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The Board of Larsen &amp; Toubro (L&amp;T) on Thursday approved a proposal to buy back Rs 9,000 crore worth shares, citing cash on hand and no capital expenditure in near future. Under the proposal, first for the company and the segment, L&amp;T plans to buy back six crore shares at a maximum price of Rs 1,500 apiece, which is over 13% premium to Tuesday’s closing price of Rs 1,322.15.

The buyback is worth 4.29% of the paid-up equity capital. Prior to the 73rd Annual General Meeting (AGM) on Thursday, the Board met and approved the buyback proposal.

Shareholders who spoke at the AGM exuded confidence in the company, stating that they prefer holding on to the shares instead of accepting the buyback offer.

A couple of the shareholders said they won’t go for the offer even if they are given double the amount.

Post-AGM, while interacting with the media on the buyback offer, S N Subramanyan, managing director and chief executive officer, L&amp;T, said, “As far as our knowledge goes, this is the first time an infrastructure company has gone for a buyback.”

Explaining the rationale behind the decision, Subramanyan said, “We have cash in hand, and as we look forward, we do believe we will generate further cash from the backlog (of projects) we have and from the projects that are going on. We do have capital expenditure as we look into the future.”

The buyback offer is part of the “further increase in return on equity”, he said, adding that the company would continue to pay dividend.

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“We have propositions for other businesses. We will continue to pay dividend but in spite of that we will continue to have surplus cash on hand,” said Subramanyan, stressing on strong financial position of the engineering conglomerate.

Since the first news of buyback came out, the share price of L&amp;T has been on a rise. On Thursday morning the company announced price of the buyback at Rs 1,500.

The share price rose 2.30%, or Rs 30.35, to close at Rs 1,352 on Thursday.

The buyback size is 4.29% of the paid-up equity capital of the company.

On recovery of dues from Bhushan Steel, Subramanyan said the matter is sub- judice. The judiciary has allowed their argument and there is a hope for recovery of around Rs 475 crore from Tata Steel, he said.

Source: DNA Money

The Board of Larsen &amp; Toubro (L&amp;T) on Thursday approved a proposal to buy back Rs 9,000 crore worth shares, citing cash on hand and no capital expenditure in near future.

&nbsp;


Rs 9,000 cr: Larsen and Toubro buyback cleared, windfall for investors 

The Department of Telecommunications (DoT) is likely to come out with a 5G spectrum allocation policy by the end of this year. DoT had formed an internal committee for looking into recommendations of Telecom Regulatory Authority of India (Trai) on spectrum auction. The commercial rollout of 5G services in India is expected to happen by 2020.

A report by steering committee, set up in September 2017, on 5G roadmap was released on Thursday with suggestions on wide areas. The economic impact of 5G services is expected to be over $1 trillion, as per the report. 5G would be critical for various segments in the society, including agriculture, education, public safety and disaster management, among others.

“India is looking to position itself as a leader in 5G technology, so we are looking at use cases unique to India,” telecom secretary Aruna Sundararajan said. India should focus on innovation as the country has significant design capability.

“5G is a massive new opportunity...it can be leveraged for major societal transformation. 5G will enable rapid transformation in agriculture, manufacturing and social sectors and India can emerge as a technology innovator worldwide,” AJ Paulraj, chairperson of the committee, said.

The report also suggested setting up of a panel to advise on building spectrum technology infrastructure in India. A creation of a “5G Program Office” within DoT with “Special Program Coordinators” has also been recommended.

Free bandwidth would be assigned for trials for a fixed timeframe to allow setting up of the network, it suggested. “Given a six-month active trials period, spectrum licence may be provided for 12 months. After the trials are completed, if the telecom service provider wishes to convert the trials deployment into revenue deployment, they may be provided favourable terms to purchase spectrum under the auction regime,” the 62-page report said. Most regulatory guidelines may be promulgated by March 2019 to facilitate early 5G deployment.

However, the government needs to keep in mind that even after the entry of 5G into Indian networks, 2G, 3G and 4G will continue to remain in use and may take 10 or more years to phase out.

DoT may provide financial support to telecom firms related to deployment - backhauls, site acquisition, civil works and trials, manpower and related operational costs, according to the report.

Additional financial support may be offered to internet service providers (ISPs), technology companies, local governments and economic verticals to participate in the trials.

Also, partial financial support for capital expenditure for equipment makers may also be considered based on equitable risk sharing. It suggested a broad planning estimate of Rs 300 cr in the first year, Rs 400 cr in second, Rs 500 cr in third and Rs 400 cr in fourth year.

With over 300 mn Indian middle class living in urban areas, a variety of 5G business models for new services are likely to be successful. However, economically weaker sections of the population will need special help to benefit from 5G technologies and this segment living in smaller towns that require special attention, the report said.

The Department of Telecommunications (DoT) is likely to come out with a 5G spectrum allocation policy by the end of this year. DoT had formed an internal committee for looking into recommendations of Telecom Regulatory Authority of India (Trai) on spectrum auction. The commercial rollout of 5G services in India is expected to happen by 2020.

&nbsp;


5G Spectrum policy roadmap unveiled: Rollout to happen, but don't hold your breath

Indian companies and banks are likely to be less vulnerable to the rupee depreciating with dependence on foreign currency loans being significantly low. The foreign currency loans from the banking sector have come down to 10.9% of the total loans in March 2018 from 12.1% a year ago.

The most vulnerable companies are likely to be those who have significant foreign currency debt, operate in sectors reliant on imported or commodity inputs and have revenue denominated in local currency. Sectors such as airline, telecom, auto, chemical and fertiliser would, therefore, be most impacted, according to a Fitch report. Total foreign currency external debt, including the private sector, is equivalent to just 13% of the gross domestic product, which is one of the lowest among major emerging markets, Fitch said.

Fears of the of the government missing the fiscal deficit target of 3.3% by 10 to 20 basis points and the expectations of current account deficit (CAD) worsening is continuing to put pressure on the rupee. On Thursday, the rupee touched a low of Rs 70.17 per dollar and a high of Rs 69.96 a dollar in intra-day trading, before settling at 70.11. The rupee has been the worst performing major currency in Asia this year, having fallen by 10% so far.

Ritesh Bhansali, assistant vice president - forex risk consulting, Mecklai Financial, said, “The market is agog with rumours of the government slipping on the fiscal deficit target and the CAD widening. This will continue to keep the pressure high on the rupee.”

Rating firm Fitch said in its report that India’s corporate sector is less dependent on foreign borrowings than in most other emerging markets but hedging practices are limited, particularly at companies lower down the credit scale.

The banking sector has a relatively low direct foreign-currency exposure, with foreign-currency loans accounting for just 10.9% of total loans in March 2018, as per Fitch’s estimate, compared with 12.1% a year earlier. However, domestic-currency lending to corporates with unhedged foreign-currency borrowings could face increased repayment risk.

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The net portfolio outflows through mid-August have totalled $5.5 billion for the year, mostly in bonds, compared with inflows of $27.9 billion over the same period in 2017. Foreign direct investment inflows have also weakened and no longer cover the current account deficit - in other words, India’s basic balance has turned negative, Fitch said in the report.

According to a Religare report, “The Indian rupee, Asia’s worst-performing currency this year, has fallen by 10% YTD, breaching the psychological level of 70 to a dollar for the first time ever as investors fled emerging markets amid concerns that a currency turmoil in Turkey would spill over to other regions.”

On the domestic front, growth in imports touched a 14-month high of 28.8% in July to $43.79 billion, while exports growth slowed and touched 14.3% in July to $25.77 billion. Growing trade imbalance is likely to worsen the CAD.

Source: DNA Money

Indian companies and banks are likely to be less vulnerable to the rupee depreciating with dependence on foreign currency loans being significantly low. The foreign currency loans from the banking sector have come down to 10.9% of the total loans in March 2018 from 12.1% a year ago.

&nbsp;


Indian rupee plunge: Some companies are vulnerable, but most are safe from currency woes

<div>
Punjab National Bank (PNB), which was duped of Rs 14,000 crore by diamantaire Nirav Modi and associates, is looking at bad loan sale of Rs 17,800 crore from 159 accounts during this financial year to asset reconstruction companies (ARC), other banks, financial institutions or NBFCs.

The bank is adopting a three-pronged strategy to climb out of its losses by selling its non-core assets, aggressive sale of its non-performing assets (NPAs) and recoveries.

It is expecting Rs 6,500 crore from the sale of its 33% stake in PNB Housing Finance and has put its old corporate house at the posh Bhikaji Cama Place in Mumbai, which is expected to be bought by some government agency.

The bank is looking at a higher quantum of recoveries this year. In the first half of the financial year, the bank hopes to recover about Rs 22,000 crore of bad loans.

The major recovery efforts will be one-time settlements, silent protests or demonstrations in front of premises of recalcitrant borrowers. The bank has also set up dedicated call centres which can call up NPA borrowers of up to Rs 1 crore.
</div>

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<div>
A senior bank official said, “The recovery efforts are going on at all our branches with a co-ordinated efforts from the corporate centre of the bank. We are looking at one-time settlements, recovering through National Company Law Tribunal (NCLT) and direct communication with the promoters.”

Gross NPAs at the end of the quarter ended June 30, 2018, were Rs 82,888.79 crore, rising 43% over the same time last year.
</div>

<div>Source: DNA Money</div>

Punjab National Bank (PNB), which was duped of Rs 14,000 crore by diamantaire Nirav Modi and associates, is looking at bad loan sale of Rs 17,800 crore from 159 accounts during this financial year to asset reconstruction companies (ARC), other banks, financial institutions or NBFCs.

&nbsp;

&nbsp;


Rs17,800 cr PNB bad loans to be put on block; eyes Rs 6,500 cr PNB Housing Finance stake sale     

Over 1,300 employees of Jyoti Structures, a Mumbai-based engineering and procurement (EPC) company, are heaving a sigh of relief as the National Company Law Appellate Tribunal (NCLAT) has granted a stay on the liquidation order passed against the insolvent firm.

Its employees are spread over two manufacturing units in Nashik and Raipur, and at various project sites.

The stay order comes after the company’s employees, as well as a group of investors led by Netmagic’s Sharad Sanghi (the resolution applicant), appealed against a previous order by the NCLT at NCLAT.

The appellate tribunal will hear the case on September 18.

In July, the Mumbai bench of NCLT had ordered liquidation of the debt-ridden company after it rejected the plan submitted by resolution professional (RP), Vandana Garg, despite the fact that 82% of the lenders, including State Bank of India with 26% secured debt, voted in favour of the resolution.

While the RP pleaded for an eight-day extension, a couple of financial creditors opposed it on a technical ground.

Under the Insolvency and Bankruptcy Code (IBC) 2016, a resolution plan has to be arrived at within 270 days, failing which the firm goes into liquidation.

NCLT rejected the resolution plan and asked the RP to file for liquidation on July 25.

Jyoti Structures, which has dues of Rs 6,400 crore, is in the first list of cases that the Reserve Bank of India (RBI)&nbsp; directed to be admitted for insolvency proceedings under IBC.

After having admitted to NCLT, Jyoti Structures got a lone bid from a clutch of wealthy investors, including Sharad Sanghi, chief executive of Netmagic Solutions, and Madhusudan Kela, formerly with Reliance Capital.

The resolution plan involved an equity investment of Rs 170 crore upfront and the repayment of debt over an average maturity period of 9.8 years.

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Bankers were also to get 15% equity in the company, as per the resolution plan.

What delayed the resolution process is the opposition by two smaller lenders, DBS Bank and IndusInd Bank, each having less than 0.8% of secured debt, objected to the resolution plan, saying that it outstripped the 270-day deadline of the IBC by six days. In addition, a minor delay in getting the lenders to vote in favour of the resolution after an approval from their respective Boards had also given DBS and IndusInd some technical ground to oppose the insolvency process. Surprisingly, the resolution professional’s plea for an eight-day extension based on the time elapsed between the admission of the company to go through the Corporate Insolvency and Resolution Process and issue of order appointing the RP was not considered, despite previous precedence in a similar case.

According to the amended IBC regulations, any resolution plan needs to be approved by a minimum of 66% of the lenders as against the 82% approval secured in the firm’s case.

Employees pin the hopes on the preamble to the IBC Act, which states that the object of the Code is resolution and not liquidation.

Source: DNA Money

Over 1,300 employees of Jyoti Structures, a Mumbai-based engineering, and procurement (EPC) company, are heaving a sigh of relief as the National Company Law Appellate Tribunal (NCLAT) has granted a stay on the liquidation order passed against the insolvent firm.


Big relief for Jyoti Structures employees; NCLAT gives lifeline

The central government has extended the last date of filing goods and services tax (GST) summary sales returns GSTR-3B for the month of July to August 24 across the country in the wake of flood situation in Kerala. The same has been extended till October 5 for the flood-affected state and some adjoining parts. The earlier deadline was August 20.

GSTR-3B form is the summary of outward supplies, input tax credit claimed and net tax payable and tax payable on goods and services. “The GSTR-3B return filing deadline has been shifted to August 24 because in Kerala many people couldn’t file their returns. For Kerala especially, we have extended the date till October 5,” interim finance minister Piyush Goyal said on Tuesday.

The businesses registered in the flood-hit Kerala, Maha (Puducherry) and Kodagu (Karnataka) have been given time till October 5 to file GSTR-3B returns for the month of July. The last date for filing GSTR-3B for the month of August has been extended till October 10 in these areas. The deadline for filing GSTR-1 by taxpayers having a turnover of over Rs 1.5 crore for the month of July has been extended till October 5, while the returns filing date for the month August has been extended till October 10, the finance ministry said in a statement. Meanwhile, the GSTR-1 form for the July-September quarter can be filed by the taxpayers having a turnover of up to Rs 1.5 crore until November 15.

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GST collections have witnessed a steady increase till July at Rs 96,483 crore, up from Rs 95,610 crore collected in the previous month. The number of returns filed in the month of July was also gone up at 66 lakh as compared to 64.69 lakh filed in the month of June.

Source: DNA Money

The central government has extended the last date of filing goods and services tax (GST) summary sales returns GSTR-3B for the month of July to August 24 across the country in the wake of flood situation in Kerala. The same has been extended till October 5 for the flood-affected state and some adjoining parts.

&nbsp;


GST returns filing deadline: Modi govt extends date pan-India   

Even as rainfall continues to play truant in several parts of the country, Kerala, referred to as God’s own country, has faced the wrath of monsoon fury over the past week or so.&nbsp;The Kerala government has taken an immediate step to assuage the concerns of the farmers by declaring a one-year moratorium on all agriculture loans.&nbsp;

The state accounts for about 3% of the total bank credit in the country, of this about 20% is agriculture loans.&nbsp;

The decision was taken at the state level bankers meeting with the state agriculture minister VS Sunil Kumar.&nbsp;

Restructuring of the agriloans can also be undertaken for the next five years, and if there is any default no action under various recovery acts can be undertaken, according to the minister.

The state-level bankers committee (SLBC) led by Canara Bank is expected to meet shortly for a joint action in dealing with regard to other exposures in home loans, car loans and other loans to small and medium enterprises (SMEs).

Among banks with major exposure in the state are&nbsp; State Bank of India (SBI) and Canara Bank. But a clutch of smaller banks like Dhanlaxmi Bank, South Indian Bank, Catholic Syrian Bank and Federal Bank have 35-65% of their loans and 50-75% of their deposits coming from Kerala.

Kotak Institutional Equities said in a report, “Kerala has historically been a state that has provided a lot of priority sector lending opportunities.&nbsp; The priority sector loans&nbsp; from this state is well above the required 40% levels.”

The report said that one of the interesting trend is the high share of gold loans within the agriculture portfolio.&nbsp;

“We are yet to understand the impact of this collateral and whether banks would look to enforce this collateral if they see any stress post-moratorium of loans. SBI has one of the highest share of agriculture loans that are collateralised by gold loans,” said the Kotak report.

However, NRI remittances to Kerala are expected to see a sharp rise with financial aid pouring in from West Asian countries, Malaysia, Singapore and the United States.&nbsp;

Indian-origin billionaire businessmen based in the UAE have pledged Rs 12.5 crore for the state.

“Floods may have a positive impact considering that the flow could increase to compensate the wealth destruction that has happened, it is still not clear if there is a big direct overlap between flows and borrowers. In other words, it is not clear if borrowers have access to other sources of cash flows,” Kotak said in its report.

NRI deposits would nevertheless be a key point in discussion considering the share of these deposits to overall deposits, the Kotak report said, adding, “The share of these deposits has increased to 33% of the overall deposits in Kerala from 22% in FY2011.”&nbsp;

Overall non-resident deposits have grown by 21% compounded annual growth rate since FY2013 as compared to overall deposit growth of 15% CAGR.&nbsp;

Regional banks like Federal Bank and South Indian Bank has seen a marked improvement in their share of non-resident deposits in this period.&nbsp;

Federal Bank has improved its market share in Kerala to 25% from 14% in FY2011.

THE LOAN GRID

<ul>
	<li>Among banks with major exposure in the state are&nbsp; State Bank of India and Canara Bank&nbsp; &nbsp;</li>
	<li>Smaller banks such as Dhanlaxmi Bank have 35-65% of their loans coming from Kerala&nbsp;&nbsp;</li>
	<li>Overall non-resident deposits has grown by 21% since FY2013</li>
</ul>

Source: DN Money

Even as rainfall continues to play truant in several parts of the country, Kerala, referred to as God’s own&nbsp;country, &nbsp;has faced the wrath of monsoon fury over the past week or so.&nbsp;The Kerala government has taken an immediate step to assuage the concerns of the farmers by declaring a one-year moratorium on all agriculture loans.&nbsp;

&nbsp;


Kerala floods crisis: Good news for farmers, govt gives this big benefit

Ahmedabad-headquartered Torrent Pharmaceuticals, among the best performing pharma stocks, is voluntarily recalling 14 lots of high blood pressure medicine Valsartan in the US.

The reason for the recall had been stated as an impurity, N-nitrosodimethylamine (NDMA), detected in the active pharmaceutical ingredients (API). NDMA is a substance that occurs naturally in certain foods, drinking water, air pollution, and industrial processes, and has been classified as a probable human carcinogen by International Agency for Research on Cancer (IARC).

According to the website of US Food and Drug Administration (FDA), Torrent is voluntarily recalling Valsartan/Amlodipine/HCTZ tablets to the consumer level due to the detection of trace amounts of an unexpected impurity found in an API manufactured by Zhejiang Huahai Pharmaceuticals. However, the company has not received any reports of adverse events to this recall, it said.

Valsartan is used for the treatment of heart failure. In combination with amlodipine plus hydrochlorothiazide, it is used to control high blood pressure.

The website said the tablets were distributed nationwide to Torrent’s wholesale, distributor, repackager and retail customers.

The company, which acquired Unichem Laboratories in November 2017, on Friday touched a record 52-week high on BSEbefore closing at Rs 1,766.70 per scrip, up 3.98% the previous close.

Torrent Pharma has risen 41.57% since April 1, compared with a 14.11% rise in the S&amp;P BSE Healthcare Index.

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A research report by IDBI Capital on August 3 said Torrent has given a strong set of numbers for the June quarter result across all regions. The domestic business grew 78.9%, driven by better than expected growth across all segment (chronic focused segment supporting the growth).

Brazil continues to grow ahead of the industry in spite of the discontinuation of a product.

US business grew 22.8% year on year (yoy), driven by a launch. The report said the management has guided 10 launches this fiscal in the US.

During the first quarter, ex-biopharm growth in US was 12% y-o-y and erosion in the base business single digit.

The reason for the recall had been stated as an impurity, N-nitrosodimethylamine (NDMA), detected in the active pharmaceutical ingredients (API). NDMA is a substance that occurs naturally in certain foods, drinking water, air pollution, and industrial processes, and has been classified as a probable human carcinogen by International Agency for Research on Cancer (IARC).


Big setback for Torrent Pharmaceuticals, company recalls 14 lots of Valsartan in US  

Be prepared to shell more for your dream car. Hit by falling rupee and rising input costs, Maruti Suzuki India (MSI) and luxury carmaker Mercedes-Benz on Thursday announced a hike in the price of their vehicles.

While country’s largest carmaker said it has hiked the prices of its vehicles by up to Rs 6,100 in order to partially offset the increase in commodity and distribution costs and adverse foreign exchange rates, the German firm will hike prices of its vehicles across models by up to 4% from September.

Maruti Suzuki said the price change varies across models and is up to Rs 6,100. The new prices came into effect on Thursday. MSI sells a range of vehicles from entry-level Alto 800 to mid-sized sedan Ciaz, which were priced between Rs 2.51 lakh and Rs 11.51 lakh prior to the hike.

Earlier this month, MSI senior executive director (marketing and sales) R S Kalsi had said the company had been analysing the adverse movement of commodity prices which were going towards the higher side. Besides, the foreign exchange rate had impacted the company adversely, while the fuel prices, too, have increased, adding to the logistics costs, he added.

Other companies such as Mahindra &amp; Mahindra, Tata Motors and Honda Cars India have also announced price hikes from this month citing rising input cost. Earlier in April, luxury carmakers such as Audi, JLR and Mercedes-Benz hiked prices in the range of Rs 1-10 lakh to pass on the increase in the custom duties.

Mercedes-Benz said the rising inflation due to geo-political dynamics, coupled with rising input costs and increasing forex rates has been exerting significant pressure on overall operations.

While the rupee has depreciated by more than 5% against the euro in last eight months, the repo rate has gone up by 0.5% in the last couple of months, it added.

“The combination of all these factors led Mercedes-Benz India to upwardly revise the prices of its entire model range and also the retail finance rates,” it said. The upward revision of the price across the entire model range will be effective from September 1, 2018, and would be up to 4% depending on the model, the company said.

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Commenting on the step, Mercedes-Benz India MD and CEO Roland Folger said, “Considering the rapid depreciation of the rupee against the major currencies in last few days, we were left with fewer options, but to make some necessary price adjustments to our product range at the moment.” A steady rise in input costs against the backdrop of an unfavourable forex rate and high inflationary cost together have had a significant impact in the recent past, he added.

Mercedes-Benz currently sells a range of sedans and SUVs starting from the A-Class to GLS luxury SUV and Maybach S560, priced between Rs 27.86 lakh and Rs 1.94 crore.

Other companies such as Mahindra &amp; Mahindra, Tata Motors and Honda Cars India have also announced price hikes from this month citing rising input cost.

While country’s largest carmaker said it has hiked the prices of its vehicles by up to Rs 6,100 in order to partially offset the increase in commodity and distribution costs and adverse foreign exchange rates, the German firm will hike prices of its vehicles across models by up to 4% from September.


Maruti Suzuki to Mercedes, carmakers hike prices

The National Payments Corporation of India (NPCI) launched the Unified Payments Interface (UPI) 2.0, with features such as overdraft facility, one-time mandate, invoice and signed QR, said a press release issued by NPCI.

The service was launched by Reserve Bank of India (RBI) governor Urjit Patel along with other senior officials from NPCI and the banking industry.

Until now UPI could be linked only to savings bank accounts. In the new version, it can be linked to current accounts as well. The other features offer benefits to both individual customers as well as merchants in terms of enhanced security.

Delivering the presidential address, the governor spoke about the need for ensuring adequate importance to be ascribed to cybersecurity, stating that all efforts need to be channelled to this area and that costs should not be an inhibiting factor to this critical area.

The overdraft facility will enable customers to link their overdraft accounts to the UPI app and transact instantly. All benefits with an overdraft account will be available to users.

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Akhil Handa, head - fintech and new business initiatives, Bank of Baroda, said, “The linking of overdraft will help the flow of credit with ease based on transaction history, combined with a one-time mandate can throw up many innovative use cases. Further, the invoice in inbox feature will lead to standardisation of invoices and will offer better checks before committing a payment. The limit enhancement from Rs 1 lakh to Rs 2 lakh will also offer scope to enhance the ambit of payments that can be made through UPI. However, the standing mandate instruction is much required. Hopefully, the regulator will observe the risk associated and take a call on it.”

Mandates can be created and executed instantly. On the date of actual purchase, the amount will be deducted and received by the merchant / individual user.

Until now UPI could be linked only to savings bank accounts. In the new version, it can be linked to current accounts as well. The other features offer benefits to both individual customers as well as merchants in terms of enhanced security.


UPI 2.0 launched: Massive benefits for bank customers available now  

The Indian rupee for the first time closed below 70 mark against the dollar on Thursday at an all-time low of Rs 70.15. The greenback continued to appreciate, with investors, fearing a global trade war, continued to flock to safe-haven destinations like the US Treasury.

With US the Federal Reserve on a rate tightening mode, foreign investors are likely to leave emerging markets even after the Turkish lira hangover ends.

The rupee dropped to Rs 70.39 in early Thursday trading, breaching the earlier intra-day low of 70.08 hit on Tuesday, but some of the losses were curbed after a mild intervention from Reserve Bank of India.

The rupee has dropped 2.29% so far this month. The 9.3% fall in the unit this year has already led to a surge in local prices of goods with an imported component.

But the government remained unperturbed as the rupee continued to fall to new record lows.

Niti Aayog vice chairman Rajiv Kumar said the Indian currency was overvalued and is moving towards its real value, and that it will not hurt the Indian economy.

In a tweet on August 16, he said, “Let’s be clear, the depreciation of the Indian Rupee against the USD is not indicative of a bad time for the Indian economy. Over the past three years, the rupee has been overvalued by approximately 17% and the current depreciation of 9.8% since January&nbsp; is a move towards its natural value.”

The gap between India’s exports and imports touched a five-month high at $18 billion in July as imports outstripped exports.

India has a huge imports basket with major imports being oil, electronic goods such as mobile phones, gold; the oil import bill is expected to cross $600 billion in this fiscal from $565 billion in last.

High imports are creating a trade imbalance with imports exceeding exports, leading to a shortage of dollars in the domestic markets.

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But currency experts say that not all is lost for the rupee.

“I don’t expect too much of depreciation from here. A depreciation up to Rs 71 to the dollar is the outer limit. The trade deficit numbers were high, but that was due to high gold imports which will be contained by the government. Fundamentally, the rupee is suffering due to global factors,” said Bhaskar Panda, senior, regional head, treasury advisory group, HDFC Bank.

The Indian rupee for the first time closed below 70&nbsp; mark against the dollar on Thursday at an all-time low of Rs 70.15. The greenback continued to appreciate, with investors, fearing a global trade war, continued to flock to safe-haven destinations like the US Treasury.

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Indian rupee makes the wrong kind of history, closes below this mark first time   

A bellwether policy reformer of modern India, former prime minister Atal Bihari Vajpayee, who passed away on Thursday at the age of 93, was decisive and pursued his reforms agenda with vigour without getting ruffled by criticism.

India Inc paid a glowing tribute describing the former prime minister as a ‘great economic reformer’ under whose visionary leadership the country made rapid strides in economic growth.

Expressing deep loss at his demise, the Confederation of Indian Industry (CII) said that an era has ended and industry is in grief.

Rakesh Bharti Mittal, president, CII, said, “The nation has lost one of our tallest leaders and an inspirational mentor. A towering leader of the country, he always impressed with his complete dedication and commitment to India’s development, and the Indian industry expresses deepest condolences on his passing.”

Ratan N Tata, chairman, Tata Trusts, said all of us who knew Atal Bihari Vajpayee are saddened to hear of his passing away. “He was a great leader with a great sense of compassion and humour. He will be remembered fondly by a vast number of us,” Tata said in a statement.

Echoing the sentiments, N Chandrasekaran, chairman, Tata Sons, said, the nation has lost a statesman of independent India. “An iconic leader on the world stage, Vajpayeeji led India with great wisdom, foresight and love for the country,” he said.

“A great economic reformer, as a prime minister he was always guided by a strong conviction that liberalisation would help us realise our

economic potential and ultimately open the doors to becoming a globally competitive, strong and resilient economy,” said Sunil Bharti Mittal, founder and chairman, Bharti Enterprises.

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Anand Mahindra, executive chairman, Mahindra Group, tweeted, “The leadership lesson that I learned from my interactions with him was that no matter how significant your achievements while in office, you ultimately earn the affection of people through your humanity and your humility...”

Prathap Reddy, founder and chairman, Apollo Hospitals, said, “He (Vajpayee) put the nation on fast track with initiatives like Golden Quadrilateral project, the New Telecom Policy, the Sarva Siksha Abhiyan and the Fiscal Responsibility Act that laid down the path for future governments to follow.”

“India has lost its Ratna. A stalwart who rose above party politics, a gentle statesman, a poet, an inspirational human being, a visionary, a legendary orator,” tweeted Harsh Goenka, chairman, RPG Enterprises, adding that Vajpayee was loved by all whose lives he touched - a trait that distinguished him.

Anil Agarwal, group chairman, Vedanta Resources Plc, said in a statement that India has lost a true son of the soil, who rose from a very humble background to lead the country at a crucial juncture. “An excellent orator, a mass leader, a fire power and a sensitive human being, Vajpayee was one of India’s tallest leaders and was the first to address United Nations in Hindi,” he said.

According to Pankaj M Munjal, chairman, HMC, a Hero Motors Company, by laying the foundations of several infrastructure projects on a massive scale and celebrating Indian entrepreneurship, Vajpayee gave a new direction and confidence to Indian industry. “The resurgence and resilience of today’s businesses are indebted to the vision and foresight of this remarkable man,” Munjal said in a statement.

A bellwether policy reformer of modern India, former prime minister Atal Bihari Vajpayee, who passed away on Thursday at the age of 93, was decisive and pursued his reforms agenda with vigour without getting ruffled by criticism.


DNA Money Correspondent