Category: Business


50 Lakh Crore Earmarked For Development Of Railway Stations On PPP Model

Ministry of Railways is working overtime for beautification of railway stations. The ministry wants to make New Delhi Railway Station, a world class station. It would be developed like an airport, where design would attract the visitors. There will be separate exit points for convenience of passengers. Also, there would be elevated access roads on the lines of airport.


PPP model would be used

According to sources, Northern Railway and Railway Land Development Authority is contemplating completing the project on Public Private Partnership model. This project can take a minimum of 4 years in completing.

50 stations are up for beautification

According to a news published on 7th February in Economic Times, the government has set a target of beautifying 50 railway stations with a budget of 50,000 crore. Companies like Tata Realty, Adani and Essel Group have displayed their interest in this project.

Bids for 4 stations would be invited in 2021

In 2019, the government said that it was working to attract private investment in railways. And that it had set a target of spending 50,00,000 crore on infrastructure of railway. The government can invite bids for 4 … Read the rest


Udaan Becomes The Fourth-Valued Startup After Paytm, OYO And Byju’s

Bengaluru based online B2B e-commerce marketplace Udaan that is a little over three years old has become the fourth-highest valued startup in India. A recent valuation report filed by the firm on September 23, 2019 shows that the worth of the firm is $7.5 billion or Rs. 53,365.45 crore.

Valuation report of Udaan

The report reads that the e-commerce company would reduce its losses to Rs. 375 crore in FY21. Also, that it would register a profit of Rs. 3,082 crore before tax in FY22. Following the report, the company convened a meeting to pass a special resolution to approve allotment of 4,02,641 Series E Compulsorily Convertible Preference Shares (CCPS) to its Singapore-based holding entity Trustroot Internet PTE.

History of Udaan

This development came when the company posted a loss of Rs. 780 crore during FY19 at a revenue of Rs. 46 crore. Founded by former Flipkart executives Amod Malviya, Sujeet Kumar and Vaibhav Gupta, it works as a platform where retailers can connect to wholesalers and traders. It is a horizontal marketplace that provides a wide range of goods from electronics to apparel and from grocery to fresh … Read the rest


Anil Ambani Says His Net Worth Is Zero

Reliance Group Chairman Anil Ambani was asked to pay USD 100 million by a UK court. He was given six-week time to make the payment. The order was passed for three Chinese banks that lent USD 680 million to Anil Ambani in loan.

UK court order for Ambani

Judge Waksman read out the order for Industrial and Commercial Bank of China Ltd Mumbai Branch, China Development Bank and Exim Bank of China. The banks welcomed the order saying that it was a straightforward debt claim to recover outstand loans to RCom in good faith. They said that Anil Ambani had given a personal guarantee but he refused to honor that guarantee.

Anil Ambani denied guarantee

Ambani, 60, denied giving any such guarantee to Chinese banks that were forced to take the legal action. Also, he argued that his net worth was nearly zero and that his family won’t help in repaying the debt. But the court refused to accept his claim.

The judge said that Ambani failed to satisfy him with his excuses. But the Reliance Group indicated that the company would appeal against the ruling. It said that Ambani … Read the rest


Foreign Analysts Fear Revision Of Rates By RBI In 2020

Analyst said on Monday that RBI could hike rates this year because of possible inflationary impact the economy would have while trying to meet the fiscal deficit target of 3.5% for FY2020-21.

The analysts pointed towards the finance minister Nirmala Sitharaman discussing disinvestment where the government under-performed to achieve the 3.8% fiscal deficit target in FY2019-20.

Analysis of growth

The government wants to push the growth but with the help of a clause that allows the government to stretch its commitments under the Fiscal Responsibility and Budget Management Act by 0.5%. But it would show that the government missed the target for the third consecutive year.

Analysts of foreign brokerage Bank of America welcomed the government’s stand while flagging risks to the target. They see a 0.30% if GDP upside risk to the fiscal deficit target because of high disinvestment assumption of Rs. 2.10 lakh crore in FY21 that is almost three times of FY20’s Rs. 65,000 crore.

Goldman Sachs analysis

The analysts said that the achievement of government relies on privatization initiatives. They also said that if the estimates of revenue collections don’t materialize, … Read the rest


Pay By Reliance Jio UPI-Powered Payment Process

Reliance Jioannounced its entrance in the UPI-powered payment space. It offered this facility to over 370 million customers through an app update. Available only to selected customers in the beginning, Jio’s UPI payment facility will soon be available for others.

Reliance Jio’s UPI-payment facility

Mukesh Ambani led telecom company is eying into the flourishing market of UPI-payment. Presently this market is ruled by Google Pay, PhonePe, Paytm and several others. Jio would be the first in the telecom companies and second in payment banks to start UPI-payment service. It already has a wallet service called JioMoney. The UPI option has been integrated in the main app MyJio and it works similar to others.

Users will be asked to sign up to get virtual payment address (VPA) with UPI handle @Jio. They would require providing their mobile numbers and debit card numbers attached with their bank accounts for generating UPI PIN. It is anticipated that the new service would be rolled out with the brand name JioPay. Presently Reliance provides autopay facility under JioPay. Under this service, the users are allowed to recharge their phone numbers five-days in advance before their … Read the rest


IMF World Economic Outlook: India Growth Would Impact Global Growth Story

Gita Gopinath of the International Monetary Fund (IMF) said that India would have an effect on the global growth story. She further maintained that India had already pushed the global forecast down by 0.1%. She’s the Chief Economist of the IMF.

India projection of IMF

The world body has slashed India’s growth forecast in its World Economic Outlook released in Davos, Switzerland. It sees India’s growth to remain at 4.8% but it is 1.3% lesser in three months. Ms. Gopinath said that IMF revised the global growth down for 2019 by 0.1% considering the size of the Indian economy and its impact on global growth. She further said that the vast majority of the downgrade was from India.

Issue with India growth

Ms. Gopinath minced no words in highlighting the issue ailing the Indian economy. She said that the biggest issue was in the financial space. She indicated the stress in the financial sector, especially in non-bank financial corporations. The weakness in credit growth is visible and there appears to be an increased risk in lending in the markets. Also, there had been a weakness in rural income growth. But … Read the rest