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<ul><li><keyword id="19912128" type="General" weightage="20" keywordseo="chandra" source="keywords">Chandra</keyword> hit upon the idea to launch a TV channel after he saw big hotels showing CNN via satellite dishes during the Gulf War.</li><li><keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> was India’s first private TV channel and had pioneered many superhit TV shows, reality shows and kickstarted the careers of many media barons.</li><li>Chandra entered the infrastructure business and planned a hostile takeover of IVRCL which failed.</li><li>By the mid-2010s, his new ventures had piled up a huge debt which pushed him to sell stake in crown jewel, Zee.</li></ul>Remember Hum Paanch? <keyword id="20328693" type="General" weightage="20" keywordseo="zee-antakshari" source="keywords">Zee Antakshari</keyword>? Phillips Top 10? These shows, now shared around social media by nostalgia lovers, were the first taste of Hindi TV programmes for many millennials. The generation saw the country move away from one or two channels with very limited entertainment programming; with the entry of private companies into satellite programming, forcing Indians to buy TVs that needed remotes. The man who made this revolution possible was Subhash Chandra, a bright young man from Hisar. Born into an Agrawal Bania family, Chandra entered into business early in his life, and in the 70s before TV wasn’t around in India. After his family business fell into debt, he had to abruptly leave college, go back to Haryana and work on repaying debts. He started off running a pulse polishing mill with moderate success, but his fortunes improved as he supplied grains to Food Corporation of India (FCI). By late 80s and early 90s, he was exporting rice and soybeans to Russia, and had also started a packaging company. It was all running smoothly, until one election season he saw that politicians were renting out vans with projectors and screens for their roadshows. He later learnt that Five-Star Hotels owned satellite dishes and were telecasting CNN during the Gulf War. That’s when the idea of broadcasting content with ads in between came to him, he told Outlook Business in <a href="https://www.outlookbusiness.com/specials-34/secret-diary-of-an-entrepreneur_2018/live-in-the-present-dont-recount-and-regret-the-past-4353">Secret Diary of Subhash Chandra</a>. <div type="image" title="hum paanch twitter" msid="107136147" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X) &amp;lt;/p&amp;gt;"></div> The realm of reality TV As he went about it, he was laughed off by DD executives, who coolly told him that they employ hundreds of people and equipment worth thousands of crores. He then intended to lease a transponder in Hong Kong and broadcast from there. STAR’s Li Ka-shing was not so receptive to the idea of broadcasting business in India. After many twists and turns, he rented a transponder; and India’s got its first Hindi channel in the Star bouquet in 1992. Initially there was only three hours of programming, with reruns of old DD serials. But it soon branched<a href="https://www.livemint.com/Opinion/JV7xB6PWkkl5q2Glq8tT8K/The-zee-story-turns-20.html"> out with chat shows </a>like Chakravyuha. Many media barons like Ronnie Screwala who produced the chat show started their careers at Zee. Pritish Nandy also had a show on it called Fiscal Fitness. The hugely popular Aap Ki Adalat, which now airs on India TV, also debuted on Zee. Rajat Sharma, its popular interviewer, also expanded the group’s political vista. The Union Minister Smriti Irani was briefly a stringer for Zee News which was launched later by the group. She, however, also became the star of Star Plus’ super hit TV show Kyunki Saas Bhi Kabhi Bahu Thi in early 2000s. In addition to comedy shows, Zee diversified into drama shows like Neena Gupta starring Parampara in addition to <keyword id="20328692" type="General" weightage="20" keywordseo="zee-horror-show" source="keywords">Zee Horror Show</keyword>. Its hugely popular Antakshari show was hosted by stars like Renuka Shahane, Pallavi Joshi and Annu Kapoor. <div type="image" title="annu kapoor" msid="107136187" hostid="261" caption="&amp;lt;p&amp;gt;Source: Twitter (Now X)&amp;lt;/p&amp;gt;"></div> Bags of fan mail In spite of growing success, Chandra had to convince advertisers to shift from print and outdoor ads to TV advertising. He did it by lugging along bags of fan mail sent by viewers of his shows. By the time other players saw how valuable reaching all over India with Hindi shows was, he was miles ahead. He added more channels across movies, music in addition to news, across languages to his bouquet. By the time the world entered the new millennium, he had captured a large chunk of India’s eyeballs, not to mention hearts. The deal with Richard Li, son of Li Ka-shing also included an option to buy 25% stake in the venture within a year. By the time he realised it was good business, the option had long expired. Chandra refused to sell him the stake, took his company public, and the issue was subscribed 60 times over. The goatee-sporting man had become one of India’s first media barons and a billionaire. A failed hostile takeover By 2004, his media conglomerate was running steady, but Chandra, true to himself, was already hunting for the next big bet. The sector he chose was infrastructure. Back then, India was building roads, adding power generation as well as distribution assets, and setting-up ports and airports with a renewed fervour. Many small regional players like GMR and GVK became national companies after they won large-scale airport projects. It seemed like a good business. However, by the time Chandra entered it in 2008, the sector was showing signs of fatigue, due to credit crunch and more. Players were seeing the effects of adding heavy debt onto books. One such company was Hyderabad-based IVRCL which had a good set of projects, sizeable orderbook but was crushing under debt, in 2012. It was borrowing money for working capital purposes, and projects were moving ahead slower. Chandra believed that a hostile takeover of the company would catalyse its infra business which was executing a few highway projects. He went in and acquired a tad over 12% stake in the company when IVRCL too changed track. It stopped bidding for new projects, started monetising its projects and paring down its debt. Eventually Chandra had to sell off his stock at a loss. Takeovers are a high stakes game. Though the financials were never disclosed, the assumption, based on the company’s market cap at that time, he might have spent ₹200 crore on it. On the other hand, its own infrastructure business never scaled up later on, and continued to report deep losses for the next few years. It was a strategy gone wrong, as he later admitted in his open letter. Politics to pledging In 2016, Chandra made his political debut to become a Rajya Sabha MP representing BJP in Haryana. The close contest between him and the Congress candidate R K Anand was also interesting in other ways too. Chandra was declared winner after 14 votes were made invalid as they used the wrong pens. In 2022, Chandra changed his ‘native home <a href="https://www.newslaundry.com/2022/06/08/why-subhash-chandras-rajya-sabha-dreams-are-now-congresss-nightmares">town’ to Rajasthan</a> and filed his nomination as an independent candidate backed by BJP. He however accepted defeat after he fell short of over 40 votes. On the other end, his business was branching out into many businesses, with varying successes, soaking in capital. It entered financial services, acquired Peerless Mutual Fund, investment banking, private equity and much more. It went into education with a chain of K-12 schools, gold refineries in addition to related media businesses like Fun Cinemas and Dish TV. He also had plans for a wellness company. These expansions came at a cost, and a huge debt. The group soon had 87 operating companies which had straddled debt to the tune of ₹17,000 crore, as per estimates. How was so much money raised? The promoters had to pledge their shares in listed entities like Zee Entertainment, Dish TV, Zee Media Corporation, SITI Networks, <keyword id="19960022" type="General" weightage="20" keywordseo="zee-learn" source="keywords">Zee Learn</keyword> and Shirpur Gold refinery. Reports suggest that <a href="https://www.thequint.com/amp/story/news%2Fbusiness%2Fdoes-zee-news-need-a-commercial-bank-subhash-chandra#read-more">anywhere between 60-90% of their </a>shares in these companies were pledged with lenders in the mid-2010s. The chickens however came to roost in 2018 when the<a href="https://economictimes.indiatimes.com/markets/stocks/news/ilfs-crisis-spilling-beyond-finance-chandras-zee-feeling-the-heat/articleshow/67734787.cms?from=mdr"> NBFC IL&amp;FS bankruptcy spooke</a>d the markets, making it tough for him to rollover debt. The loss of crown jewel Soon, the promoters were forced to sell the stake that they had pledged. Zee’s promoter shareholding fell from 42% to a dismal 4% in its crown jewel, Zee Entertainment. In the meanwhile, its flagship Zee’s earnings also started dwindling, worrying analysts and investors; that led the market regulator to look into it. Between 2021 and 2023, its profits slid by 48%. In 2021, for the second time in two years, Chandra admitted to his mistakes that led to default. He announced <a href="https://economictimes.indiatimes.com/industry/media/entertainment/media/subhash-chandra-claims-91-debt-with-43-lenders-settled/articleshow/85007881.cms?from=mdr">that he had settled</a> 91% of his debts with 43 lenders. “I have no regrets for parting with a substantial ownership in the business and specially in the jewels of the crown,” he said in an open letter. Apart from the promoter crisis, the businesses were moving at a slow pace too. Satellite pay TV has become less attractive to viewers now used to streaming. Dish TV, owned by his brother, has been losing steam as well. Edtech is facing its own existential crisis. His digital ventures of Zee5 progressed but at a slow rate due to heavy competition. There are no updates on his plans for its metaverse venture, oddly named Maayaverse. On top of it, Zee’s plans to merge with Sony fell through, after two years of negotiations. Sony is also seeking a $90 million termination fee, which Zee intends to contest. That means more legal troubles, barely a year after it settled a dispute with J C Flowers, an asset reconstruction company. Chandra and his son Puneet Goenka are now part of a <a href="https://www.ndtv.com/india-news/sebi-subhash-chandra-punit-goenka-sebis-flowcharts-explain-how-zee-bosses-allegedly-faked-loan-recovery-4119857">probe by market regulator SEBI</a>, to see if money was siphoned off from the listed entities. That would be a tough spot to any businessman, let alone one who is devoid of crown jewels and without a seat in the parliament. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/webstories/subrata-roys-journey-from-lucknows-sahara-shahar-to-londons-grosvenor-house-to-tihar-jail/slidelist/105234003.cms">Subrata Roy’s journey from Lucknow’s Sahara Shahar to London’s Grosvenor House to Tihar Jail</a>

From A to Zee: Subhash Chandra’s spectacular rise and fall

<ul><li>Running against a deadline to repay a mammoth debt, Subhash Chandra has put Zee Entertainment Enterprise on the block.</li><li>The cash-strapped group is in conversation with five companies from Japan, US, Europe, and India, Chandra told the Economic Times.</li><li>Suitors are interested in buying a controlling stake in Zee, one of the largest media houses in the country.</li></ul>This may be music to the ears of the Essel Group's lenders. Chairman Subhash Chandra has revealed that five companies ranging from the west coast of the US to Europe, India, and as far east as Japan are in talks to pick up a stake in Zee Entertainment Enterprises. The Chairman of Essel Group <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/objective-is-to-repay-everyones-money-and-that-too-happily-says-essel-group-chairman-subhash-chandra/articleshow/68983331.cms" data-type="tilCustomLink" target="_blank">told the Economic Times</a> that non-binding term sheets will be ready latest by first week of May. "You might get surprised with the names," he added. Subhash Chandra, with a net worth of $2.5 billion as of March 2019 <a href="https://www.forbes.com/profile/subhash-chandra/#371a82d8be6f" data-type="tilCustomLink" target="_blank">according to Forbes</a>, was one of the country's leading industrialists before the sky came crashing down. Some wrong bets, which he was not willing to let go in good time, led to significant pile up in group debt. Now, he has time till September 30 to repay its dues. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/313336"></div>
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 The market was abuzz with rumours that one of the suitors was Sony before it pulled out. Chandra did not confirm or deny the specualtion, and instead said, "I would maintain the same stance. One really can’t say anything at this stage." Zee Entertainment, run by Chandra's sons Punit and Amit, has 76 channels reaching 1.3 billion viewers in 173 countries. Is Chandra willing to give up control of Zee, or will he sell a smaller stake? "It all depends on the respective business preferences of the shortlisted players. It is (more) complicated than it seems and we will collectively arrive at a decision which is best suited for the company and for its stakeholders," Chandra said. NOT JUST ZEE The Essel Group has interests in amusement parks, packaging, infrastructure, a cruise business under the brand Jalesh and lotteries. Stakes in almost all these businesses are on the block. "If you look at the sale of assets of our infra business, I believe it will be completed between July and September. With that ₹15o-160-billion debt of operating companies and ₹3,000 crore of corporate debt will get cleared off. So overall about Rs 200 crore of debt will easily get wiped off. Rest will be taken care of by the stake sale in Zee," Chandra said. SEE ALSO: <a href="https://www.businessinsider.in/zee-group-buys-time-to-sell-assets/articleshow/67826362.cms" data-type="tilCustomLink" target="_blank">Zee group buys time to sell assets</a> <a href="https://www.businessinsider.in/indias-lehman-moment-seems-closer-as-top-mutual-funds-defer-dues/articleshow/68831689.cms" data-type="tilCustomLink" target="_blank">India's 'Lehman moment' seems closer than ever as top mutual funds defer dues to investors</a>

Zee Entertainment has five companies from Japan, Europe, US, and India vying for a stake: Subhash Chandra

If you’re a cricket crazy Indian, count till December. In a nerve thrilling cricket series, India would take on its immediate neighbour and a tough rival in the gentleman’s game, Pakistan. Both the nations believing cricket series to be a key to unlock the path to peace are keen on the game-treaty. Proof being, <keyword id="43712" type="ORGANIZATION" weightage="20" keywordseo="Pakistan-Cricket-Board">Pakistan Cricket Board</keyword> <keyword id="6369681" type="POSITION" weightage="20" keywordseo="chief">chief</keyword> <keyword id="273629" type="PERSON" weightage="20" keywordseo="Shahryar-Khan">Shahryar Khan</keyword> <keyword id="2850931" type="POSITION" weightage="20" keywordseo="meeting-finance-minister">meeting finance minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> yesterday to discuss the same. 
 Anurag Thakur, the <keyword id="44284" type="POSITION" weightage="20" keywordseo="Secretary">secretary</keyword> of the <keyword id="81008" type="ORGANIZATION" weightage="20" keywordseo="Board-of-Control-for-Cricket-in-India">Board of Control for Cricket in India</keyword> (<keyword id="6354756" type="CITY" weightage="20" keywordseo="BCCI">BCCI</keyword>) told The Economic Times that there is no final commitment yet and that these are just initial talks. Thakur had also met Khan in Delhi yesterady. 
 As per the news report published in the ET, a few <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> MPs had raised objections to a proposed India-Pakistan series. Modi had told his party men at a BJP parliamentary party meeting on Tuesday that the government has taken a decision to start a cricket series between the two countries to improve relations. 
 PCB chief Khan had said earlier this week, after a meeting with Indian cricket board president <keyword id="82274" type="PERSON" weightage="20" keywordseo="Jagmohan-Dalmiya">Jagmohan Dalmiya</keyword>, that Pakistan was ready to host India in the UAE in December. 
 A <keyword id="160569" type="POSITION" weightage="20" keywordseo="senior-official">senior official</keyword> told the financial daily that the home ministry had been broached for its views on the prospect of holding a India-Pakistan cricket series in the UAE and has conveyed that since the series is proposed in a third country, it falls outside the MHA remit. The <keyword id="6354852" type="POSITION" weightage="20" keywordseo="official">official</keyword> said MHA view is that this is "purely a ministry of external affairs matter as it concerns international relations". "Had the series been proposed in India, we would have surely done a domestic assessment of the same considering the security scenarios. But a series in a third country is purely in the domain of the MEA. This has been conveyed by us," said a <keyword id="1735963" type="POSITION" weightage="20" keywordseo="senior-home-ministry-official">senior home ministry official</keyword>, on condition of anonymity. 
 
The December series is likely to have three Tests, five ODIs and two T20 matches. Khan, however, was quoted as saying that there was one more hurdle to overcome. 
 A <keyword id="306885" type="POSITION" weightage="20" keywordseo="senior-BCCI-official">senior BCCI official</keyword> said Khan was referring to differences between the two boards on broadcast rights as PCB has an association with Ten <keyword id="6356028" type="COMPANY" weightage="20" keywordseo="Sports">Sports</keyword>, owned by <keyword id="2850930" type="PERSON" weightage="20" keywordseo="Subhash-Chandra-run">Subhash Chandra-run</keyword> Zee group. Chandra has been in the news for trying to set up a rival cricketing league and BCCI does not approve of PCB's association with Ten.

India might play cricket with
Pakistan in December. But there might
be a spoiler ahead

New Delhi, Feb 26 () Labour Minister Santosh Gangwar on Wednesday laid the foundation stone of a 100-bedded Employees' State Insurance Corporation (ESIC) hospital at Kakinada in Andhra Pradesh. Gummanur Jayaram, Minister for Labour &amp; Employment, Training &amp; Factories, Andhra Pradesh was the chief guest of the function and Vanga Geetha Viswandh, MP, Kakinada presided the function, Labour Ministry said in a statement. Besides, Pilli Subhash Chandra Bose, Deputy Chief Minister and Minister for Revenue, Stamps &amp; Registration, Andhra Pradesh was also present on the occasion. Gangwar talked about the various initiatives taken by the government to provide better care and services to workers. He also informed about reduction in contribution rates under Employees State Insurance Scheme, implementation of Atal Bimit Vyakti Kalyan Yojana, among others. The hospital will be built over 7 acres area with an estimated cost of Rs 101.54 crore. It will consist of G+2 levels, including residential campus and will be equipped with all modern medical facilities like OPD, wards, labs and emergency facility. The hospital is expected to be completed in two years. After construction, it will be handed over to the state for running it. The hospital will help in catering to the needs of Kakinada and Yanam that currently have over 65,000 IPs (insured persons) and over 2 lakh beneficiaries, the statement said. KKS RVK

Gangwar lays foundation stone of 100-bedded ESIC hospital in Kakinada

(Eds: Adding details) New Delhi, May 28 () Finance Minister Nirmala Sitharaman on Thursday reviewed the state of the economy at the meeting of the Financial Stability and Development Council (FSDC), in view of disruptions caused by the COVID-19 pandemic. This was the first meeting of the FSDC, the apex body of sectoral regulators headed by the finance minister, since the coronavirus outbreak. The 22nd meeting of the council, held via video conferencing, assumes a greater significance considering that the economy is expected to contract by 5 per cent by some estimates amid the virus crisis. The FSDC, which also comprises RBI Governor and other financial sector regulators, underlined the need to continue with measures to address the liquidity and capital requirements of the financial sector. Among the issues discussed were: the current global and domestic macro-economic situation; financial stability and vulnerabilities; challenges likely to be faced by banks and other financial institutions; regulatory and policy responses; solvency matters of financial firms, etc, according to a finance ministry statement. Besides, market volatility, domestic resource mobilisation and capital flows issues were also discussed by the council, it said. The council noted that the COVID-19 pandemic crisis poses a serious threat to the stability of the global financial system as the ultimate impact of the crisis and the timing of recovery is uncertain at this point of time, it said."While, decisive monetary and fiscal policy actions aimed at containing the fallout from the pandemic have stabilised investor sentiment in the short-run, there is a need to keep a continuous vigil by the government and all regulators on the financial conditions that could expose financial vulnerabilities in the medium and long-term," the ministry said. The statement further said that the efforts of the government and regulators are focused on avoiding a prolonged period of dislocation in financial markets. The RBI last week said the impact of COVID-19 is more severe than anticipated and the GDP growth during the current financial year is likely to remain in the negative territory. It projected some pick-up in growth impulses from the second half (October-March) of 2020-21 onwards. The council also reviewed the action taken by members on the decision taken by the FSDC earlier. The council took note of the initiatives taken by the government and the regulators in the recent months to help revive the economy. The government and the RBI have announced various fiscal and monetary measures to pre-emptively limit the economic damage and would continue to address the liquidity and capital requirements of the financial institutions. Earlier this month, the government announced about Rs 21 lakh crore stimulus package to help the nation tide over the economic crisis induced by the coronavirus and the lockdown to curb its spread. The mega economic package includes the Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures. Sitharaman had announced this economic package in five tranches, which included a Rs 3.70 lakh crore support for MSMEs, Rs 75,000 crore for NBFCs and Rs 90,000 crore for power distribution companies. Besides, free foodgrains to migrant workers, increased allocation for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), tax relief to certain sections and Rs 15,000 crore allocation to the healthcare sector to deal with the pandemic, were also announced as part of the economic package. Besides the RBI governor, SEBI chief Ajay Tyagi, IRDAI chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo and PFRDAI chairman Supratim Bandyopadhyay were present in the meeting. Economic Affairs Secretary Tarun Bajaj, Revenue Secretary Ajay Bhushan Pandey, Financial Services Secretary Debasish Panda and other top officials of the finance ministry also attended the meeting. DP MKJ

FM chairs FSDC meeting, takes stock of economy amid COVID-19 crisis

<ul><li>On Friday, the Central Statistics Office (CSO) in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> stated that the Indian economy has grown by 8.2% during <keyword id="6846461" type="UNKNOWN" weightage="20" keywordseo="Q1-2018">Q1 2018</keyword>. </li><li>While this may make India the <keyword id="104231" type="PERSON" weightage="20" keywordseo="fastest-growing-economy">fastest growing economy</keyword> in the world at present, the added benefits of a growing economy are not at par with that pace. </li><li>That being said, the growth numbers for India has resulted in a stronger rupee since the markets opened today morning.</li></ul>While the International Monetary Fund may have <a href="https://www.businessinsider.in/why-the-imf-revised-indias-growth-projection-and-why-it-doesnt-matter/articleshow/65024850.cms">revised</a> its estimates for India’s growth this year, the Central Statistics Office (CSO) <a href="https://www.bloomberg.com/news/articles/2018-08-31/india-s-economic-growth-continues-world-beating-pace-at-8-2">announced</a> that the Indian economy grew by 8.2% between the months of April to June. This puts India at the helm as the world’s fasting growing economy beating China’s top spot., which witnessed a growth of 6.7%. The Finance Minister tweeted that the reforms put in place by government as well as the fiscal prudence shown by the regulators that are allowing the economy to grow even in the midst of global turmoil. That being said, overtaking China might have a lot to do with the ongoing <a href="https://www.businessinsider.in/indian-products-can-be-more-competitive-in-the-shadow-of-the-us-china-trade-war/articleshow/65294615.cms">trade war</a> between the Asian nation and the United States. 
	
	<div type="twitter" handle="arunjaitley" handlename="Arun Jaitley" image="http://pbs.twimg.com/profile_images/378800000828197225/f1d53aeab8f0534c7d73b0fbd5651130_normal.png" favoritecount="13245" retweetcount="3372" status="India’s GDP for the first quarter this year growing at 8.2% in otherwise an environment of global turmoil represent… https://t.co/1aVLJCOifl" createdat="1535725757000" id="1035534996877049856"></div>





 
	
	<div type="twitter" handle="arunjaitley" handlename="Arun Jaitley" image="http://pbs.twimg.com/profile_images/378800000828197225/f1d53aeab8f0534c7d73b0fbd5651130_normal.png" favoritecount="3314" retweetcount="596" status="Reforms and fiscal prudence are serving us well. India is witnessing an expansion of the neo middle class." createdat="1535725836000" id="1035535329036525569"></div>





 The Economics Affairs Secretary, Subhash Chandra Garg, stated that India seems to be on track in its goal of meeting more than 7.5% growth for FY2018-19. 
	
	<div type="twitter" handle="SecretaryDEA" handlename="Subhash Chandra Garg" image="http://pbs.twimg.com/profile_images/893364676943241217/sYceriFF_normal.jpg" favoritecount="338" retweetcount="83" status="Excellent growth performance in I qrtr. 8.2% overall growth, 13.5% growth in manufacturing and over 10% in capital… https://t.co/0MGgQHxxWh" createdat="1535723306000" id="1035524719074635776"></div>





 The driving forces behind this growth are the country’s manufacturing and the consistent increase in the demand of consumption goods. A report <a href="https://www.businessinsider.in/local-phone-manufacturing-saves-india-3-trillion-through-make-in-india/articleshow/65517201.cms">published</a> by the Indian Cellular and Electronics Association (ICEA) analysed that the import substitution of cell phone manufacturing results in saving of ₹3 trillion for India. Growth without the benefits The main benefits of a growing economy, in theory, are employment generation, higher living standards, stimulating new investments, and a greater fiscal dividend. But the fact of the matter is that despite growth, the positive externalities are yet to present themselves. It’s not that jobs aren’t being created or that investments aren’t increasing, but their pace is at parity with the growth trajectory. The most recent report by the<a href="https://www.businessinsider.in/indias-wage-growth-significantly-trails-economic-growth-says-the-ilo/articleshow/65488218.cms"> International Labour Organisation (ILO)</a> highlights how India’s growth hasn’t been inclusive with a gaping rural-urban divide as well as a gender-wage inequality. And, speaking of <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword> (FDI), while there has been a steady increase, it’s important to remember that it’s largely <a href="https://www.bloombergquint.com/opinion/2018/05/18/where-is-all-the-fdi-into-india-really-coming-from-and-going-to#gs.hYSow9Y">due to</a> ‘preferential’ tax treaties between India and countries like Mauritius and Singapore. The top three sectors to gain from FDI have been services, telecommunications and computer services. While long-term benefits are yet to pick their pace, in the short run we can see that the rupee has already <a href="https://www.livemint.com/Money/PzIU47dwgmmKyIS2L8WdDP/Rupee-strengthens-against-US-dollar-after-GDP-beats-estimate.html">strengthened</a> against the dollar since the news of India’s growth broke on Friday. It has increased to trading at ₹70.84 a dollar from ₹71 a dollar at market opening on Monday.

India overtakes China to become the world’s fastest growing economy in Q1 2018

Amidst the controversy of preferential treatment meted out to Parliamentarians, aviation regulator Directorate General of Civil Aviation (<keyword id="6354787" type="ORGANIZATION" weightage="40" keywordseo="DGCA">DGCA</keyword>) and debt-ridden <keyword id="2573" type="CITY" weightage="40" keywordseo="Air-India">Air India</keyword> have failed to respond to a <keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">RTI</keyword> query regarding free air travel of MPs, the airline’s board directors, employees and their family members, which was filed earlier this year. 
 The <keyword id="6390205" type="ORGANIZATION" weightage="20" keywordseo="Central-Information-Commission">Central Information Commission</keyword> (CIC) has now directed the national carrier and DGCA to respond to the RTI application immediately. 
	 

	“The Commission directs respondents from Air India and DGCA to provide information to the appellant as sought by him in his RTI application dated 19 February 2014 as per the provisions of the RTI Act, within 2 weeks of the receipt of this order, under intimation to the Commission,” directed CIC in its order. 
	 

	“The Commission directs Public Information Officer (PIO), Air India Limited, Properties &amp; Services Department, Mumbai and PIO, Directorate General of Civil Aviation (DGCA), New Delhi to submit written submission, latest by 10th October, 2014, to show cause why penalty should not be imposed on them under Section 20 (1) of the RTI Act, for not providing information within the prescribed period under the RTI Act,” CIC added in its order. 
	 

	Subhash Chandra Agrawal, who had filed the RTI, had sought complete information on the guidelines that defined ‘family members’ and the estimated annual cost incurred by Air India on such free air-travel facilities. 
	 

	“I had asked for information on the objections received against preferential treatment for Parliamentarians in public and private sector, particulars about public-sector airlines for special handling of Parliamentarians, copy of minutes of meetings of the committee on violation of protocol-norms and contemptuous behaviour of government-officers with members of the Lok Sabha at DGCA along with other details in my RTI. However, I did not receive any reply from their end,” said Agrawal. 
	 

	Typically, a state-run agency is bound to respond to a RTI query within the stipulated time-period of 30 days of the application.

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