A round-up of the biggest articles from newspapers.
Returning to pre-pandemic levels is positive but it is not good enough: SBI chairman
The State Bank of India Chairman Dinesh Kumar Khara in an interview with The Economic Times said that the Union government’s incentive schemes for the manufacturing sector and high PSU spending for capacity additions could spill over to other segments providing the much-needed booster shot for the economy.What the SBI chairman says:
People are approaching SBI for fresh loans in the iron and steel sector.
“People are also looking at expanding brownfield capacity, which means they have a very clear visibility of demand that also augurs well for capacity utilisation.”
To come out of the damage in the last 20 months, the activity levels have to be much stronger.
“Pre-pandemic, there was already a tendency to slow down; so, returning to pre-pandemic levels is positive but it is not good enough.”
SBI stock is still not reflecting its intrinsic strength and the value of its holdings in various businesses.
SBI plans to list its mutual fund and general insurance businesses.
Govt working on a new set of reforms to create robust telcos: Vaishnaw
Ashwini Vaishnaw, the Minister for Information Technology, Railways and Communications, in an interview with The Economic Times said that the Union government is working on the second set of reforms for the telecom sector.What the Minister says:
Telecom sector reforms will primarily aim to strengthen the industry to enable it to fight it out in India and abroad.
Spectrum pricing should factor in that telecom services being for the “public good”.
The spectrum pricing should also leave enough resources for operators for expansion.
Promoters have discussed infusion of equity into Vodafone Idea.
Online platforms need to remunerate original creators and publishers of content “adequately” for all the intellectual property they produce.
The government wants to reduce litigation in the telecom sector and enable telecom operators to become globally competitive.
India is dealing with countries where we have equitable trading interest: Piyush Goyal
Commerce and Industry Minister as well as the Minister of Consumer Affairs, Food and Public Distribution, Piyush Goyal, in an interview with The Economic Times, said that the Union government is planning robust e-commerce guidelines that will strike a fair balance in protecting small shopkeepers, internal trade, retailers, and ensure orderly growth of the economy.What the minister says:
It will be desirable to have more shipping companies and would encourage corporates to consider getting into the shipping business.
India and our international trade will stand on its own legs.
India is dealing with countries where we have an equitable trading interest.
Working on many areas and ensuring that India has a balanced agreement in consultation with all stakeholders and people affected by the FTA and promoting investments in a big way.
SEBI probes Ramdev’s yoga speech on Ruchi Soya investment calls
The SEBI is looking at a speech made by Patanjali founder Ramdev during a yoga session asking his followers to invest in Ruchi Soya Industries Ltd, reported Mint.Why it’s important:
The regulator has sought an explanation from Ruchi Soya on the incident.
The SEBI is looking at whether the yoga guru violated insider trading norms, prevention of fraud, unfair trade practices and investment adviser regulations.
The SEBI has also sent a notice to bankers handling Ruchi Soya’s FPO and the compliance team.
Snapchat gaining momentum in India, again
Snapchat is making a quiet comeback in the country, reported Mint.Why it’s important:
India is emerging as the US app firm’s largest user base outside its home market.
It lost to rival Instagram and copied its stories feature in late 2016.
Snapchat clocked 102.4 million downloads on Google Play Store in India between January and August against Instagram’s 230 million downloads.
Snapchat had grown seven-fold since June 2019 from its 7 million monthly active users.
The app is now providing better-quality augmented reality filters to create videos.
Several companies have increased their ad spends on Snapchat as its marketing is a smart investment for brands.
Vi working on a new business plan, says chairman
Vodafone Idea Chairman Himanshu Kapania while addressing shareholder queries at AGM said the company is working on a fresh business plan, reported the Business Standard.Why it’s important:
The move could change Vi’s funding requirements.
The exact investments will be worked out soon after the submission of a new business plan.
No clarification yet on media reports of Rs 10,000 crore investments by promoters.The plan is to increase its rural connect and boost 4G connectivity.