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<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="261" meta.entityid="Adani Group">Adani group</keyword> plans to invest about Rs 1.3 lakh crore across its portfolio companies in this financial year, as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, the group's CFO said. The investment will range from ports to energy, airports, commodities, cement and media. 70% of this will met through internal cash generation and the remaining will be taken care through debt, group CFO Jugeshinder 'Robbie' Singh noted. The group will look to refinance $3-4 billion of debt maturing in the year and raise an additional $1 billion in project financing, he said, adding the annual $2-2.5 billion of equity infusion by bringing in new investors is also likely to continue. "This year will be more about asset completion," the CFO continued. <keyword id="34553" type="General" weightage="20" keywordseo="Renewable-energy" source="Orion">Renewable energy</keyword> firm <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword> Green will complete 6-7 GW project, while the solar wafer manufacturing unit will also attain scale. Also, the new airport at Mumbai will be completed. The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40% higher than what the portfolio is estimated to have incurred in FY24. The group had previously guided a $100 billion capex over the next 7-10 years. Most of this investment is going to go into the group's fast growing businesses -- renewable energy, <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">green hydrogen</keyword> and airports and infrastructure. As much as 70% of the planned capex will go into its green portfolio - primarily <keyword id="19904987" type="General" weightage="20" keywordseo="renewable-power" source="keywords">renewable power</keyword>, green hydrogen, green evacuation. Of the remaining 30%, the majority will be spent towards airports and ports businesses. Adani group companies posted a record 45% rise in pre-tax profit (Ebitda) to Rs 82,917 crore (about $10 billion) in FY24, Singh said. Emerging from a damning report of a US short seller <keyword id="191733" type="General" weightage="20" keywordseo="Hindenburg" source="Orion">Hindenburg</keyword>, which hit the market value of its listed companies, Adani group in 2023-24 focused on containing debt, reducing founder share pledge and consolidating the business in core competencies. The five-year CAGR (compound annual growth rate) for profit growth was 54% A school drop-out, group chairman <keyword id="19929098" type="General" weightage="100" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> started out as a commodities trader and rose to be counted amongst world's richest with an empire spanning across ports, power generation, airports, mining, renewables, gas, data centres, media and cement. Today, Adani group is the world's second largest solar power company, it is the largest airport operator with 25% of passenger traffic and 40% of air cargo, the largest ports and logistics company with 30% market share, largest integrated energy player, and the country's second largest cement manufacturer. With strong emphasis on <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword> transition, it will be allocating more than 70% of this $100 billion to its green businesses including renewable power, green hydrogen, and green evacuation transmission lines. The conglomerate is building the world's largest renewable park at Khavda, Gujarat, spanning over 530 square kilometers, which is about five times the size of the city of Paris. A large portion of total investments is earmarked for expansion and development of its fast-growing airports business and ports business. With a portfolio boasting eight airports including the upcoming <keyword id="57321" type="General" weightage="20" keywordseo="navi-mumbai" source="Orion">Navi Mumbai</keyword> airport and 14 domestic ports, Adani wants to further solidify its presence in these sectors.

Adani to invest Rs 1.3 lakh crore in FY25 across its companies

Mumbai, May 27 () The National Company Law Tribunal has approved crisis-hit IL&amp;FS to selling its stake in Gujarat International Finance Tec-City Company (GIFTCL) to the Gujarat government. IL&amp;FS has 50 per cent stake in GIFTC. The Gujarat government has agreed to pay a positive equity value of 100 per cent of the IL&amp;FS stake in GIFTCL, by which, the positive equity value of over Rs 32.70 crore will come to IL&amp;FS, according to an NCLT order. The order said that IL&amp;FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government. The NCLT also permitted IL&amp;FS to withdraw a sum of Rs 3 crore from the escrow account opened to keep sale consideration for meeting the additional process resolution costs that may arise, after approval by the Board of Directors appointed by the tribunal. "In view of the relief sought by the applicant, this bench hereby approved that sale of shares of GIFTCL held by IL&amp;FS to Governor of State of Gujarat/Gujarat Urban Development Company Limited shall be free and clear from all encumbrances, liens, security interest and third party claims (including any statutory or tax claims) upon receipt of sale consideration from GUDC," it said. That sale consideration payable to IL&amp;FS excluding resolution process costs will be credited into a designated Escrow Account intimated by the applicant and such funds will be maintained as interest bearing fixed deposits, the order added. The National Company Law Appellate Tribunal (NCLAT) had permitted green entities to continue in accordance with the resolution framework subject to the supervision of the Justice (Retd.) D K Jain. Since GIFTCL has been classified as a "Green" entity, IL&amp;FS commenced the resolution process of GIFTCL. SM MR MR

NCLT approves IL&FS stake sale in GIFTCL to Gujarat govt

Mumbai, May 27 () The country's economy, which is likely to contract by 5 per cent in the current fiscal, may expand by around 5 per cent in the next financial year, former RBI governor Duvvuri Subbarao said. Rating agency Crisil on Tuesday had said the Indian economy may shrink by 5 per cent in fiscal 2021, adding this recession could be the country's fourth since Independence and perhaps the worst to date. "I do believe that getting up to 5 per cent next year (FY22) is quite probable. The reason I say that is because this (COVID-19) is not a natural disaster. Our factories are still standing, our infrastructure and transport systems are still there," Subbarao said. He was speaking at a webinar on 'Indian Economy - Navigating through a Crisis', organised by the Centre for Financial Studies (CFS) at Bhavan's SPJIMR business school. "Once the lockdown is lifted and the economy is given a green signal to restart, I am sure that we can ramp up pretty soon and reach at least 5 per cent (growth rate)," he said. Speaking at the same webinar, former deputy chairman of the erstwhile Planning Commission, Montek Singh Ahluwalia, also said there is a possibility of 5-6 per cent growth in fiscal 2021-22. "But it would be mistake to treat that as recovery because if you are down 5 per cent this year (FY21) and you are up 6 per cent from that level then what it means is that during FY21-22 you will be at the same level as you were in 2019-20," Ahluwalia pointed out. According to him, the country is going to face its worst recession in the current fiscal. Subbarao further said a sharp decline in growth would mean a disruptive adjustment even for a rich country. "For a poor country like us, it would mean enormous pain and hardship for millions of low income persons, firms and enterprises, especially in the informal sector, going bankrupt and it could mean our financial stability becoming vulnerable," he added. Amid this grim situation, the former RBI governor said he sees two silver linings -- relative stability of the external sector and bumper agricultural crop production, which would support the economy. Commenting on the over Rs 20 lakh crore fiscal stimulus package announced by the government, Subbarao said, "Within the fiscal constraints of the government, they have done a good job." He also lauded the government's decision of additional borrowing in this fiscal. "I, for one, believe that the government should borrow more in order to spend more. That is a moral and political imperative. But I don't support the view that the government should resort to open ended borrowing," Subbarao said. The government has increased its market borrowing programme for the current financial year by more than 50 per cent to Rs 12 lakh crore from the Rs 7.8 lakh crore estimated in the budget. Subbarao added that the stress in the country's financial system could deepen post the coronavirus crisis. "In January, before the COVID crisis hit us, we were extremely worried about our financial sector, health of our banks, NBFCs, NPA levels, trust deficit in private sector banks. All those parameters are going to get worse as we come out of this crisis," he said. According to Ahluwalia, there is a need to undertake serious tax reforms that are long overdue. "We should now set up a truly high level multi-disciplinary committee of people advising the kind of tax policy to be announced in the next budget. It should include a serious re-examination of the GST where there are huge leakages taking place for a variety of reasons," Ahluwalia said. The session was moderated by Ananth Narayan, associate professor (finance) at Bhavan's SPJIMR. HV ABM ABM

India's GDP growth may rebound to 5 pc in FY22, says Subbarao

Mumbai, Jan 6 () The US-Iran standoff can pull down Indian equities and small caps are expected to be dominant investment themes in the markets, ICICI Prudential Mutual Fund said on Monday.
The extent to which geo-political tension in the Middle East can hurt the domestic markets, however, cannot be predicted, the second largest asset manager's chief investment officer S Naren told reporters here.
The small cap segment is set to dominante the landscape for the next three to five years, after under-performing for two years, he added.
The large caps are extremely over-valued at present making them a no-go area, despite the vital roles that the companies are playing, he said.
Naren said the house is maintaining its call on investments in the asset allocation, wherein schemes shift between debt and equity for the second consecutive year due to difficulties on the overall front.
"We are in a moderate returns world till the (corporate) deleveraging is over and hence, we have created products like this," he said, speaking on the asset allocation product launched few years ago.
Debt schemes have given good returns in the recent years if one were to consider the tax benefits and the security because of low volatilities, Naren said.
On concerns over debt schemes, where a few bets for the AMCs have gone awry, the company's managing director Nimesh Shah claimed that the company has not had any delayed repayment on its loans under the debt schemes for the last 21 years.
Naren said small caps are definitely a risk but advised investors to play the same to get handsome returns by staying invested for three to five years. In times of low credit growth, it is essential for investors to take such bets, he added.
India is a stable economy with risk parameters like current account deficit, low credit growth and inflation being in the green, while the troubles are largely stemming from lacklustre uptick in factory output, which makes debt a profitable asset class, he said.
On the standoff in the Gulf region, he said nothing can be predicted for sure and all depends on the extent Iran reacts.
Last year's drone attacks on Saudi Arabian oil assets was presumed to be the trigger for a rally in crude but the same subsided in a week, he said. AA BAL

US-Iran standoff to pull down Indian equities: ICICI Pru

Mumbai, <keyword id="4200835" type="PERSON" weightage="20" keywordseo="Equity-benchmarks">Equity benchmarks</keyword> surged to lifetime closing highs on Tuesday as better-than-expected GDP data and progress on the COVID-19 vaccine front gave fresh impetus to investor bullishness. A strengthening rupee and persistent foreign capital inflows further boosted market sentiment, traders said. The 30-share <keyword id="53232" type="COMPANY" weightage="20" keywordseo="BSE-sensex">BSE Sensex</keyword> zoomed 505.72 points or 1.15 per cent to end at its fresh closing record of 44,655.44. Similarly, the broader NSE <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> surged 140.10 points or 1.08 per cent to close at its all-time high of 13,109.05. Sun Pharma was the top performer in the <keyword id="6484188" type="DEFINITION" weightage="20" keywordseo="sensex">Sensex</keyword> pack, spurting 5.51 per cent, followed by IndusInd Bank, Tech Mahindra, ONGC, Bharti Airtel, Infosys, ICICI Bank and Bajaj Auto. On the other hand, Kotak Bank, Nestle India, Titan, Bajaj Finance, HDFC Bank and NTPC were among the main laggards, shedding up to 1.40 per cent. World equities perched near all-time highs as strong factory output figures from China bolstered expectations of a swift economic recovery. Meanwhile, Moderna Inc applied for emergency authorisation for its COVID-19 vaccine in the US after full results from a late-stage trial showed around 94 per cent effectiveness. "The markets started December trading on a strong footing raising the benchmark to a fresh high due to a good GDP data. The Manufacturing PMI released today showed a slight contraction in manufacturing activities compared to the previous month, though growth remained strong. "Markets across the globe made a positive start to the month expecting an extension of November's record-breaking gains along with strong hopes of coronavirus vaccine. We believe that this optimism can sustain in the near term with a shift towards mid and small caps, led by lag effect," said Vinod Nair, Head of Research at Geojit Financial Services. India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent, official data showed after market hours on Friday. However, India's manufacturing sector activity lost momentum and fell to a three-month low in November amid slower increases in factory orders, exports and buying levels, a monthly survey said on Tuesday. GST collections posted growth for the third month in a row in November over the previous year's figures. Collections of tax on the sale of goods and rendering of services came in at Rs 1,04,963 crore in November, <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the finance ministry</keyword> said. The collections were higher than Rs 1.03 lakh crore recorded in November 2019 but were Rs 192 crore lower than October 2020 collections. Barring consumer durables, all BSE sectoral indices finished in the green, led by realty (3.49 per cent), telecom (2.52 per cent), teck (2.42 per cent) and IT (2.39 per cent). The broader BSE midcap and smallcap indices rose up to 0.94 per cent. Elsewhere in Asia, bourses in Shanghai, Tokyo, Hong Kong and Seoul ended with significant gains. Stock exchanges in Europe were trading mixed in early deals. The rupee strengthened 37 paise to close at 73.68 against the US dollar. Brent crude futures, the global oil benchmark, was trading 0.10 per cent lower at USD 47.83 per barrel. Foreign institutional investors remained net buyers in the capital markets as they purchased shares worth Rs 7,712.98 crore on Friday, according to provisional exchange data. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-80-million-valuation-doubles-to-800-million-for-the-just-two-year-old-startup/articleshow/79502864.cms">Kunal Shah’s CRED raises $80 million – valuation doubles to $800 million for the just two-year old startup</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-dr-reddys-indiabulls-housing-mm-tata-motors-bajaj-auto-maruti-hero-moto-pnb-and-others/articleshow/79502563.cms">Top stocks to watch — Dr Reddy’s, Indiabulls Housing, M&amp;M, Tata Motors, Bajaj Auto, Maruti, Hero Moto, PNB, and other</a>

Sensex, Nifty close at record high on recovery hopes, vaccine boost

(Eds: Combining related stories) New Delhi, May 8 () Amid a continuing rise in the number of people testing positive for COVID-19, the Union Health Ministry on Friday said people should "learn to live with the virus" while the nationwide tally of confirmed infections crossed 57,000 and the death toll neared 1,900. The ministry also reeled off various datasets, including those showing a rising number of infection-free districts and an increasing recovery rate, to suggest success of the government's strategy in the COVID-19 fight, even as it sought "a behavioural change" and everyone's support in this massive challenge. Maharashtra Chief Minister Uddhav Thackeray, however, admitted there has been no success yet in breaking the virus chain and said his government may seek deployment of central forces, if needed, to allow police personnel to take rest in phases. The state tops the nationwide tally for confirmed cases as well as deaths. A large number of new cases were reported during the day from various cities in Maharashtra and Tamil Nadu, while Uttar Pradesh, Karnataka, Andhra Pradesh and Odisha also reported rise in their tallies. However, Kerala and Himachal Pradesh reported only one fresh positive case each. The economic cost of the COVID-19 fight and the ongoing nationwide lockdown also appeared rising manifold with Moody's Investors Service projecting India's economic growth at zero per cent for the current fiscal. It also said that a high government debt, weak social and physical infrastructure, and a fragile financial sector face further pressures due to the coronavirus outbreak. According to experts, industrial and other business establishments may also face a huge labour shortage once they resume operations after the lockdown, which has been in place since March 25 and is scheduled to continue till May 17. Lakhs of migrant workers have either left for their native places or are in the process of doing so, including by trains and buses arranged by central and state governments. There are also worries that the virus spread may grow further in newer areas following these movements, while a large number of Indians stranded abroad have also begun returning home in special flights. During a press briefing on the COVID-19 situation, Health Ministry Joint Secretary Lav Agarwal said, "As we talk of relaxations to the lockdown and of migrant workers returning back to their respective homes, there is a big challenge in front of us that we also have to learn to live with the virus." "And when we are talking about learning to live with the virus then it is very important that the guidelines that are there on saving oneself from the virus are adopted in the community as a behavioural change," he said. It is a big challenge and the government needs the community support for it, Agarwal added. Delhi Chief Minister Arvind Kejriwal had also recently said the people will have to be ready to live with the novel coronavirus and that time has come to re-open the city. Agarwal said there has been a reduction in the doubling time of COVID-19 cases in the country from 12 days till two days ago to 10 now because of the spike in cases at some places, but asserted that the peak of the disease can be avoided if the prescribed do's and don'ts are followed. According to the daily morning update from the ministry, a total of 3,390 COVID-19 cases and 103 deaths were reported in the last 24 hours till Friday 8 AM, taking the total number of cases to 56,342 and death toll to 1,886. However, a tally of numbers reported by different states and union territories till 6.30 PM showed that nearly 57,500 have tested positive so far across the country. This marks an increase of nearly 5,000 since Thursday morning. Close to 17,000 COVID-19 patients have also recovered so far, giving a recovery rate of more than 29 per cent. The worldwide recovery rate has been hovering around 33 per cent for the past few days. Since its outbreak in China last December, more than 38.6 lakh people have been found to be infected with this virus, while over 2.7 lakh have lost their lives. Nearly 13 lakh people have recovered so far, including about 2 lakh in the US. In India, big urban centres across Maharashtra, Gujarat, Tamil Nadu, Madhya Pradesh and Delhi have been reporting large numbers of positive cases. While rising numbers were reported from Mumbai, Nashik, Thane and Aurangabad, among other places, in Maharashtra on Friday as well, Tamil Nadu saw its tally rising by 600 to cross the 6,000-mark while its death toll also rose to 40. On the outskirts of the national capital, Noida reported its first death while its tally of confirmed cases rose to 214. Gujarat reported 390 new cases, taking its tally to 7,403, while the death toll also rose to 449 with 24 more patients dying in the last 24 hours. Giving the district-wise situation of coronavirus cases, Agarwal said there are 216 districts in which no COVID-19 case has been reported till date. On May 1, the ministry had divided 733 districts in the country into three zones -- 130 in red, 284 in orange and 319 in green. Agarwal said 42 districts have had no fresh cases in the last 28 days while 29 districts have reported no new case in the last 21 days. Also, 36 districts have not registered any fresh cases in the last 14 days and 46 districts have had no fresh cases in the last seven days, he said. In Kerala, which reported one solitary case during the day, Chief Minister Pinarayi Vijayan said the state has flattened the COVID-19 curve. He also said the state needed to be careful to avoid another wave of the deadly virus but asserted it was ready to fight it in such an event. Among other people, several paramilitary personnel have also contracted the virus and one CISF official posted in Kolkata succumbed to COVID-19 on Friday. The number of active cases of the infection in the five paramilitary is more than 530, while thousands have been placed under preventive or clinical quarantine, officials said. A total of five paramilitary personnel have died so far of COVID-19, two each from BSF and CISF and one from the CRPF. Maharashtra's Health Minister Rajesh Tope said Mumbai should see a sharp decline in COVID-19 cases in the next 15-20 days. Separately, a panel of experts, formed to suggest ways to revive Maharashtra's economy, hit by the COVID-19 crisis and the resultant lockdown, submitted its report to the government during the day. Several states have been taking steps to shore up their resources, including by levying higher taxes on fuel and liquor. After Delhi, Andhra Pradesh and several others, Himachal Pradesh government has now decided to impose a 'corona cess' on liquor sales, while Puducherry Chief Minister V Narayanasamy also said the territorial administration was mulling imposition of special COVID-19 tax on liquor to wriggle out of the current fiscal crisis. The Madras High Court, however, ordered closure of liquor shops in Tamil Nadu a day after they were reopened, but allowed sale of liquor through online and door delivery till the end of the lockdown. The Supreme Court also asked states to consider non-direct contact or online sales and home delivery of liquor during the lockdown period to prevent the spread of coronavirus on account of crowding at the shops. Liquor shops were allowed to be opened in the third phase of the lockdown, which began on May 4, subject to compliance to social distancing and other guidelines issued by the government. PLB ASK ENM UD KIS JD AA NES MR DJI MNL ABA SJK PJT PD BJBJ

Hundreds more test positive for COVID-19; Health Ministry says 'learn to live with virus'

Arumugam Chinnaswamy set up his makeshift booth selling firecrackers in a Chennai neighbourhood a week ahead of <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali">Diwali</keyword>, the Hindu festival of lights, with great expectations of doing a brisk trade. Yet a week later, he has been forced to pack up more than half his stock in the hope he’ll have better luck next year. “Four years ago, I sold firecrackers worth 800,000 rupees (US$11,288) on the eve of Diwali alone. This year, the sales have not even been a quarter of that,” said Chinnaswamy, 65, painting a grim picture that will be recognised by many in the Indian fireworks industry. <a href="https://hp.teads.com/?utm_source=inread&amp;utm_medium=credits&amp;utm_campaign=invented%20by%20teads" target="_blank"></a> Chinnaswamy buys his firecrackers in Sivakasi, an industrial town in the southern Indian state of <keyword id="20154" type="LOCATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword> that produces more than 90 per cent of the country’s fireworks. Sivakasi’s dry climate has helped to make it the firework capital of <a href="https://www.scmp.com/topics/india" class="link-text">India</a> and many production facilities in the town have been in the business for close to a century. For the most part, the industry has resisted mechanisation and still deals in handmade products. Its 1,100-plus manufacturing units provide jobs for 800,000 mostly uneducated workers and its diligent labour force have earned the town the nickname of ‘Little <keyword id="6355311" type="LOCATION" weightage="20" keywordseo="japan">Japan</keyword>’. But this reputation is under threat, struggling under the weight of an anti-pollution campaign, regulatory uncertainty and the arrival of cheap black-market Chinese imports. Irregular monsoons and a slowdown-induced cash crunch have not helped matters either. Industry figures estimate the Diwali sales of India’s 80 billion-rupee firecracker industry took a 30 per cent drop this year. A TOXIC PROBLEM With pollution in Indian cities among the worst in the world, the government has come under pressure to do something about the nation’s toxic air – a problem that becomes more acute during Diwali due to the toxic fumes emitted when celebratory fireworks are set off. This Diwali, for instance, many areas in New Delhi recorded an Air Quality Index (AQI) of 999, the highest possible reading (the recommended limit is 60). That makes the fireworks industry seem like an easy target when it comes to meeting government air quality targets. Trouble began brewing in October last year when the Supreme Court banned the manufacture of traditional fireworks containing barium nitrate, a chief polluter. That decision put a rocket under the industry, as barium nitrate is cheap and is used in about 75 per cent of all firecrackers in India. Factories in Sivakasi responded with a four-month shutdown protest that decimated annual production levels by up to a third. Apparently realising it had overstepped the mark – and that enforcing the Supreme Court regulations would be next to impossible – the government stepped in to rescue the industry, offering its assistance in the manufacture of environment-friendly crackers containing fewer pollutants, but it was too little, too late. “The Supreme Court verdict was simply Delhi-centric with the vague idea of [cracking down on] urban pollution. It lacked any on-the-ground knowledge of the fireworks industry,” said Tamil Selvan, president of the Indian Fireworks Association, which represents more than 200 medium and large manufacturers. “Fireworks are low-hanging fruit for the anti-pollution drive as the industry is unorganised. Could the government or judiciary place a similar blanket ban on more pollution-causing industries like automobiles, plastics or tobacco?” asked Selvan. CHINESE COMPETITION The industry has also been hit by a flood of cheap Chinese firecrackers that are smuggled into the country on the black market. In September, the country’s federal anti-smuggling agency, the Directorate of Revenue Intelligence, cautioned various government departments that huge quantities of Chinese-produced firecrackers had reached Indian soil in the lead up to Diwali. But industry sources complain they have seen little action from the government to combat the problem. Legally, Indian manufacturers can neither import nor export firecrackers. The Indian firecracker industry is the second-largest in the world after <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>’s. Raja Chandrashekar, chief of the Federation of Tamil Nadu Fireworks Traders, a lobbying body, said low-end Indian-manufactured firecrackers such as roll caps and dot caps – popular among children – had struggled to compete with Chinese-made pop pops and throw bombs. “Despite our repeated complaints to government bodies, Chinese firecrackers find a way into India, particularly in the northern parts. This is severely affecting our business,” said Chandrashekar. While more Chinese fireworks might be entering India, the effect has been to undermine the industry, resulting in fewer sales overall. FIZZLING OUT? The Sivakasi fireworks industry faces other problems, too. Not least among these is the use of child labour, which had been rampant until a government crackdown a few years ago, and the practice of some factories to operate without proper licences and with questionable safety standards. But despite the darker aspects of the industry, its role goes beyond merely helping Diwali celebrations go with a bang every year. “The livelihoods of over five million people who are indirectly involved in the business, in areas such as trade and transport, depend on the survival of the industry,” said Chandrashekar. That survival looks increasingly in question. Dull sales of fireworks have been reported in major cities including New Delhi, Mumbai, Bangalore and Hyderabad, though exact numbers can be hard to come by due to the unregulated nature of the industry and unreliable numbers shared by manufacturers. So great has the resultant outcry been that some cynics even wonder whether the industry is struggling as much as it claims or whether it is part of a ploy by manufacturers to gain more government concessions and avoid any further crackdown. “These firecracker manufacturers lie through their teeth about the Diwali sales for self-serving motives such as tax avoidance. The overall business is healthy,” said Vijay Kumar, editor of the Sivakasi-based monthly magazine Pyro India News. “Though there was a 30-40 per cent shortage in annual production, all the manufactured products have been sold this year. No large stockpile is left with any manufacturer.” Still, regardless of the manufacturers’ motives, the result of the industry’s struggles has been that street sellers like Chinnaswamy have fewer fireworks to sell – and they are struggling even to sell those. Chinnaswamy says people are confused about the government’s anti-pollution drive and about what firecrackers are now legal and this has discouraged them from buying. Despite the government’s effort to promote “green crackers” he says these are too hard to come by to be a ready solution, at least for this year. “There was no clarity on what type of firecrackers, whether green crackers or otherwise, can be set off and at what time of the day. Many consumers even asked me whether or not the conventional firecrackers are totally banned while there was much misinformation floating about on social media,” said Chinnaswamy. Shaking his head, all he can do is hope that next year his Diwali goes with more of a bang.

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Adani to invest Rs 1.3 lakh crore in FY25 across its companies

PTI

NCLT approves IL&FS stake sale in GIFTCL to Gujarat govt

PTI

India's GDP growth may rebound to 5 pc in FY22, says Subbarao

PTI

US-Iran standoff to pull down Indian equities: ICICI Pru

PTI

Sensex, Nifty close at record high on recovery hopes, vaccine boost

PTI

Hundreds more test positive for COVID-19; Health Ministry says 'learn to live with virus'

PTI

The explosive truth about the link between Chinese fireworks and India’s dim Diwali

SCMP

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