OPINION, P6 COMPANIES, P4 INTERNATIONAL, P8 EJAZ GHANI S SUBRAMANIAN MONEY LAUNDERING ‘H-1B HOLDERS FAVOURED’ Atmanirbhar focus RBI sticks to growth plan Vijay Mallya's assets US govt sues Facebook, while hoping kharif yield, hits small enterprises’ fixing Covid bottlenecks worth `14 cr in France alleges bias against links with MNCs help ease inflation pressure seized by ED American workers PUNE, SATURDAY, DECEMBER 5, 2020 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. XI NO. 264, 14 PAGES,`10.00PUBLISHEDFROM:AHMEDABAD,BENGALURU,CHANDIGARH, CHENNAI,HYDERABAD,KOCHI,KOLKATA,LUCKNOW,MUMBAI, NEWDELHI,PUNE READ TO LEAD SENSEX: 45,079.55 ▲ 446.90 NIFTY: 13,258.55 ▲ 124.65 NIKKEI 225: 26,751.24 ▼ 58.13 HANG SENG: 26,835.92 ▲ 107.42 `/$: 73.79 ▲ 0.14 `/€: 89.79 ▼ 0.23 BRENT: $49.26 ▲ $0.55 GOLD: `49,285 ▼ `76 IN THE NEWS MONETARY POLICY ● GST FRAUD EYE ON GROWTH Franklin’s letter Govt goes into to investors: Will RBI holds repo rate to boost overdrive; over Govt focus is on seek consent 100 arrests in 3 FRANKLINTEMPLETON MF in spending,says FM its letter to investors has said weeks, one that it will seek consent of growth,ignores inflation the unitholders for winding Sitharaman says I have to be conscious up six debt schemes, reports The reassurance that liquidity balanced. Michael D Patra, denied bail higher public spend that if I don’t spend Forecasts much Repo rate left now, then the stimulus fe Bureau in Mumbai.The would remain easy for the rest deputy governor,RBI,said,“At unchanged at 4% FE BUREAU to lay foundation for move comes after the higher inflation in of the year and into 2021-22 the current time,our assess- New Delhi, December 4 is meaningless. If I Supreme Court onThursday the months ahead, broughtcheertothebondmar- ment is that a large part of Reverse repo stronger growth in don’t spend permitted the trustees to kets which had bracing for a inflation is arising out of sup- stays the same at 3.35% THE DIRECTORATE GEN- next four to five years now, the hold the meeting with reassures liquidity slightchangeofstance. ply-side disruptions at the ERAL of GST Intelligence Stance remains accommodative revival unitholders of six schemes to remain easy for RBi governor Shaktikanta level of the retailer,very high (DGGI) has arrested 104 per- that were shuttered by the Das said the MPC had decided margins being charged by No steps to rein in sonsinconnectionwith1,161 PARITOSH BANSAL & will get fund house onApril 23. rest of the year and to maintain status quo on the retailers and some amount of surplus liquidity cases of tax credit fraud,in a AFTAB AHMED deferred into 2021-22 policy rate and continue with indirect taxes.The element of FY21 GDP Inflation three-week nationwide drive, New York/New Delhi, and we can’t Trai seeks details the accommodative stance as demand,which you could call growth forecast official sources said. December 4 afford that. longasnecessary—atleastdur- mischief,is still muted.” forecast of 6.8% Asmanyas3479‘fake’enti- — of segmented ' NIRMALA FE BUREAU ing the current fiscal and into Sonal Varma, chief econo- revised to for Q3, tieswithGSTregistrationwere INDIA S ECONOMY WILL SITHARAMAN offers from telcos Mumbai, December 4 the next fiscal — to revive mist,Nomura,saidtheRBIhas unearthed during the drive. return to growth in 2021-22 FINANCE growth on a durable basis and continuedtoprioritisegrowth -7.5% 5.8% Apart from the number of afterasharpcontractioninthe MINISTER TRAI HAS DIRECTED all the IN A CLEAR message it would mitigate the impact of Covid- andassuagedmarketconcerns -9.5% earlier for Q4 instances,the enormity of the latest year, and higher public telecom operators to submit nurture the nascent recovery 19 on the economy, while of a sudden withdrawal of H1 FY22 inflation estimate at fraud can also be gauged from spending will lay the founda- details, within 15 days, of the andhelpthegovernmentcom- ensuringthatinflationremains excess liquidity. the fact that, one person with tionforstrongergrowthinthe segmented tariffs offered by pleteitsborrowingprogramme withinthetargetgoingforward. 4.6 - 5.2% political connections who was next four to five years,finance “Iwouldthink2021-22will them to their customers, at affordable rates,the Reserve TheRBIreviseditsgrowthfore- Continued on Page 2 arrested in Maharashtra for a minister Nirmala Sitharaman be very big,good traction year reports Kiran Rathee in New BankofIndia(RBI)onFridayleft casttoanegative7.5%forFY21 `520-crore scam, was denied told Reuters onThursday. forachieving a reallygood rate Delhi.The regulator has keyratesunchangedandstayed from a negative 9.5% earlier bail by the court,despite solid With the world’s second ofgrowththatitself isgoing to sought details from January withitsaccommodativestance with growth at 0.1% in Bankers say rates to not drop any further legalsupport,thesourcesadded. highestnumberofcoronavirus bealaunchingpadfor4-5years 2020 till November 2020. despite forecasting much Q3FY21and0.7%inQ4FY21. Given the acute revenue cases despite a severe lock- ofgrowingatagoodspeed,pro- higherinflation Inflationisnowexpectedto FE BUREAU Heexplainedthatthepaceof constraints, the GST authori- down of its 1.3 billion people vided we do enough on the Investors binge in the riseto6.8%forQ3FY21,5.8% New Delhi, December 4 depositgrowththatwasseen ties are leaving no stone early in the pandemic, India’s budget and spend on infra- months for Q4FY21 and 4.6-5.2% in at the start of the year had unturned to frustrate fraudu- economy is expected to con- structure,”shesaid. on Burger King ahead. H1FY22, with risks broadly ALTHOUGH THERE IS huge startedtotaperoff.Moreover, lent elements in the system. tract nearly 10% in the 2020- The finance minister gave India IPO surplus liquidity in the sys- the growth in advances, Undue outflow of input tax 21 financialyear. no numbers about how big a tem and the RBI has which was not there in the credit is one of the major rea- But a recovery is taking governmentspendingincrease INVESTORS SEEMTO have The MPC decided to continue promisedtoretainitsaccom- first three to four months, sons forrevenue leakage. hold now,Sitharaman told the sheplannedtopropose. fully savoured the Burger with the accommodative stance modativestance,bankerssay hadcomeback.“Wehaveseen Reuters Global Investment King India IPO, with the share as long as necessary... to revive interest rates will not drop corporatescomingbacktous Continued on Page 2 Outlook Summit,2021. Continued on Page 2 sale getting subscribed a growth on a durable basis and any further. “Rates are not and some movement in massive 156.65 times on the mitigate the impact of Covid. going down from here for infrastructure.Theretailside last day of the offer on Friday, sure,”Ashwani Bhatia, MD, isrobust,”theMDsaid. — reports PTI. The `810-crore SHAKTIKANTA DAS State Bank of India,said on a IPO included a fresh issue of RBI GOVERNOR leading television channel. Continued on Page 2 shares worth `450 crore. ● CREDIT RATING Friday delight FE BUREAU ALL-PARTY MEET Vedanta Sensex scales 45,000 for first time Covid-19 vaccine Equities rallied to record highs on Friday after the RBI bonds slide left the policy rates unchanged but maintained its may be ready within accommodative stance. The Sensex breached the after Moody’s 45,000-mark for the first time to finish at 45,079.55. Intra-day, it touched a lifetime peak of 45,148.28. downgrade a few weeks: PM Modi RAHUL SATIJA PRESS TRUST OF INDIA Inhisclosingremarksatan December 4 New Delhi, December 4 all-partymeetingwith leaders of various political parties to Bull's eye VEDANTARESOURCESDROP- PRIME MINISTER NARENDRA discuss the Covid-19 pan- 45,079.55 PED in the bond market aftera ModionFridaysaidIndia’svac- demicsituationinthecountry, 45,000 credit rating cut deeper into cination programme against Modi said experts believe the 41,306.02 junk territory by Moody’s Covid-19 would begin as soon wait for the Covid-19 vaccine DEEP FAITH 40,000 Investors Service.The miner’s as a go-ahead from scientists will not be long and it may be Devotees wade through the waterlogged premises of Chidambaram Nataraja temple, 2026 dollar note fell 4.8 cents is given, and asserted that readyin a fewweeks. following heavy rainfall due to Cyclone Burevi, at Chidambaram on Friday on the dollarto about 58 cents, healthcareworkersinvolvedin Nearlyeightvaccinesare at 35,000 the biggest drop since October treating coronavirus patients, different stages of trial with 12,Bloomberg-compiledprices frontline workers and old their manufacturing assured 30,000 show.Moody’s lowered its cor- people suffering from serious in India,Modi said. CAPITAL STRIKE poratefamilyratingtoB2from conditionswouldbeinoculated Three vaccines from India B1onThursday,citingweakliq- onpriority. are also at different stages of 25,000 uidity and high refinancing trial,he said. Punjab farmers harden stance, needs. It’s the second down- Experts believe that the 20,000 gradethisyearafterMoody’scut wait for Covid-19 vaccine will January 1, 2020 December 4, 2020 itsgradebyanotchinMarch. not be long and it is believed call for Bharat bandh on Dec 8 Pressureshavebeenmount- thatitmaybereadyinthenext ing at the mining giant after a fewweeks,Modi said. FE BUREAU ■ failed attempt in October to “India's vaccination drive New Delhi, December 4 Farmerssticktodemandforrepeal delist its India unit.That was a would begin as soon as we get of3 laws,evenaftergovtcedes Special Feature setback given a delisting could ago-aheadfromscientists.The ABOUT 40-ODD FARMERS ground and offers to make changes have helped give the parent Centre is working on the basis organisations,whichmethere ■ FarmerunionscallforBharat A car is the most complex greater access to profits gener- of suggestions from state gov- on Friday to hammer out a bandh on Dec 8; BKU Tikaitfaction ated by operating companies, ernments about who will be joint strategy ahead of the joinsjointfrontoffarmerbodies andallayedconcernsaboutthe “The Centre is working inoculatedinthefirstphaseof Saturday’s fifth round of talks software-driven gadget debtloadattheparent. on the basis of thevaccination drive,”he said.