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Economy India News

‘Option not closed for another stimulus package’

Just a week after announcing measures to boost consumer demand and provide liquidity to states, Finance Minister Nirmala Sitharaman on Monday said that the government has not closed the option of coming out with another round of stimulus with a view to support the economy amid the pandemic.

Speaking at the virtual launch of the autobiography of 15th Finance Commission Chairman N.K. Singh, titled “Portraits of Power: Half a Century of Being at Ringside”, Sitharaman said that all the announcements made so far have come after a lot consideration of inputs from different sections of the society followed by working out on them within the Finance Ministry also also with the Prime Minister’s Office.

“I have not closed the option for another stimulus package,” she said.

On October 12, the Finance Minister announced a number of measures to induce government employees to spend in the upcoming festive season, including a ‘LTC Cash Voucher Scheme’ and a ‘Special Festival Advance Scheme’.

In May, the government came up with the much talked about Rs 20 lakh crore ‘Aatmanirbhar Bharat’ economic package. Both the rounds of stimulus so far have received flak along with appreciation from the industry and experts, as many are of the opinion that they are inadequate, more so in terms of boosting demand.

A recent Moody’s report said that that the second round of fiscal stimulus amounts to just 0.2 per cent of the country’s real GDP forecast for the financial year 2021 and in total, the two rounds of stimulus bring the government’s direct spending on coronavirus-related fiscal support to just around 1.2 per cent of GDP.

On Monday, Sitharaman also said that the government has now started assessing the GDP contraction, and will have to come up with its report, whether in Parliament or in public.

Also Read: Steep fall in India’s bullion imports

Also Read: IMF Foresees Steep Fall And Rise For India’s GDP

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Cricket Sport

Shoaib Malik dropped from Pak’s Zimbabwe squad

Veteran all-rounder Shoaib Malik has been left out of the Pakistan squad for the upcoming ODI and T20I series against Zimbabwe beginning October 30.

Pakistan has not played ODIs since the home series against Sri Lanka 12 months ago. The three-match ODI series in Rawalpindi – to be played on October 30, November 1 and 3 – will be part of World Cup Super League from which the seven top-ranked sides, apart from hosts India, will qualify directly for the 2023 World Cup.

Malik, who was player of the final in National T20 Cup on Sunday evening, has made way for Abdullah Shafiq, while Rohail Nazir has been named as Mohammad Rizwan’s back-up wicketkeeper. Sarfaraz Ahmed, who was part of the squad for the England tour, has been encouraged to feature in the first-class Quaid-e-Azam Trophy, starting October 25, so that he rediscovers better form ahead of the New Zealand tour, stated Pakistan Cricket Board in a media release.

“Seniors like Shoaib Malik and Sarfaraz Ahmed have not been picked for this series, but I want to categorically state that their careers are not over by any means as performance remains the only criterion for selection,” Pakistan head coach and chief selector Misbah-ul-Haq said.

Also Read: ‘Indo Pak Cricket Unlikely In Near Future’

“These are strategic decisions as Shoaib’s absence will provide players like Abdullah Shafiq, Haider Ali and Khushdil Shah better chances of featuring in the upcoming matches,” he added.

The probables will assemble in Lahore on October 21 for COVID-19 testing and after observing a five-day isolation period, during which they will play two 50-over matches at the Gaddafi Stadium, will travel to Rawalpindi on October 26.

The probables for three T20Is – to be played on November 7, 8 and 10 – will be shortlisted after the ODIs and players unlikely to feature in them will be advised to play in the Quaid-e-Azam Trophy third round matches, which will commence from 6 November.

Pakistan probables for ODIs and T20Is: Babar Azam (captain), Shadab Khan (vice-captain), Abdullah Shafiq, Abid Ali, Faheem Ashraf, Fakhar Zaman, Haider Ali, Haris Rauf, Haris Sohail, Iftikhar Ahmed, Imad Wasim, Imam-ul-Haq, Khushdil Shah, Mohammad Hafeez, Mohammad Hasnain, Mohammad Rizwan, Musa Khan, Rohail Nazir, Shaheen Shah Afridi, Usman Qadir, Wahab Riaz and Zafar Gohar.

Also Read: Miandad lashes out at Imran for ruining cricket

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Cricket Sport

‘Couldn’t Do Ordinary Stuff With MS Dhoni Around’

While MS Dhoni was the regular wicketkeeper-batsman for the Indian team for many years, there was another wicketkeeper-batsman who was making the right strides with his impactful performances – Dinesh Karthik.

“I think throughout my career there’s one thing that’s for sure – it was the fact that there was a lot of pressure whenever I played games. Just the fact that I had to be a part of the side I had to be something, it had to be something special. I just couldn’t do ordinary stuff and be a part of the side because there was an enigma named MS Dhoni around,” said Karthik while speaking with Saurav Ghosal on ‘Finish Line’.

“So when you have a player like that around, you have to seize the moments with something special. At times I seized it and at times I did not hence life is not always going to be a bed of roses, at times as an individual you do have to run the tough race as well,” he added.

One such brilliant performance from Karthik came at the final of Nidahas Trophy 2018 against Bangladesh, where he hit a six off the final ball to take his team over the finish line.

When Karthik walked into bat at 133/5 with India needing 34 runs from the last two overs, the pressure was certainly on the Men in Blue. However, the wicketkeeper-batsman worked his magic and struck a six over extra cover on the final ball of the match to take India home in what turned out to be one of the most iconic moments for the team in T20I cricket.

Karthik also revealed about the emotions that were running in his head when the team needed 12 runs off the last over.

“There was nervousness when I had to think this is what I need to do. There were a lot of emotions going on inside me. But I think what did help me was the fact that I was prepared. So, I knew one thing, all I needed to do was do what I have done until now which is to get into a good position. Make sure I get a good base and then react to the ball, but there was one belief that I believed that I wasn’t going to hit a 4 (in the last ball when India needed five runs to win).

“I was going to go for a six, I was going to go for all or nothing. So, I was going for a six no matter what at that stage. I didn’t want a draw (tie). So, I think the preparation in terms of getting deep in the crease, setting myself up for a ball that could probably be a yorker again. But what helped me was I had practiced before to get into a good position and to make sure I went through with the ball. It was one of the toughest shots I played that evening over the covers,” he added.

Karthik, 35, has so far played 26 Tests, 94 ODIs and 32 T20Is for Team India.

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Also Read: Batting is a worry for CSK: Dhoni

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Business India News

L&T bids the lowest for Bullet train’s Vapi Vadodara Stretch

Larsen and Toubro has emerged as the lowest bidder for constructing the 237 km length of the Bullet Train Project under the Mumbai-Ahmedabad high-speed rail corridor.

The financial bids for the design and construction of 237 km length of viaduct for 508 km of Mumbai-Ahmedabad high-speed rail corridor were opened on Monday and Larsen and Toubro emerged as the lowest bidder, said a statement from the Indian Railways.

A total of three bidders involving seven major infrastructural companies had participated in the competitive bidding. The other bidders were – Afcons Infrastructure Limited, IRCON International Limited, JMC Projects India Ltd, Consortium and NCC Limited, Tata Project Ltd, J. Kumar Infra Projects Ltd, and HSR Consortium.

The National High Speed Rail Corporation (NHSRCL) had invited bids for the project which is financed by Japan International Cooperation Agency (JICA) on March 15, 2019. The technical bids for this tender were opened on September 23, 2020 and in less than one month, the financial bids have also been opened after rigorous evaluation of the technical bids.

This tender covers about 47 per cent of the total alignment of 508 km, between Vapi (Zaroli Village on Maharashtra-Gujarat Border) and Vadodara in the state of Gujarat and is the largest package under the project. This includes four stations namely Vapi, Billimora, Surat and Bharuch, and Surat Depot.

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Also Read: Steep fall in India’s bullion imports

Also Read: Indian e-com to garner $6.5bn in festive sales: Report

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Business Tech Lite

Rs 187 bn Required To Rollout 5G in Mumbai, Delhi: Report

The total capital expenditure required for 5G rollout is estimated to be Rs 187 billion (Rs 18,700 crore) for Delhi and Mumbai, as per a telecom report by Motilal Oswal Financial Services.

The report based on the TRAI’s latest reserve price, the capex requirement for obtaining 100MHz mid band spectrum in Mumbai would be Rs 84 billion, which could increase if the bidding price is higher than the base price.

“Assuming 9k sites would be required for coverage with cost at INR 2 million per site, the total capex requirement for the sites would be INR 18b, taking the total capex to around INR 100b,” the report said.

“Similarly, capex requirement for 5G rollout in Delhi would be INR 87b – assuming 100MHz mid band spectrum at base price (INR 69b).”

In terms of mid or low band spectrum, the overall capex requirement for pan-India coverage would stand at Rs 1.3 to Rs 2.3 trillion.

“The Indian telecom industry is seeing capex peak out (particularly for Bharti and RJio) and increased free cash flows (FCF). However, risks have started emerging due to the increased capex toward 5G technology upgrade and the upcoming spectrum renewal,” it said.

As per the report, investments in three key large components for a 5G network – ‘Spectrum, Sites and Fiber’ on mid/low band spectrum with pan-India coverage – would stand at “INR 2.3t/INR 1.3t, which should reduce to INR 1.3t/INR 788b for coverage of only Metros and ‘A’ circles. With reduced coverage and INR 1.5m cost/site, this could reduce to INR 1.6t (mid-band) for pan-India coverage”.

“Even assuming rollout starting from FY23E, a staggered deployment over the next 4-5 years (in line with 4G investment trend) could insulate the impact to a large extent,” the report added.

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Also Read: Apple expected to grow 15% riding on 5G wave

Also Read: Saudi’s 5G network one of the world’s best

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-Top News UK News

Asian Lite Daily Digital October 20, 2020 – Wales Set For ‘Firebreak’ Lockdown Amid Covid Spike

Wales Set For ‘Firebreak’ Lockdown Amid Covid Spike; Healthcare Workers Still Experiencing PTSD; WHO Cautions Against Complacency; India, Taiwan Boost Business Ties; Pulwama boy Basit becomes J&K topper despite challenges; NY Foundation’s Grant to Boost Testing in India – all in Asian Lite Daily Digital – please click here to read.

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-Top News Arab News

Asian Lite Daily Digital October 20, 2020 – UAE Ratifies Abraham Accord

UAE Ratifies Abraham Accord; Dubai Reaffirms Commitment For Green Economy; WHO Cautions Against Complacency; India, Taiwan Boost Business Ties; Pulwama boy Basit becomes J&K topper despite challenges; NY Foundation’s Grant to Boost Testing in India – all in Asian Lite Daily Digital – please click here to read.

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Cricket Sport

Rajasthan Royals back in the race with easy win over CSK

Former champions Rajasthan Royals (RR) gave themselves a new lease of life on Monday with a convincing seven-wicket win over three-time winners Chennai Super Kings (CSK), a result that lifted them from the bottom of the Indian Premier League (IPL) points table to the fifth spot.

Before the game started on Monday, RR was lying at the bottom of the eight-team points table. After they won with 2.3 overs to spare, thanks to Jos Buttler’s 48-ball 70 not out, they climbed to the fifth spot with eight points from 10 matches. Steve Smith’s team is very much in the race to qualify for the playoffs.

The top four teams qualify for the playoffs after each team has played 14 matches each in the league phase.

CSK, on the other hand, have looked completely off-colour this season and the defeat at the Sheikh Zayed Stadium has pushed them to the bottom of the points table. CSK will now have to win all their remaining four matches retain chances to qualify for the playoffs.

Chasing CSK’s 125/5, RR finished at 126/3 in 17.3 overs.

Smith remained unbeaten (26 off 34 balls) while speedster Jofra Archer bowled a miserly spell of four overs, picking up the wicket of in-form Faf du Plessis and conceding just 20 runs.

Earlier, CSK won the toss and batted in a match that was captain Mahendra Singh Dhoni’s 200th in the IPL; he thus became the first player to play 200 IPL matches.

Ravindra Jadeja top scored with 35 not out (off 30 balls) while Dhoni made 28 off 28 before being run out due to his own fault.

Jadeja and Dhoni added 53 runs in 7.4 overs as they struggled to get going. The two had joined hands at the fall of Ambati Rayudu’s wicket. CSK were struggling at 56/4 in 10 overs at the time.

Spinners Shreyas Gopal and Rahul Tewatia conceded just 32 runs in eight overs combined, picking up a wicket each.

Brief scores: CSK: 125/5 wkts in 20 overs (R Jadeja 35 not out, MS Dhoni 28, S Curran 22, S Gopal 1/14, R Tewatia 1/18, J Archer 1/20) lost to RR: 126/3 in 17.3 overs (J Buttler 70 not out, S Smith 26 not out, D Chahar 2/18) by seven wickets

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Books Woman

The Woman I Want to Be

 “The woman I was yesterday, introduced me to the woman I am today; which makes me very excited about meeting the woman I will become tomorrow.”

KIRAN SINGH

UK-based mumpreneurs Kiran Singh is releasing her latest book; ‘The Woman I Want to Be’ on Monday the 19th of October.

The new title from one of the most successful Asian entrepreneur focuses on discovering the woman you want to be! It is an all-encompassing workbook that addresses talents, qualities, values, perception, self-reflection and more.

Kiran said: ‘The Woman I want to Be’ is all about getting you thinking about your personal development plan. No matter where you are in life, it’s always helpful to revisit the vision of Who you are? Where in your life are you right now in comparison to where you want to be? Where in your life can you upgrade? What is your life can you release and let go of? and more.

Kiran deeply believes that living the vision of our highest self, the “who” we want to be, is not impossible to achieve. In fact, you can be that person today if you first take a moment to step back and sketch out a character study for the “who” you want to be. In ‘The Woman I Want to Be’, Kiran shares how she transformed her life from feeling frustrated. fed-up, overwhelmed, cluttered and confused about living to a curated life filled with purpose and joy.

“You see, self-awareness and/or self-discovery is about knowing and understanding:

  • your beliefs and principles
  • what you value and what is important to you
  • what motivates you
  • your own emotions
  • your thinking patterns
  • your tendencies to react to certain situations
  • what you want out of life

Kiran Singh, a Single Mum, Lifestyle Coach & Master NLP Practitioner, Podcast Host, Author of an Amazon #1 Bestseller, an Interior Designer, a Vegetarian & Vegan Nutritionist and the Founder and Editor of Design the Lifestyle YOU Desire and My Unique Home. She was born and raised in Norway but UK has been her home since 2008.

Kiran’s strength, tenacity and sheer determination to build a better life for herself and her daughter have led her to where she is today, this has given her the experience, passion and dedication to helping other women who may not be in the best place right now, who wants to turn things around and start to live a life they love and most importantly; how they can step into the woman they want to be.

Throughout her life and her career, Kiran has constantly examined herself, reinvented herself, and built herself into a woman she is incredibly proud of  – and it is truly an ongoing process. Her knowledge, experience and life lessons over time, the obstacles and life challenges she has naturally encountered and mastered, are the gifts that she shares as a Lifestyle Coach.

For the past 10 years, Kiran has been a leading voice in life coaching, self-help and the design industry. Her transformative work, wisdom and expertise have been sought out by leading online and print publications such as Top Santé, Natural Health, London Live, The Independent, Metro.co.uk, as well as countless international podcasts and blogs. She has also won quite a few National and International Awards, received numerous nominations and had countless media appearances.

Link to the book; https://www.amazon.co.uk/dp/B08BY1FP47

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Business Finance

Paytm set to enter credit card business

Leading digital financial services platform Paytm on Monday said it will partner with various card issuers to introduce co-branded credit cards and is aiming to issue 20 lakh cards in the next 12-18 months.

The move is aimed at transforming the credit market by enabling “new to credit” users to join the digital economy, the company said.

“In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India’s aspiring youth and evolved professionals,” Bhavesh Gupta, CEO – Paytm Lending, said in a statement.

“These cards are designed to help them lead a healthier financial life through managing and analysing spends to make well-informed decisions. This can transform the credit market by bringing ‘new to credit’ users into the formal economy.”

Given the limited access to banking, stringent documentation and long processing times, India’s credit card penetration stands at only three per cent compared 320 per cent in markets such as the US.

Also Read: Paytm launches own app store

With its digital application process, alternate (spends based) underwriting, and minimal documentation, Paytm said it aims to democratise the credit card access for masses and plans to capture at least 10 per cent of this largely untapped market.

Paytm said it is designing an innovative digital experience on its app allowing users to manage their overall spends and have full control over the card usage.

The digital payments company said its credit card will provide insurance protection against fraudulent transactions to protect users’ money.

The company plans to issue the cards based on both traditional credit score and user’s purchase patterns on Paytm.

The company last week announced the same-day settlement facility for all kinds of fund transfers on its payment gateway that will help businesses that depend upon immediate availability of funds to pay down-stream partners.

Also Read: Razorpay becomes newest addition to Indian Unicorn Club