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New Delhi, Dec 2 () The Delhi government has maintained a revenue surplus over the last five years, a CAG audit report on state finances tabled in the Assembly on Monday said.
 The audit report by the Comptroller and Auditor General (CAG) for the year ended March 2018 noted that tax revenue and non-tax revenue also registered an increase of 14.70 per cent and 101.05 per cent respectively over the previous year.
 The report was tabled in the House by Deputy Chief Minister Manish Sisodia.
 "The government of National Capital Territory of Delhi (GNCTD) has maintained a revenue surplus over the last five years from 2013-14 to 2017-18," it stated.
 The grants in aid received by Delhi from the Centre decreased from Rs 2,825 crore (2016-17) to Rs 2,184 crore (2017-18). This included grants from Centre in lieu of share in central taxes which has remained stagnant at Rs 325 crore since 2001-02 although the central tax collections have grown substantially since 2001-02, the report pointed.
 Delhi government led by Chief Minister Arvind Kejriwal has been consistently demanding that the Centre raise its share in central taxes.
 The Delhi government till March 31, 2018 had invested Rs 19,173 crore in statutory corporations, rural banks, joint stock companies and co-operatives on which it received 0.8 per cent return. However, it paid interest at an average rate of 8.58 per cent on its borrowings during 2017-18.
 The report also pointed to slow recovery of loans disbursed by it to municipal corporations, Delhi Transport Corporation(DTC) and Delhi Jal Board.
 "Against loans amounting to Rs 26,620.04 crore disbursed to Delhi Jal Board during 1998-2018, Rs 351.16 crore was repaid leaving Rs 26,268.89 crore outstanding as on March 31, 2018. DTC that was disbursed Rs 11,837.69 crore during 1996-2011, paid Rs 161.55 crore til March 31,2018.
 The three municipal corporations-North, East and South Delhi Municipal Corporations- had outstanding loans of Rs 2,037.54 crore, Rs 1,395.90 crore and Rs 381.45 crore, respectively, till March 31, 2018, stated the report.
 As per the <keyword id="384220" type="ORGANIZATION" weightage="20" keywordseo="CAG-report">CAG report</keyword> the overall fiscal liabilities of Delhi government were Rs 33,569 crore in 2017-18. The fiscal liabilities were 4.89 per cent of gross state domestic product (GSDP), 86.81 per cent of revenue receipts and 92.01 per cent of Delhi's own resources. The fiscal deficit of Rs 1,051 crore in 2016-17 turned to fiscal surplus of Rs 113 crore in 2017-18 and stood 0.02 per cent of GSDP, it added.
 The report also underlined "substantial delays" in submission of utilisation certificates by various grantee institutions, fund surrenders involving Rs 1,249.81 crore, in 2017-18, it said.
 The report noted significant amounts of expenditure and receipts booked under "other" categories, affecting "transparency" in financial reporting. VIT RT

Delhi govt maintained revenue surplus over last five years: CAG report on state finances

New Delhi, Feb 19 () State-owned Hemisphere Properties India Ltd's board has approved issuance of shares to Tata Communications under an agreement between them in connection with transfer of surplus land during the disinvestment of erstwhile VSNL in 2002. Hemisphere Properties India is a special purpose vehicle and custodian of 773.13 acre land that was owned by then state-owned telecom firm VSNL. "HPIL at its board meeting held on February 18, 2020 has approved allotment and issue of shares to the shareholders of the company as on record date, September 18, 2018, as defined in the scheme in the ratio of 1:1," Tata Communications said in a regulatory filing on Wednesday. In February 2002, the government sold majority stake in VSNL, now known as Tata Communications. At the time of disinvestment, VSNL's 773.13-acre of surplus land in four cities -- Pune, Kolkata, New Delhi and Chennai -- was kept out of the disinvestment process. These land parcels were then transferred to HPIL. VSNL had a total of 1,230.13 acres of land. In 2005, HPIL was set up under the telecom ministry to execute the transaction related to the surplus VSNL land. Under the proposed scheme, HPIL had to issue fully paid-up equity to shareholders of Tata Communication in the ratio of 1:1. This issuance has now been approved by the HPIL board. PRS RAM

HPIL board approves allotment of shares to Tata Communications

New Delhi, Nov 18 () Finance Minister Nirmala Sitharaman on Monday said transfer of surplus reserves from the Reserve Bank of India (RBI) to the government in future will depend on net income and other financial parameters of the central bank besides the recommendations of the expert committee on excess capital.
 The surplus distribution policy of RBI is determined in accordance with section 47 of the RBI Act, 1934, Sitharaman said in a written reply to Lok Sabha.
 "The quantum of surplus transfer to the government in the coming years would depend on RBI's net income, 'required realized equity' as a per cent of RBI's balance sheet and 'available realized equity' as a per cent of RBI's balance sheet in the coming years, and shall be governed by the legal provisions of the RBI Act, 1934 read with the recommendations of the committee as accepted by RBI," Sitharaman said.
 The central board of the RBI, in its meeting in November 2018, in consultation with the government had decided to constitute an expert committee under the chairmanship of former RBI governor Bimal Jalan to suggest an adequate level of risk provisioning that RBI needs to maintain.
 The committee, formed on December 26, 2018, was tasked to propose a suitable surplus distribution policy taking into account all the likely situations of the RBI.
 The finance minister was replying to a question asked by Gopal Chinnaya Shetty if the issue of surplus reserves of RBI was resolved as per the suggestions of the Jalan committee and whether in future the government was likely to get additional dividend from RBI as per the recommendations of the said committee.
 The Bimal Jalan expert committee had submitted its report to RBI on August 14, 2019.
 The central board of RBI, in its meeting on August 26, 2019, had accepted all the recommendations of the committee and finalised RBI's accounts for 2018-19 using the revised framework to determine risk provisioning and surplus transfer.
 "The transfer of surplus to the government for the year 2018-19, ended June 30, 2019 was made in accordance with the recommendations of the committee and accordingly a sum of Rs 1,75,987 crore was transferred by RBI to the government," the minister said in the lower house.
 The transfer of reserves comprised Rs 1,23,350 crore of surplus for 2018-19, of which Rs 28,000 crore was already paid as interim dividend on March 28, 2019, and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF), Sitharaman said. KPM RVK

Transfer of surplus money from RBI in future to depend on income, expert panel suggestions: FM

India may become a power surplus country in the current fiscal as the energy shortage and peak power deficit was already less than 1 per cent in April with many states reporting nil electricity deficits, according to PTI news report. According to Central Electricity Authority's latest monthly report for April, the energy shortage in the country is reported at 0.5 per cent during the month compared to 1.4 per cent a year ago. In April, the energy shortage was as low as 0.1 per cent each in Western, Southern and Eastern region. However the Northeastern region has reported energy shortage of 4.5 per cent. It was 1.5 per cent in the Northern region. Peak power deficit too has reduced to 0.8 per cent across the country in April this year. It was recorded at 0.1 per cent each in Southern, Eastern and Western regions. However, the Northeastern region reported a peak power deficit of 2.2 per cent in April. It was 1.8 per cent in Northern region. As per the Power Ministry data, many states have reported nil energy shortage and peak power deficit in April this year. These states include <keyword id="43945" type="COMPANY" weightage="20" keywordseo="Chhattisgarh">Chhattisgarh</keyword>, Gujarat, Haryana, Karnataka, Madhya Pradesh, Odisha, Punjab, Sikkim and Tripura, <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword>. There are other states where energy shortage (ES) and peak power deficit (PPD) has been up to 1 per cent in April. They are: Andhra Pradesh, Delhi, Himachal Pradesh (PPD zero), <keyword id="6360371" type="COMPANY" weightage="20" keywordseo="Jharkhand">Jharkhand</keyword> (PPD zero), Maharashtra, Meghalaya (ES zero), Puducherry, <keyword id="20154" type="ORGANIZATION" weightage="20" keywordseo="tamil-nadu">Tamil Nadu</keyword>, Telangana (ES zero), Uttarakhand (PPD zero). Uttar Pradesh, where <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> recently won elections with a thumping majority, reported an energy shortage of just 1 per cent in April from 14 per cent level a year ago. Besides, the peak power deficit was down to zero. According to the load generation balancing report of the Central Electricity Authority for 2017-18, India would become power surplus nation. It said, "All India power supply position indicates that the country is likely to have a peak surplus of 6.8 per cent and energy surplus of 8.8 per cent." It also said that surplus energy is anticipated in the order of 7.4 per cent, 13 per cent, 9.8 per cent and 3.0 per cent in the Southern, Western, Northern and North-Eastern Regions respectively. However it said that the Eastern region is likely to face minor energy shortage of 0.2 per cent which can be mthrough surplus power in other regions. It has also said that the peaking surplus is likely to prevail in all the regions-- Northern, Western, Southern, Eastern and North-Eastern regions to the tune of 6.7 per cent, 17.2 per cent, 1 per cent, 10 per cent and 2.7 per cent respectively.

No more power cuts from 2018?

New Delhi, Jan 31 () Agriculture crop residue burning as well as construction and demolition waste continues to be major concerns, the Economic Survey said on Friday adding that Delhi's public-private-partnership model in construction-related waste management should be replicated by other states and cities.
 Emphasising on the need to use recycled products in construction, the Survey lauded the Delhi public-private-partnership (PPP) model in construction and demolition (C&amp;D) waste management as it supports the Swachch Bharat Mission and supporting the Sustainable Development Goals.
 "Burning of agricultural residues, leading to rise in pollutant levels and deterioration of air quality, is still a major concern though the total number of burning events recorded reduced due to various efforts taken," the Survey said.
 However, continuation of this practice by farmers is reported every year starting winter and serious concerns about its impact on air quality are raised, it said.
 About 178 million tonnes of surplus crop residues are available in the country. Burning of these residues leads to rise in pollutant levels and deterioration of air quality.
 Varieties of surplus crop residues are burnt especially in northern States of Punjab, Haryana, Uttar Pradesh and Rajasthan depending on the agro-climatic region.
 However, about 50 per cent of all crop residue burnt in the country are residues of rice crop. Emission pollutants released due to burning depends on the type of crop residue.
 Unscientific disposal of C&amp;D waste is one of the key contributors to the air and water pollution, the Survey said and added the annual consumption of construction materials (sand, soil and stone) in India is estimated to be 3,100 million tonnes.
 As per a study conducted by IIT Kanpur in 2015, C&amp;D is a key contributor towards particulate matter emissions in Delhi. Therefore, investing in a circular economy driven approach in C&amp;D waste management should have large payoff in terms of avoiding health and environmental damage, it added.
 A C&amp;D recycling facility in Delhi was set up in 2009 by Municipal Corporation of Delhi and IL&amp;FS Environmental Infrastructure and Services Ltd at Burari to address the waste generated during Commonwealth Games preparations.
 Since then, the Burari facility along with two other C&amp;D recycling facilities in Delhi are together recycling over 2,650 tonnes per day C&amp;D waste. All three Delhi plants have together processed over 5 million tonnes C&amp;D waste. LUX DRR

Stubble burning, construction waste still major concerns: Survey

New Delhi, Dec 13 () India exported about 37 lakh tonne of sugar in the 2018-19 marketing year ended September to clear the surplus stock, the government told the Rajya Sabha on Friday.
Union minister Danve Raosaheb Dadarao said sugar mills were advised to export sugar as per their MIEQ (Minimum Indicative Export Quota) allocation.
"With a view to evacuate surplus sugar from the country, mill-wise MIEQ of 50 lakh tonne of sugar for export in the 2018-19 sugar season (October 2018 to September 2019) was fixed," the Minister of State for Food and Consumer Affairs said in a written reply.
Against the allocated quantity for 2018-19, about 37 lakh tonne has been exported, he added.
The minister said there was no compulsion on the mills to export sugar and they were free to export the commodity as per their commercial decision.
In view of the huge carryover stock of sugar and estimates of surplus output in the current sugar season, the government has allocated mill-wise Maximum Admissible Export Quantity (MAEQ) of 60 lakh tonne of the sweetener to the mills for export in 2019-20, Dadarao said. 
 Industry body ISMA recently said sugar production fell 54 per cent during October-November to 18.85 lakh tonne due to sharp decline in output in Maharashtra where cane crushing started late.
Last month, ISMA said the sugar output is estimated to fall 21.5 per cent to 26 million tonne in the current 2019-20 marketing year. It reported an opening stock of 14.58 million tonne of sugar as on October 1. MJH MJH ANU
ANU

India exported 37 lakh tonne sugar in 2018-19 marketing year

New Delhi, Dec 27 () Higher education institutions should be allowed to invest their surpluses in a wider range of asset classes, industry body Ficci has suggested to the finance ministry.
 In its pre-Budget recommendations to the ministry, the body said allowing university endowments to invest in alternative investment funds and other asset classes will bring in greater transparency and better governance practices in the system.
 With the evolving need for a knowledge economy along with internationalization and massive human capital, the higher education sector in India is set to witness a host of reforms, it said in a statement on Friday.
 The operating revenue generated by higher education institutions in India is estimated to be upwards of Rs 1 lakh crore.
 This would, it said, constitute around 20 per cent of the overall size of charitable institutions, in which the total operating expenditure is estimated to be around Rs 5 lakh crore as of 2017-18.
 "Clearly, there is a significant surplus being generated in the higher education system annually. It amounts to around Rs 15,000 crore," it added.
 However, there are constraints around investing surplus funds generated in the higher education system in India.
 Currently, these funds are invested in real estate and there are transparency issues in these investments, it said.
 "Globally, higher education institutions have been investing in various asset classes such as domestic and foreign equity, alternative investment funds, real estate, and infrastructure investment trusts to generate additional income," it said.
 These investments have generated higher returns and have contributed to the growth of endowment funds of these institutions, the industry chamber said. RR ABM
ABM

Higher education institutions should be allowed to invest surpluses in more asset classes: Ficci

New Delhi, May 5 () The government on Tuesday night hiked the excise duty on petrol by steep Rs 10 per litre and that on diesel by Rs 13 a litre. The hike in duty has taken away gains from falling global crude oil prices. Last month, benchmark Brent crude oil dropped to as low as USD 18.10 per barrel - the lowest since 1999, as coronavirus wiped away demand, creating large surpluses around the globe. Prices have since rebounded to around USD 28 a barrel. ANZ MRMR

Govt hikes excise duty on petrol by Rs 10/L, diesel by Rs 13/L

New Delhi, Jan 17 () Successful disinvestment of Bharat Petroleum, Container Corporation of India and Shipping Corporation will lay the foundation of a much ambitious programme for stake sale in the central public sector undertakings, Former Finance Secretary Subhash Chandra Garg said on Friday.
 From the perspective of non-tax income and receipts, 2019-20 will be an eventful year witnessing some extra-ordinarily positive events and a few misses, Garg said in a blog.
 "Initiation of strategic stake sale in BPCL, CONCOR and SCI was a path-breaking measure and if carried to its logical end, privatisation agenda, stalled for last more than 15 years, would come back on track. 
 "These three transactions would lay foundation for a much more ambitious programme of disinvestment of central public sector undertakings," he said.
 The former finance secretary also noted that if this larger and more ambitious programme of strategic disinvestment can be announced, company by company in the Budget 2020-21, it would send very clear and positive message.
He pointed out that another extremely positive outcome for the government was the receipt of extra-ordinarily large surplus transfer from the RBI.
The government received about Rs 1.5 lakh crore, which was higher than the transfer received in the last three years together. 
 "It is unlikely to continue in 2020-21, but if the RBI does not end up retaining any part of surplus in 2020-21 distribution, the government can expect to get about Rs 90,000 crore. 
 "If RBI retains, it might be about Rs 10,000 crore less," he said. BKS CS MKJ

Successful disinvestment of BPCL, CONCOR to lay foundation for much bigger stake sell programme: Garg

New Delhi, Mar 31 () GCMMF, which sells dairy products under the Amul brand, expects demand for its milk to decline by 10-12 per cent as hotels and restaurants have closed after the nationwide lockdown, while procurement of milk from farmers has increased by 15 per cent. Mother Dairy and Parag Milk have also witnessed fall in demand in absence of institutional sales, but they hope that some of it could be compensated by rise in household consumption.India is the leading milk producer in the world with an annual output of around 190 million tonne.When contacted, Gujarat Cooperative Milk Marketing Federation (GCMMF) MD R S Sodhi said the demand for milk had gone up to 155 lakh litre per day due to panic buying from an average 140 lakh litre of sales per day. "Last week, our sales fell by 30 cent from the average 140 lakh litre per day. But again it has risen. Now the gap is 18 per cent and demand will further improve," he told .Sodhi said the cooperative expects demand to fall by 10-12 per cent due to closure of hotels, restaurants and cafeterias.On the other hand, he said the procurement of milk from dairy farmers has increased 15 per cent with tea shops and sweet makers not buying milk from them and the surplus going to GCMMF.''We have hired 2-3 plants to process these surplus milk and convert it into skimmed milk powder," Sodhi said.Asked about other dairy products, he said the demand for some items like butter milk, paneer and ghee has gone up while sales of ice cream, cream and cheese have fallen. Sodhi said the demand will increase once the lockdown is lifted. He said sales improve in summers. When contacted, Mother Dairy spokesperson said it is maintaining the average milk sales volume of 30 lakh litres/day in Delhi-NCR for last few days. "There has been some reduction in volumes of institutional sales due to the lockdown."Devendra Shah, Chairman, Parag Milk Foods, said, "Milk consumption has declined over the past month because of the closure of hotels, restaurants, and catering business".However, he hoped that sales would improve through online delivery platforms. "Over the past month,domestic consumption of ghee, butter, paneer and cheese has increased as entire family is at home. The consumption of pouch milk has decreased due to closure of hotels, restaurants, catering and tea stalls," Shah said. MJH SHW ANUANU

Dairy firms witness fall in milk demand due to lockdown

New Delhi, Feb 16 () Following are the top business stories to be released on Sunday:-BIZ-OIL-TELECOM-DUESOil India to move TDSAT against DoT seeking Rs 48,489New Delhi: State-owned Oil India is likely to move the TDSAT this week against the telecom department, seeking about Rs 48,500 crore in past dues on the surplus bandwidth capacity it had leased to third parties, its Chairman and Managing Director Sushil Chandra Mishra has said. BIZ-COS-GDR-IFSC Govt allows cos to list global depository receipts at IFSC New Delhi: Indian companies now have the option to list their global depository receipts at the international financial services centre in Gujarat, with the government amending the rules. BIZ-MARUTI SUZUKI Will not just defend market share but also charge at competition: Maruti Suzuki MD New Delhi: The country's largest car maker Maruti Suzuki India (MSI) will not only defend its market share but also "charge" at and "chase" competitors in the wake of newcomers, such as Kia and Chinese players, intensifying competition, according to a top company official. BIZ-POWER DISCOMS-DUES Discoms' outstanding dues to power gencos rise nearly 50 pc to Rs 88,177 cr in Dec New Delhi: Power producers' total outstanding dues owed by distribution firms jumped nearly 50 per cent to Rs 88,177 crore in December 2019 over the same month previous year, reflecting stress in the sector. BIZ-MARKET-OUTLOOK Global trends to dictate markets in holiday-shortened week: Analysts New Delhi: With no key events due in a holiday-shortened week, markets would take cues from global trends and would also track developments related to coronavirus that has dampened investor sentiment, say analysts. BALBAL

Business advisory

(Eds: Adding details) New Delhi, Mar 5 () Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to a seven-year low of 8.5 per cent for the current financial year. The the Employees' Provident Fund Organisation (EPFO) had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the EPFO's apex decision making body -- the Central Board of Trustee (CBT). "The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the CBT meeting today," Labour Minister Santosh Gangwar said here after the meeting. The minister also said that the EPFO will have a surplus of over Rs 700 crore on providing 8.5 per cent rate of interest on EPF for this fiscal. A ministry source said, "The EPFO would have left with a surplus of over Rs 300 crore if it had provided 8.55 per cent rate of interest on EPF for this fiscal. There would have been a deficit if the EPFO had provided a rate of more than 8.55 per cent for current fiscal." The EPF interest rate announced for the current fiscal is lowest since 2012-13, when it was 8.5 per cent. The EPFO had provided 8.65 per cent interest rate to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16. It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13. Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal. The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes. KKS MKJ

EPFO cuts interest rate on deposits to 7-year low of 8.5 pc for 2019-20

New Delhi, Dec 23 () Copper prices in December breached a new high on the back of various global cues, according to Yes Securities.
 Copper values breached USD 6,000 per ton level in December while the prices remained confined in a narrow range for most part of the year, it said. 
 "The recent momentum is attributed to increasing optimism about a US-China trade deal. Although slowing Chinese economy has dented metal demand growth, supply issues in Chile has tightened mine output. Most Chilean mines are reporting 2019 output declines," Hitesh Jain, Senior Analyst - Institutional Equities, Yes Securities, said.
On the inventory side, global copper stocks remain low and are offering an element of support, as is the fact that market is expected to be in deficit both this year and in 2020, he added
 Considering the prospects for next year, global aluminum markets are likely to witness a surplus of around one million tonnes, not an inspiring backdrop for prices, he said.
He said that zinc prices have shown a reverse trend going to back to a two-and-half-year low after reaching a substantial level in late October this year.
 "After getting to a four-month high in late October, zinc has sharply reversed course to move around two-and-a-half year low of USD 2,190 per tonne at one point of time. Although refined inventory levels remain low, the demand side of the equation continues to dominate market attention. Production growth of zinc- galvanized steel has fared poorly, needless to mention overall deceleration in global industrial activity. Meanwhile, construction activity is expected to slow down in China," Jain said.
 The International Lead and Zinc Study Group (ILZSG) expects global zinc markets to witness a surplus of 1,92,000 tonnes in 2020, when compared with a deficit this year, Jain added.
 "LME Zinc prices are projected to decline steadily until 2021, with an average of USD 2,200 per ton seen for next year," Jain said.
He noted that global mine supply is expanding on the back of start of new mines and production capacity which will eventually lead to higher refined supply. SID RUJ
RUJ

Copper prices breach new high in December: Yes Securities

New Delhi, Feb 12 () Info Edge (India) on Wednesday posted a consolidated loss of Rs 62.1 crore for the quarter ended December 2019. The company had posted consolidated profit of Rs 330 crore in the year-ago period, Info Edge (India) Ltd said in a filing to BSE. The consolidated income of the company, however, increased to Rs 359.7 crore in the October-December period, over Rs 323 crore in the year-ago period. Commenting on the results, the company's CFO Chintan Thakkar said, "We are pleased to witness yet another robust quarterly result containing double digit growth in all key matrices such as billing, revenue nd operating EBITDA on year-on-year basis. We continue to leverage our strong cash surplus position to invest in technology and branding." Info Edge (India) runs leading internet businesses Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. Shares of the company were trading at Rs 3,001.40 apiece, up 0.14 per cent from the previous close on BSE. SID ANSANS

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