TUESDAY INDIA ON MONDAY JOINED A SELECT GROUP OF COUNTRIES THAT CAN DEVELOP THE NEXTGENERATION HYPERSONIC CRUISE MISSILES 08 SEPTEMBER, 2020 morningstandard.in facebook.com/TheMorningStandard twitter.com/TheMornStandard instagram.com/themorningstandard ED ACTION DEEPAK KOCHHAR HELD Action in connection with ICICI Bank-Videocon case A CAPITAL VIEW OF NEWS PAGE 10 l NEW DELHI l l J8.00 20 seconds PAGES 12 26 sectors picked Metro resumes ops, sees over 15K ridership for loan recast G AYAT H R I M A N I @ New Delhi BACK ON TRACK AFTER 169 DAYS DAY 1 OF METRO YELLOW LINE RE-OPENING RBI accepts recommendations of Kamath panel that suggests formula for lenders EXPRESS NEWS SERVICE @ New Delhi A month after it announced a loan restructuring plan to help relieve Covid stress on industry Reserve Bank of In, dia on Monday released the K V Kamath panel’s report suggesting financial parameters for 26 pandemic-hit sectors. RBI said it has broadly accepted the panel’s suggestions. According to the report, lenders must mandatorily consider total outstanding liabilities/adjusted tangible net worth, total debt/Ebitda, current ratio, debt service coverage ratio, and average debt service coverage ratio while finalising loan resolution plans. Only those companies whose loans accounts are in default for not more than 30 days as on March 1, 2020 will be eligible for one-time restructuring. RBI said the panel will vet resolution plans for all accounts where the exposure is more than `1,500 crore. For sectors where ratios have not been specified, lenders can make their THE CHOSEN ONES Power; construction; iron and steel manufacturing; roads; real estate; wholesale trading; textiles; chemicals; consumer durables/FMCG; non-ferrous metals; pharma manufacturing; logistics; gems and jewellery; cement; hotels, restaurants, tourism; mining; plastic products manufacturing; auto manufacturing; auto components; auto dealership; aviation; sugar; port and port services; shipping; building materials; and corporate retail outlets own assessment. The central bank said the resolution framework needs to be invoked by December 31 this year. Plus, the plan must be implemented within 180 d ay s f ro m t h e d at e o f invocation. RBI had on August 7 constituted the panel led by veteran banker Kamath to suggest financial parameters to be factored in while offering resolution for Covid19-related economic stress. While banks are yet to ascertain the amount that will be restructured, India Ratings pegs the restructuring quantum from the corporate sector in FY21 at `3.3-6.3 lakh crore. DETAILED COVERAGE: P10 (Samaypur Badli to Huda City Centre and Rapid Metro) 7,500 approx From 7.00 am to 11 am 15,500 till 8.30 pm 8-10 L approx Ridership on usual day 1,115 Smart Cards sold Commuters travel in metro train | SHEKHAR YADAV SEPT 9 REOPENING Blue Line : Dwarka Sec-21 to Noida Electronic City/Vaishali Pink Line : Majlis Park to Shiv Vihar SEPT 10 REOPENING Red Line : Rithala to Shaheed Sthal New Bus Adda Green Line : Kirti Nagar/Inderlok to Brig. Hoshiar Singh Violet Line : Kashmere Gate to Raja Nahar Singh THE Delhi Metro’s Yellow Line reopened after nearly six months on Monday but without the usual teeming crowds given the ongoing pandemic. According to the Delhi Metro Rail Corporation (DMRC), at least 15,500 people used the metro which, as per the graded resumption plan, operated from 07:00 AM to 11 AM in the morning and 4 PM to 8 PM in the evening. The first four hours saw about 7,500 passengers and the ridership in the evening was approximately 8,000. “Operations on the first day were smooth. DMRC got com- plete cooperation from commuters who availed the services after 169 days with all new norms of travel in place,” said Anuj Dayal, (Executive Director), Corporate Communications, DMRC. Also, 1,115 Smart Cards were sold after metro reopened with digital payment being the only mode of transaction inside the metro stations for now. CM Arvind Kejriwal welcomed the reopening of Delhi Metro. “I am happy that the metro is starting from today. The metro has made good arrangements. We all should not be negligent in taking precautions,” he said. P5 ‘Optics of fiscal deficit can hurt Centre-state ties’ EXPRESS NEWS SERVICE MONEY often is at the root of all ugly family squabbles. The lack of it is now threatening to fracture the giant, but fragile, Indian GST family The Centre, . which missed payments, proposed two options, both involving state borrowals, causing cracks in the One Nation, One Tax reform. But there is across the board agreement that the Centre must provide for the shortfall, else it could endanger the spirit of Centre-state cooperation, as underscored in TNIE’s ex- Scan the QR code or watch the full YouTube video on bit.ly/2ZfdTQy T M Thomas Isaac T Harish Rao Basavaraj Bommai clusive group-chat with three state finance ministers. Dr T M Thomas Isaac, Minister of Finance, Kerala was emphatic that states cannot sacrifice GST compensation. According to him, the Centre must borrow, but if it’s too afraid of the ‘optics of fiscal deficit going up’, the least it should do is to empower the GST Council to borrow, while it stands guarantee. Concurring with Isaac, T Harish Rao, Minister of Finance, Telangana put forth the elementary logic of lower borrowing costs for the Centre and access to overseas capital. “We were told, if Centre bor- For transcript on TNIE site, go to bit.ly/3i89w0Z rows economy will go down, but if states borrow it won’t. How can it be?” he wondered. On the other side of the spectrum, Basavaraj Bommai, Minister of Finance (Additional Charge), Karnataka, said such confrontationist attitudes won’t offer solutions and urged states to be prudent. INDIA TEST-FIRES HYPERSONIC TECH DEMONSTRATOR VEHICLE Will help in futuristic space assets The indigenously developed HSTDV, developed by the DRDO, will help India develop futuristic space assets like long-range missile systems, officials said. The HSTDV is capable of powering missiles to attain a speed of around Mach 6 or six times the speed of sound. Only the US, Russia and China have such a capability | P7 TIME TAKEN BY THE HSTDV TO REACH AN ALTITUDE OF 32.5 KM ESCALATION China accuses Indian troops of crossing LAC P U S H K A R B A N A K A R @ New Delhi CHINA late on Monday night accused Indian troops of illegally crossing the Line of Actual Control (LAC) and firing warning shots. The midnight allegation did not evoke an immediate reaction from the Indian side. “The Indian Army again illegally crossed the Line of Actual Control in Shenpao mountain near the south bank of Pangong Tso Lake on Monday,” The Global Times tweeted quoting the spokesperson of the Western Theatre Command as saying. According to the paper, the Chinese spokesperson said People’s Liberation Army was forced to take countermeasures to stabilise the situation after Indian troops ‘outrageously’ fired warning shots at Chinese troops who were about to negotiate. The latest flare up comes days after India said that it had thwarted agression from the Chinese side on the southern bank of the Pangong lake in eastern Ladakh. While New Delhi had accused Beijing of aggression, China had alleged that Indian troops illegally crossed the LAC on the intervening night of August 29 and 30.
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