIC BULLETIN >> NEWS FEATURE4


Microsoft chief executive Satya Nadella reaffirmed the company’s commitment to India by unveiling a slew of India focusedproduct rollouts, including a lighter version of Skype in Mumbai.

Skype Lite, a lighter version of the video and voice calling software, has been especially designed for use in India’s patchytelecom networks.

With just a 13 MB footprint, the app allows communication and collaboration over low bandwidth networks including 2Gconnections and has features specifically designed forIndia including managing SMS by removing clutter,mobile data and WiFi usage monitoring, India-focussedSkype bots and power saving functionality.

The app will also have Aadhaar based verificationfeature built-in, with Microsoft partnering with Indiastack for this feature. “Aadhaar gives India the oppor-tunity to own control over data. It also makes us as anMNC to operate in India responsibly by making surethat our services support the India stack and that’swhat we are doing with Skype,” said Satya Nadella,CEO, Microsoft, who is on the last leg of his three dayvisit to India.

The integration of Aadhaar to the Android app willbe complete by June 2017 and will help users verify unknown callers for transactions like job interviews, sale of good andproperty transactions. “We see job interviews as being the core use case for Skype. We hope to further expand that to gov-ernment and technology consumer scenarios. I could imagine Skype Lite being used for application of new licences, permitsor a number of different government processes,” Eugene Ho, Director of Products at Skype told ET. Skype Lite will be avail-able in 7 local languages and English.

Project Sangam is another India-first rollout that the company announced. A joint initiative from Microsoft and LinkedIn,Project Sangam allow users to register using Aadhaar to register on LinkedIn and enroll for skill development programs.

Once the skills training programs are completed, their LinkedIn profiles will be updated and shortlisted for potential em-ployers. “Linkedin has a global white collar network globally, and we are now establishing the same at lower levels throughProject Sangam. We are backing it up with Aadhaar so that verification of profiles can be done and at the same time, ensurethat governments have all the capabilities to understand who’s getting trained and who’s not,” Anil Bhansali, MD – R&D atMicrosoft India told ET. Microsoft has also joined hands with India’s largest lender State Bank of India to bring on board thebank on its Office 365 cloud platform.

“It is phenomenal to see the digital transformation where some of the largest banks are now deciding that they want tobe able to take advantage of what the cloud gives them so that they can be more of a technology company,” said Nadella.

The partnership with SBI follows Microsoft’s strategic cloud partnership with Flipkart which will see the Indian ecom-merce giant adopt Microsoft Azure as its exclusive public cloud computing platform.

In keeping with the Indian government’s ambition of enabling smart cities, Microsoft is also looking to leverage itscloud technologies to work with the Maharashtra government on the ‘Smart Villages’ program. With the pilot havingbegun in the village of Harisal in Maharashtra, Nadella outlined that Microsoft’s vision was to take the program to over100 villages in the state.


Microsoft keeps India on the highest cloud

Foreign direct investment (FDI) in India grew 18 per cent during 2016 to touch $46 billion, data released by the Departmentof Industrial Policy and Promotion (DIPP) showed.

The country attracted FDI of $39.32 billion in 2015.The main sectors which attracted the highest foreigninflows include services, telecom, trading, computerhardware and software and automobile.

Bulk of the FDI came in from Singapore, Mauritius,the Netherlands and Japan.

The government has announced several steps toattract foreign inflows. The measures includes liberal-isation of FDI policy and improvement in business cli-mate.

The Finance Minister had announced in the Budget2017-18 to further relax foreign investment norms andalso phase out the Foreign Investment PromotionBoard (FIPB).

Foreign investments are considered crucial for India, which needs around $1 trillion for overhauling its infrastructure sec-tor such as ports, airports and highways to boost growth.

A strong inflow of foreign investments will help improve the country’s balance of payments situation and strengthen therupee value against other global currencies, especially the US dollar.

Source: Press Trust of India

WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT5


FDI inflow zooms 18% to $46 billion in2016: DIPP

The simplification of Indian laws and regulations towards ease of doing business has drawn “significant” interest fromChinese companies to make investments in the country, China’s former Vice Foreign Minister Lu Xinhua said.

“The interest of Chinese companies in investing in India has enhanced significantly following the simplification of lawsand regulations and the Indian government’s determined stance to attract foreign direct investment (FDI),” Lu Xinhuasaid.

He was addressing the China-India business meet-ing for investment and trade organised by industrylobby Federation of Indian Chambers of Commerceand Industry (Ficci) in association with the Embassyof China in India.

“With globalisation, China and India have emergedas two attractive destinations for FDI. So, it is imper-ative for the two nations to grab the emerging oppor-tunities,” he said.

Lu is leading to India a high-powered business del-egation from the Council for Promoting South-SouthCooperation (CPSSC).

The delegation comprises representatives from di-verse sectors such as finance, investment, railwayconstruction, power generation, electronic products, project coordination, real estate, waste management, commerce,medical equipment, lighting, industrial cable, culture and education.

The aim of the delegation members is to forge beneficial partnerships with their Indian counterparts, the former min-ister said.

Lu said he hopes that the business to business sessions organised between Indian and Chinese industry leaderswould yield fruitful partnerships.

Liu Jinsong, Minister Counsellor and Deputy Chief of Mission in the Chinese Embassy, said the issue of trade deficitbetween India and China needs to be addressed and therefore, promoting business, trade and investment is necessarybetween the two countries.

The bilateral trade between India and China crossed $70 billion during 2015-16, while India’s trade deficit with Chinastood at $53 billion.

Of the total $288.51 billion FDI equity inflows that India received during April 2000-March 2016, China contributed$1.36 billion.

Source: Indo-Asian News Service

WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT

‘India’s simplified laws attracting FDIfrom China’

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WEEKLYECONOMIC BULLETIN >> TRADE NEWS

India approves 16 road projects in Nepal

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India has approved 16 road projects to be undertaken through its financial assistance to the Himalayan country under thethird Line of Credit.

The matter was agreed upon here on Wednesday during the 5th bilateral two-day Line of Credit (LoC) Review Meetingbetween the two governments.

The Indian Embassy in Kathmandu said the projects -- in-cluding the Mahakali bridge in far western Nepal -- needed tobe consolidated since it was desirable to attract quality con-tractors.

Both sides also discussed the modalities for the imple-mentation of the Line of Credit for $750 million pledged byIndia for post-earthquake reconstruction in Nepal, which isnow ready for operationalisation, it said.

The meeting also discussed expediting of the Rahughat hy-droelectricity project, Koshi and Solu corridors and Modi-Lekhnath transmission line projects.

Similarly, the meeting also discussed capacity building ofthe National Reconstruction Authority of Nepal, the key agency responsible for undertaking reconstruction work in Nepalfollowing the massive earthquake in April 2015.

Both sides agreed to set up Joint Monitoring Teams to meet on a quarterly basis to ensure better monitoring andspeedy implementation of the projects.

The meeting reviewed the progress made on projects of $100 million (LoC-I) and $250 million (LoC-II) -- the earlierLines of Credit extended by India to Nepal through the Exim Bank of India.

Projects approved for implementation as well as projects for which preparation of Detailed Projects Reports are underprocess, under the Line of Credit of $550 million (LoC-III) were also discussed.


WEEKLYECONOMIC BULLETIN >> TRADE NEWS8


India and Bangladesh signed a Memorandum of Understanding (MoU) for the sustainable development of Sylhet citywith financial aid from India.

Indian High Commissioner Harsh Vardhan Shringla, Additional Secretary of the Economic Relations Division Shah Md.Aminul Haque and Sylhet City Corporation CEO Enamul Habib signed the tripartite agreement on Friday in Sylhet, ametropolitan city in northeastern Bangladesh.

Finance Minister Abul Maal Abdul Muhith witnessed thesigning.

Under the MoU, three projects -- construction of a five-storeyed Kindergarten & High School Building, a six-storeyedCleaner Colony Building and Development of Dhupa Dighipararea - will be implemented with Tk 24.28 crore.

The signing was the follow-up of an earlier MoU whichwas signed by the two governments in April 2013 for the im-plementation of sustainable development projects in socio-economic sectors of Bangladesh.

“Sylhet is an ancient city and a historically vibrant city. Ithad been a part of the former Assam province of India. It has been a focal point for 1971 Liberation War. Many eminentpersonalities of Bangladesh come from this very city. It has been a hub of commercial activities. We are proud to be as-sociated with this city, that too in the educational field,” the High Commissioner said, bdnews24 reported.

“We are happy that Government of Bangladesh decided to construct a building for persons who are engaged in clean-ing the city,” he said, referring to one of the projects which is the construction of a six-storied Cleaner Colony.

“We all should take care of the people around us who are making our surroundings habitable,” he said, referring to In-dian Prime Minister Narendra Modi’s ‘Swachh Bharat Mission’ launched in October 2014.

“It has created a general awareness among the people of India, including the rural and remote areas of the countryabout keeping our surroundings and environment clean”.

He highlighted India-Bangladesh relations that began with the 1971 War of Independence and hoped that “this goodrelationship will continue for times immemorial”.

The Indian government will carry out similar sustainable development projects for Rajshahi at the cost of Taka 210million. A MoU has recently been signed in Rajshahi in this regard.

The High Commissioner said the Indian government also sanctioned an amount of Taka 120 million for the sustain-able development of Khulna city. “A MoU for the Khulna projects is likely to be signed shortly,” he said.

The inking of the agreement comes a day after Indian Foreign Secretary S. Jaishankar was in Dhaka and called onPrime Minister Sheikh Hasina to discuss preparatory aspects of her proposed visit to India in April, besides other aspectsof bilateral relations.


India, Bangladesh ink MoU for development of Sylhet city

WEEKLYECONOMIC BULLETIN >> TRADE NEWS

With less production in Brazil due to drought and increasing demand in global markets, coffee export from India sinceJanuary 1 has risen around six per cent in volume and 15 per cent in value over the same period a year before.

According to Coffee Board data, from January 1 to thisTuesday, our coffee export and re-export was 46,000 tonnes,as against 43,436 tonnes a year before. In value terms,$119.2 million (Rs 805.3 crore) from $103.3 mn (Rs 699.4crore).

Exporters hope this rising trend in prices will continue.The Arabica variety is Rs 9,200-9,500 a bag (50 kg), from Rs8,500 in December. Three years before, it was Rs 12,000-13,000 a bag. Even so, the current level would enable one tobreak even, says Rohan Colaco, a major grower in the Kar-nataka region, major source for the country’s coffee.

India has traditionally been an Arabica market but growershave switched over the years to Robusta, as global demand for this variety has increased — mainly for instant coffee. Ro-busta is now Rs 7,000-7,200 a bag, from Rs 6,200-6,300 in December (exporters contend Indian Robusta is better thanBrazil’s in quality).

Over the past three-odd years, exporters have been through difficult times due to drops in prices and production and arise in production cost.

Analysts expect global prices to strengthen further. According to the New York-based Intercontinental Exchange, Ara-bica is $147.80 a pound, expected to be $150.35 in March and $154.10 by July. Robusta on the LIFFE (London) is ex-pected to touch $2,158 a tonne in March 2017 as compared to $2,156 now, and to increase to $2,202 in July. Decemberwas $2,200 a tonne, highest in a year, from $1,400 a tonne only 12 months earlier.

In 2016, Arabica shipments from India grew around 18 per cent to 51,648 tonnes (43,785 tonnes in 2015). Robusta export was up around 20 per cent at 201,000 tonnes (167,000 tonnes in 2015).

Source: Business Standard

Coffee exports up on global price recovery

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WEEKLYECONOMIC BULLETIN >> SECTORAL NEWS10


India’s Minister of Railways Suresh Prabhu announced here that it would soon link Kathmandu to New Delhi and Kolkatausing direct railway lines, in a bid to strengthencross-border connectivity and facilitate movementof people between the two countries.

Prabhu, who is here to address the Nepal Infra-structure Summit, said that this could happen assoon as Nepal signed a Memorandum of Under-standing (MoU) for engineering surveys.

He added that India was ready to share its dronetechnology and experience with Nepal for monitor-ing the project.

According to experts, this move a counter toChina’s bid to expand its rail network towardsLumbini via Kathmandu.

Prabhu held separate meetings with NepalPresident Bidhya Devi Bhandari,Prime Minister Pushpa Kamal Dahal, Minister of Physical Infrastructure and TransportRamesh Lekhak, Civil Aviation, Culture and Tourism Minister Jiwan Bahadur Shahi and Energy Minister JanardanSharma.

He also met Nepalese business leaders, political leaders, industry heads, with whom discussed a wide range of infra-structure development issues.


India to link Kathmandu with Delhi,Kolkata by rail

Union Minister M. Venkaiah Naidu urged real estate developers to take up affordable housing projects in a big way whilestressing that the future of the real estate sector lay there.

“The government’s focus on ensuring Housing for All including the Middle Income Groups offers immense opportuni-ties both at the bottom and the middle of the pyramid which needs to be seized by the developers who have seen upsand downs in recent year,” the Union Minister of Housing and Urban Poverty Alleviation said.

He was speaking at a conference on “Real Es-tate Sector-Post Remonetisation and RERA” or-ganised by PHD Chambers.

Naidu said the government has paid more atten-tion to the real estate sector than any other sectorby announcing more than 20 supporting measuresto revive it.

“Low-cost long-term financing under infrastruc-ture status, tax concessions and central assistanceunder Pradhan Mantri Awas Yojana and the scaleof housing needs of these sections make afford-able housing the best investment opportunity anddevelopers are left with no further excuses for notseizing this opportunity,” Naidu said.

He said that various initiatives of the govern-ment including the Real Estate (Regulation and Development) Act, 2016, the Benami Properties Act and note withdrawalhave enabled a new real estate eco-system based on 4 ‘Cs’ viz., Character, Credibility, Confidence and Cash that wouldhelp revive the sector.

He said that while the Real Estate Act removes the taint restoring the character of the sector leading to credibilityand enhanced confidence of buyers, central assistance, reduced interest rates and tax concessions keep more cash inthe hands of buyers.

Stating that his ministry has so far approved construction of over 16 lakh affordable houses for urban poor with an in-vestment of about Rs 90,000 crore and central assistance of about Rs 25,000 crore, Naidu expressed concern over pri-vate developers not taking up any projects so far.

He urged them to change their mindsets and outlook and take up affordable housing projects given the business logicthat goes with it in the changing context.

Naidu said that his ministry would soon convene a Round Table with real estate bodies and representatives of banksand Housing Financing Companies and others concerned to deliberate on the road ahead for promoting affordable hous-ing so that the target of ensuring Housing for All by 2022 would be met.


Future of real estate sector is in affordable housing: Naidu



The government has decided to set up at least one Industrial Training Institute (ITI) in each block of the country to pro-vide skill development training to all, a minister said.

Addressing Tripura’s first Digi-Dhan mela in Agartala, Skill Development and Entrepreneurship Minister Rajiv PratapRudy said that currently 25,000 blocks in India have no ITI and in the first phase, projects have been undertaken to set itup in 15,000 blocks.

“To eradicate unemployment problems and tomake more skilled workers in the country, the mis-sion has been undertaken across the countryunder the leadership and guidance of Prime Minis-ter Narendra Modi.”

He said: “Our mission and objective is to createa cashless society. Through cashless economy,India’s GDP would be increased from the existing 7per cent to 8 per cent within very soon. Cashlesstransactions would help the country to progressfaster and to remove corruptions besides appropri-ate people would be benefited.”

The minister said that to boost enterprising mi-lieu across the country, under the Pradhan MantriKaushal Vikash Yojana (PMKVY) the central government has been providing huge funds to all the states in the country.

He said that Rs 54 crore has been approved for Tripura.The PMKVY was launched in July last year with an outlay of Rs 12,000 crore to impart skills to one crore people,

which also includes providing fresh training to 60 lakh youths, over the next four years.At least 12 nationalised banks, information technology bodies of the central and state governments have set up stalls

in the first ever digi-dhan mela and apprised the people about the on-line and cash less transactions and their mode ofoperations.


Government to set up ITIs for skill development: Minister



WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP13


Modi hails ISRO’s achivements, interceptormissile successPrime Minister Narendra Modi on Sunday heaped praise on Indian scientists for launching 104 satellites into space in onego and for carrying out test of Ballistic Interceptor Missile.

In the 29th edition of his radio programme ‘Mann KiBaat’, Modi said: “India has created history by becomingthe first country to launch successfully 104 satellitesinto space in one go on February 15. It is a day of im-mense pride for India.

“Our scientists have brought laurels to the nation,witnessed by the whole world. Over the last few years,ISRO (Indian Space Research Organisation) has accom-plished various unprecedented missions with flyingcolours.”

Modi also said the test of the Ballistic InterceptorMissile gave India a “cutting edge competency” in thearea of security.

“During its trial, this missile, based on interceptortechnology, destroyed an enemy missile at an altitudeof about 100 km above the earth and thus marked itssuccess.

“This is a significant, cutting edge competency in the arena of security. And you will be happy to know that hardly fouror five countries in the world possess this capability,” he said.

On February 11, India successfully test-fired a Prithvi Defence Vehicle (PDV) interceptor missile designed to interceptand destroy hostile ballistic missiles in space even before they re-enter the Earth’s atmosphere.

“India’s scientists have demonstrated this prowess. Its core strength lies in the fact that if, even from a distance of2,000 km, a missile is launched to attack India, our missile can pre-emptively destroy it in the space itself,” Modi added.

In the test, an incoming missile was successfully intercepted at a height of 100 km with a direct hit by an interceptormissile. The PDV can reach even higher altitudes.

About the launch of 104 satellites, the Prime Minister said the cost effective, efficient space programme of ISRO hasbecome a marvel for the entire world.

“The world has whole-heartedly admired the success of Indian scientists,” he said.Modi described one of the 104 satellites, Cartosat 2D, as extremely important, particularly for farmers.“Cartosat 2D is India’s satellite and the pictures clicked through it will be of great help in mapping resources and in-

frastructure, evaluating development and planning for urban development.“For farmers, this new satellite will be immensely helpful on a whole lot of subjects, such as knowing how much

water is there in our existing water sources, how this should be best put to use, what things to keep in mind in this re-gard,” he said.

In his radio programme, Modi also said that there is a need to give more importance to women with increased aware-ness and sensitivity.

WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP

“The whole world celebrates March 8 as Women’s Day. In India, more importance needs to be given to our daughters.”

Modi also congratulated the women’s team for winning a silver at the Asian Rugby Sevens Trophy this month.“Be it in the field of sports or science, the women of our country lag behind none. They are moving ahead shoulder to

shoulder and are bringing glory to the nation with their commendable achievements.”The Prime Minister said the “Beti Bachao-Beti Padhao” movement had brought about a change in people’s attitude to-

wards traditional beliefs, and was no longer a government programme but had become a “campaign of societal empathyand public education”.

Appreciating citizens for their efforts towards a clean India, Modi said: “The government, society, institutions, organi-sations, citizens and in fact everyone is making some or the other effort towards cleanliness.”

He exemplified various events and activities across the country vis-a-vis cleanliness.The Prime Minister then described the toilet pit emptying exercise carried out in Hyderabad on February 17 and 18.“Toilet pits in six houses were emptied and cleaned and the officers personally demonstrated that the used-up pits of

twin pit toilets can be emptied and then re-used. In these new technique toilets, there is absolutely no inconvenience orhesitation in emptying or cleaning these toilets and even the psychological barrier does not come in.”


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WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP15


Centre garners over Rs 1,600 crore on BEL stake saleIn one of the most successful instances of its disinvestment drive, the Union government raised over Rs 1,600 crorefrom the sale of 5 per cent stake in Bharat Electronics Ltd (BEL) after retail investors oversubscribed the shares on offerby more than 3.6 times.

“There has been overwhelming response from theretail investors, with the issue being subscribed 367 percent in the retail category,” said a Finance Ministrystatement.

Retail investors bid for over 81.87 lakh shares of the22.34 lakh shares on offer. The issue was opened forretail investors for 20 per cent of the overall offer witha discount of 5 per cent on the cut-off price.

The portion allocated to institutional investors wasoversubscribed 2.34 times, with subscription worth Rs3,100 crore.

“The OFS (offer for sale) got an enthusiastic partici-pation from the non-retail investors, and the Issue wasoversubscribed 234 per cent,” the statement said.

In all, the government sold 1.11 crore shares throughthe OFS route at a share floor price of Rs 1,498.

The likely receipt to the exchequer from the BEL offer for sale is around Rs 1,670 crore, the Ministry said. “This is one of the highest instances of interest and participation shown by the investors including domestic institu-

tional investors, foreign institutional investors and retail investors in any issue. The issue has been oversubscribed by260 per cent,” the statement said.

The government’s has a divestment target of Rs 45,500 crore for the current fiscal ending March 31.Source: Indo-Asian News Service

WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP

Each Indian should teach 125 others BHIMpayment app: ModiDeclaring digital payments will help fight corruption and proliferation of black money, Prime Minister Narendra Modi saideach citizen should teach 125 persons how to use the BHIM digital payment app.

“Remembering Babasaheb Ambedkar, you teach at least 125 persons about downloading the BHIM app,” Modi said inhis monthly ‘Mann Ki Baat’ radio broadcast.

To encourage digital payments after the November demonetisation of high-value currency notes, the government hasrecently launched the Bharat Interface for Money (BHIM) mobile app.

IT Minister Ravi Shankar Prasad said earlier this month that the BHIM app had already crossed 140 lakh registrations. “Lucky Grahak Yojana will complete 100 days on April 14, the birth anniversary of Babasaheb Ambedkar,” the Prime

Minister said. Following the ban on Rs 1,000 and Rs 500 currency notes, the government launched the Lucky Grahak Yojna (LGY)

for consumers and Digi-Dhan Vyapar Yojana (DVY) for merchants to incentivise them and promote digital payments. Theschemes will remain open until April 14.

There are 15,000 daily winners qualifying for total prize money of Rs 1.5 crore, as per the schemes. In addition to this,there are over 14,000 weekly winners qualifying for total prize money of over Rs 8.3 crore every week.

Customers and merchants who use RuPay Card, BHIM/UPI, USSD based *99# service and Aadhaar Enabled PaymentService are eligible for wining daily and weekly lucky draw prizes.

The government has given away over Rs 153.5 crore reward money to nearly 10 lakh citizens under these schemes,NITI Aayog CEO Amitabh Kant said earlier this week.

“It is a delight to learn that till now, under the Digi-Dhan Yojana, 10 lakh people have been rewarded, over 50,000traders have won prizes and an amount of almost over a 150 crore rupees has been earned as prize money by peoplewho have promoted and carried forward this great campaign,” Modi said.


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ADVANTAGE INDIA� �1(-%� -6� 7,)�:25/(�6� 7,-5(� /%5+)67�352(8')5�2*�'58()�67))/�%1(� -6);3)'7)(�72�&)'20)�7,)�6)'21(�/%5+)67�352(8')5�&<��

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Ministry of SteelGovernment of India :::�-1(-%67))/);32�-1

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