Nation
Rahul says RSS killed Mahatma, ready to face trial
Congress Vice President Rahul Gandhi on Thursday told the Supreme Court that he stood by his remarks blaming the RSS for the assassination of Mahatma Gandhi and said he was ready to face a trial for alleged defamation of the ideological parent of the ruling BJP.
 
Gandhi's lawyer Kapil Sibal told the Supreme Court that the Congress Vice President stood by what he had said about the RSS and the 1948 assasination of the Mahatma.
 
Rahul Gandhi withdrew a petition before the apex court that had sought quashing of the defamation proceeding in a Maharashtra trial court. 
 
The bench of Justice Dipak Misra and Justice Rohinton Fali Nariman allowed the petition to be withdrawn but did not grant Rahul Gandhi an exemption from appearing before the trial court.
 
Rashtriya Swayamsevak Sangh (RSS) activist Rajesh Kunte filed the defamation case against the Congress leader over his remarks at a 2014 election rally that people associated with the Hindutva group killed Mahatma Gandhi.
 
Rahul Gandhi had moved the Supreme Court challenging the Bombay High Court order refusing to interfere with the defamation case against him.
 
The Congress leader told the Supreme Court through his lawyer last week that he did not blame the RSS but "people associated with it" for the Mahatma's assassination.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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Jio users will never pay for domestic voice calls: Mukesh Ambani
Taking the current tariff war and competition in India's telecom space to a new level, Reliance Industries Chairman Mukesh Ambani on Thursday announced that domestic voice calls on the Jio network will be free forever, and unveiled a four-month introductory offer for everyone of free voice and data services beginning on September 5.
 
"The era of paying for voice calls is ending," Ambani told the 39th Annual General Meeting of the company, post its listing. "No Jio customer will ever have to pay for voice calls again." he added, devoting around an hour of his 90 minute speech to Jio.
 
In effect, the announcements on Thursday point to a commercial launch from January 1 next year even though no specific mention was made in this regard. This was also keenly awaited since Reliance Industries has invested as much as $21 billion on Jio -- its largest ever capital expenditure on a single project.
 
The Chairman said the data plans will also reflect the affordability for customers, with an effective base rate of 5 paise per MB or Rs 50 per GB. "Jio will have a base rate which is more than 90 per cent discount over the industry," he said. 
 
R Jio, RJIO, Jio tariff, Jio call rates, Jio data plans
 
He said based on the usage, the tariff could go to as low as Rs 25 per GB. He said the free domestic voice calls will also come with free roaming while international ones too will be affordable.
 
"We Indians have come to appreciate and applaud Gandhigiri. Now, we can all do 'Data-giri', which is an opportunity for every Indian to do unlimited good things with unlimited data."
 
The announcements came against the backdrop of a series of discounts and freebies offered by existing layers like Airtel, Vodafone and Idea during the past month, ostensibly to ensure customers stay with them, even after the commercial launch of Jio.
 
During the speech, Mukesh Ambani also appealed to incumbent operators not to block Jio calls and ensure adequate points of interconnect. "In the last week alone, Jio customers suffered over five crore call failures to other networks because of insufficient interconnect capacity provided by incumbents."
 
As for the stock markets, the shares of Reliance Industries fluctuated in a wide range during the course of the speech -- from a high of Rs 1,072.55 to a low of Rs 1,045.60. Soon after it was quoting at Rs 1,047.50, down Rs 10.50, or 0.99 per cent, over the previous close.
 
In contrast, Bharti Airtl shares fell 6.21 per cent at Rs 311.25, while Idea Cellular was quoting at Rs 85.90, down Rs 7.60 or 8.13 per cent.
 
Other highlights of Mukesh Ambani's speech:
 
- Students will be able to get 25 per cent more data on Jio's main tariffs
 
- A target of 100 million customers in the near future
 
- Data usage of 250 core GB a month
 
- The Jio bouquet of apps free will end next calendar year
 
- Coverage of Jio to extnd to 90 per cent of population by March 2017
 
- A range of 4G enabled smart devices
 
- Jio digital Fund of Rs 5,000 crore to incubate start-ups.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Mahesh S Bhatt

6 months ago

Its the most delayed Mukesh's pet project.Huge scale & expectations may not materilize soon as Voice still rules Mahesh

Mahendra Islaniya

6 months ago

Before Rushing to buy new gadget-changing service provider, we should not forget, "Reliance" Brand data card- "Dongal "service discontinued without informing to its customer in past!

India's GDP growth slows; government spending to the rescue
India's first quarter (Q1) gross domestic product (GDP) slowed to 7.1% from 7.5% in the same period last year mainly due to lower activity in farm, mining and construction sectors, official data showed, even as industry said the numbers reflected a moderation of growth impulses. 
 
The decline was largely because of dwindling private investments – particularly real fixed investments. Fixed investments declined 3.1% on-year after having shed 1.9% the previous quarter (see image below). This is a result of excess capacity and high leverage in many sectors. The fall in investments was also in sync with the continuous decline in the capital goods industrial production. Consumption growth, however, did the anchoring, says ratings agency CRISIL in a report.
 
 
Given high level of discrepancies in GDP, Edelweiss Securities Ltd says it prefers to analyse economic activity on gross value added (GVA) basis. "Besides, GDP data is highly influenced by the government’s subsidy payments, which are volatile. Still, data suggests that private consumption and capex slowed, while exports and government spending supported growth," it added.
 
 
Standard Chartered Bank (StanChart) also says even though the GDP growth in Q1 has come at 7.1%, the slowest in five quarters, it focuses more on GVA, which it thinks is a better indicator of economic activity. In a note, StanChart says, "The Q1 GVA was in line with expectations at 7.3%. We forecast FY17 GDP at 7.7% year-on-year (yoy) and GVA at 7.4%, underpinning the theme of gradual recovery. FY16 GDP was 7.6% and GVA 7.3%."
 
"As GDP is arrived at by adding net indirect taxes to GVA, GDP in general is expected to be higher than GVA unless net indirect taxes are contracting. In India's case, while growth of net indirect taxes is likely to remain slow in FY17 as the impact of excise tax hikes during 2014 and 2015 normalises, it is not in contractionary territory. Thus, we think that lower GDP than GVA will correct in the remainder of FY17," the report from StanChart says.
 
Religare Capital Markets Ltd feels that the sharp slowdown in net indirect taxes pulled down GDP growth during the first quarter. "While indirect taxes continued to grow rapidly led by excise duty hikes on petrol and diesel in FY16, subsidy payments shot up by 53% YoY in Q1. Net indirect taxes (indirect taxes – subsidies) account for the difference between GDP and GVA," it said.
 
According to State Bank of India (SBI) Ecowrap, the first quarter GDP growth was more in consonance with reality. In a note, SBI says, "Private final consumption expenditure has also declined, but has been compensated by Government final consumption expenditure, which has shown double digit growth at 18.8%. The growth in Government final consumption expenditure can be attributed to One Rank One Pension (OROP) implementation. This has led to the highest growth of Total final consumption expenditure in six quarters."
 
 
SBI says, the business sentiments improved significantly in the country in response to several initiatives such as ‘Make in India’ and faster clearances of stalled projects, particularly, in respect of non-environmental permissions. "The number of stalled projects declined sharply from 759 in March 2015 to 374 in June 2016. Although in terms of amount, it has increased in the past three quarters. During FY16, the Project Monitoring Group cleared 168 large projects with the majority of these projects in the power, roads, coal and petroleum sectors," it added.
 
Looking forward, CRISIL says, it expects the growth to inch up in coming quarters. "On the whole, improved rural incomes on account of a favourable monsoon, lagged impact of interest rate reductions, Pay Commission payouts and easy monetary conditions should support demand in fiscal 2017. Consequently, investment cycle revival can be expected towards the end of fiscal 2017. We, therefore, expect real GDP growth to inch up to 7.9% in fiscal 2017 from 7.6% in fiscal 2016," the ratings agency says.
 
For FY2017, Edelweiss expects modest recovery. It says, "For FY17, we expect slow economic recovery to continue. This is mainly due to easing of financial conditions in the economy, normal monsoon and receding of exports drag. The government’s spending in infrastructure should also aid growth. However, increase in wholesale price index (WPI) could pose a statistical drag on GVA print going ahead."
 
According to StanChart, the forward guidance by BSE 500 non-finance companies signals hope for a turnaround during second half of FY2017. "While the demand recovery for consumption will take place in second half, investment as a whole remains weak, with a few sectors doing well. These companies are pinning hopes on a favourable monsoon and seventh Pay Commission payouts. At the same time, they are cautiously optimistic on the pace of recovery. Key sectors that are witnessing demand momentum are power transmission, renewables, defence, roads and railways," it added.
 
"India has witnessed a normal monsoon so far, which has boosted Kharif sowing (+4.7% YoY as on 26 August 2016) and bodes well for agricultural growth. Besides, reservoir levels have also improved and should support a healthy Rabi season harvest. Healthy growth in agriculture, implementation of the 7th CPC, benign inflation and an accommodative monetary policy stance is expected to boost consumption demand, leading to acceleration in growth. Thus, we maintain our
GVA growth estimate for FY17 at 7.7%," Religare concludes in its note.
 

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COMMENTS

Mahesh S Bhatt

6 months ago

Ground zero is bad stagflations+ taxes increasing Amen Mahesh

SuchindranathAiyerS

6 months ago

Inflation led growth? This is the deception that the Indian State has practiced since inception. India's policies, laws and constitution are antithetical to quality and productivity. However, India flaunts the hallucination that printing currency notes to stoke consumption in the least productive sections of society such as the incompetent and corrupt employees on State pay roll is Gross Domestic Product. :ies, damned lies and statistics.

REPLY

Harsh Mehta

In Reply to SuchindranathAiyerS 6 months ago

Well said mr aiyer !!!

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