IMD issues orange alert for Maharashtra, Gujarat and Konkan coast, predicts heavy rainfall with thunderstorms

Parts of Maharashtra, including Mumbai, Thane and Palghar, as well as northern Gujarat, are set to witness heavy rainfall today, 1 December. This sudden rain is due to the expected formation of a low-pressure area that has taken place over the east-central Arabian Sea off the Maharashtra coast and a western disturbance.

The India Meteorological Department (IMD) has issued an orange alert for Gujarat, Madhya Maharashtra, Konkan and Goa, predicting heavy rainfall along with thunderstorms and strong surface winds.

According to the weather agency, a cyclonic circulation off the west of Karnataka will move northeastward, triggering heavy to very heavy rainfall across the coast of Gujarat and Maharashtra from Wednesday to Thursday.

Furthermore, an alert has been sent out by the IMD for a possible cyclone that is expected to hit the coastal areas of Odisha this Saturday, 4 December. Following this, the Regional Meteorological Centre has urged fishermen out in the sea to return back on the shore by 2 December morning.

The IMD sent out these alerts across the country and stated that fairly widespread rain or thunderstorms that will come with heavy to very heavy rainfall along with thunderstorms and lightning are likely to hit states including Gujarat, north-central Maharashtra and north Konkan region on Wednesday (1 December) and Thursday (2 December).

Taking to their social media handle, IMD informed that a low-pressure area is expected to form over the east-central Arabian sea during the next 24 hours, adding that the western disturbance mentioned in the alert "lies as a trough in mid & upper tropospheric westerlies" and is roughly "along with Long. 58 degrees E to the north of Lat. 15 degrees N,” as per the IMD's tweet.

A Low Pressure Area is likely to form over Eastcentral Arabian sea off Maharashtra coast during next 24 hours. A trough at mean sea level runs from the above cyclonic circulation to north Maharashtra coast in the lower levels.

— India Meteorological Department (@Indiametdept) November 30, 2021

Meanwhile, in another tweet, IMD notified that there will be heavy rainfall over Gujarat Region and north Madhya Maharashtra on 2 December.

i) Fairly widespread/widespread rain/thunderstorm with isolated heavy to very heavy rainfall over Gujarat Region, north Madhya Maharashtra and north Konkan on 01st December and isolated heavy rainfall over Gujarat Region and north Madhya Maharashtra on 02nd December. pic.twitter.com/nyC2lSG3Ms

— India Meteorological Department (@Indiametdept) November 30, 2021

Regarding the cyclonic storm, IMD warned that the coastal areas of Andhra Pradesh and Odisha should be on high alert as a cyclonic storm may hit the region.

Sharing more details about the upcoming cyclone, the Meteorological Department stated that the cyclonic storm is probably going to move west-northwest and go into a depression over the adjoining east-central Bay of Bengal and southeast by Thursday (2 December).

However, due to this depression, the north-eastern states of the country will also experience heavy to very heavy rainfall activity on 5 and 6 December. This will take place due to the northeast-ward movement during the same period.

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Fire breaks out in Parliament premises ahead of Day 3 of Winter Session

New Delhi: A fire broke out inside the Parliament premises on Wednesday morning.

According to the Delhi fire department, the fire broke out in room number 59 of Parliament at around 8 am, however, the fire has been brought under control. The cause of the fire still remains unclear.

Last year in August fire had broken out in the annexe building of Parliament. The fire on the sixth floor of the Parliament building was caused by a short circuit.

Seven fire tenders were pressed into action who brought the fire under control. No injuries had been reported.

The Winter Session of the Parliament commenced on Monday and is likely to conclude on 23 December.

With input from ANI

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India's new rules for international flyers kick in from today as new COVID-19 variant Omicron spreads

In light of the rapidly spreading Omicron variant, the government has issued new rules for international travellers arriving in India and these will kick into effect from Wednesday.

First detected in Botswana and then termed as a 'variant of concern' by the World Health Organization, cases of Omicron have now been found in various countries across the world — spanning from United Kingdom to Japan.

Multiple countries have already shut their doors to African nations in a bid to stop the spread of the new COVID-19 variant.

Here’s a look at the rules mandated by the government of India for international flyers.

• All international travellers arriving in India will be required to fill a self-declaration form (SDF) and share a copy of their negative RT-PCR test report taken 72 hours prior with the airlines before boarding the aircraft.
• Passengers originating or transiting from at-risk countries shall be informed by the airlines that they will undergo post-arrival testing, quarantine if tested negative, stringent isolation protocols if tested positive.
• According to an updated list, the countries designated as 'at-risk' are the European countries, the UK, South Africa, Brazil, Botswana, China, Mauritius, New Zealand, Zimbabwe, Singapore, Hong Kong and Israel.
• Passengers will undergo a RT-PCR test at the point of arrival (self-paid). If negative, passengers can depart the airport but undergo home isolation for seven days, followed by repeat testing on the eighth day of arrival in India, followed by seven days of self-monitoring.
• If they test positive, the passengers will be isolated as per clinical management protocol and their samples will be taken for Whole Genome Sequencing.
• The contacts of such positive cases should be kept under institutional quarantine or at home quarantine monitored strictly by the concerned State Government as per laid down protocol.
• Travellers from countries excluding those ‘Countries at risk’, will be allowed to leave the airport and shall self-monitor their health for 14 days' post-arrival.

The Maharashtra government has also mandated new rules in lieu of the Omicron variant. Those flying to Maharashtra will have to follow these instructions:

• All international passengers arriving from ‘at-risk’ countries will have to undergo a mandatory seven-day institutional quarantine.
• These passengers will also be required to take RT-PCR tests for COVID-19 thrice — on the second, fourth, and seventh days after arrival.
• Passengers who test negative will have to undergo an additional seven days of home quarantine.
• International passengers travelling to the state will have to submit a declaration detailing the countries they have visited in the last 15 days; this will be cross-checked by immigration on arrival.
• Passengers from countries other than those designated ‘at-risk’ by the Union government will have to compulsorily undergo RT-PCR tests at the airport on arrival and undergo two weeks of institutional quarantine at home if the test is negative

With inputs from agencies

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Curious case of Chinese villages near Arunachal: How statements of CDS Rawat and MEA don’t contradict each other

The Indian media recently accused the government of contradicting itself; this was about a Xiaogang (‘moderately well-off’) village located close to the Tibet boundary in Arunachal Pradesh.

Speaking at a TV channel event Chief of Defence Staff (CDS) Gen Bipin Rawat stated that the Chinese constructions were “well within their side of the LAC (Line of Actual Control)”.

“They have not transgressed anywhere on our perception of the LAC. There are different perceptions. We are very clear where the LAC lies because we have been told that this is your alignment of the LAC and this is the territory you are expected to defend. Chinese have a perception which in some areas we know and in some areas we don’t know because they have never really explained where the LAC lies according to their perception,” noted the CDS, who added: “As far as we are concerned, there is no such village development that has taken place on our side of the LAC.”

It is a fact that China has never shared with India their ‘perception’ of the boundary in the Eastern Sector.

Soon after, Ministry of External Affairs (MEA) spokesperson Arindam Bagchi clarified the MEA position regarding Chinese villages north of Arunachal Pradesh. “India never accepted China’s ‘illegal occupation’ of its territories,” he observed, adding: “China has undertaken construction activities in the past several years along the border areas including in the areas that it has illegally occupied over the decades. India has neither accepted such illegal occupation of our territory nor has it accepted the unjustified Chinese claims”.

How did the controversy erupt? Simply because a US report mentioned some construction activities on India’s border in the eastern sector; the US Department of Defence stated that sometime in 2020, China “built a 100-home civilian village inside disputed territory between PRC’s Tibet Autonomous Region and India’s Arunachal Pradesh state...”

‘Model’ villages started to mushroom on the border back in 2017, but because Washington has said so, it is suddenly noticed (and commented upon) by Delhi, which earlier had kept silent.

Interestingly, there was no real contradiction between the CDS and the MEA; they were simply not speaking of the same thing. The MEA spoke of the International Border (IB), which corresponds more or less to the McMahon Line, while the CDS was commenting on the LAC; the two do not exactly tally in several places in Arunachal Pradesh, which become known as ‘disputed’ areas.

Longju, the village cited in the Pentagon report, is located south of the IB and north of the LAC.

Longju’s historical significance

On 28 August 1959, the Indian Ambassador in Beijing sent a strong note to China’s Foreign Ministry, protesting that Chinese troops had violated Indian territory. The note said, “A serious instance of violation of the Indian border and unlawful trespass into Indian territory by Chinese forces has just been brought to the notice of the Government of India. On the 25th August a strong Chinese detachment crossed into Indian territory south of Migyitun on the NEFA (North East Frontier Agency) border and fired without notice on an Indian forward picket (of the 9 Assam Rifles). They arrested the entire picket which was twelve strong but eight Indian personnel somehow managed to escape. Thereafter the Chinese detachment outflanked the Indian outpost at Longju and opened fire on it from a distance of about 800 yards.”

For Delhi, the Indian outpost was “well within our territory, about two miles south of the international border”. The protest note affirmed: “There could be no doubt about the international frontier in this area and this is a case of deliberate aggression on Indian territory.”

Three days later, the Indian public discovered with stupefaction that India and China had serious differences on the border. Prime Minister Jawaharlal Nehru reported the incident in the Lok Sabha and mentioned the construction of a Chinese road in the Aksai Chin area of Ladakh. India realised that large chunks of Indian territory, several thousand square kilometres in the Aksai Chin, were under Chinese control. It was the first time that the government made the legislators and the Indian public privy to the situation on the border.

Xiaogang villages

Since 2015, Tibet is said to have built 965 Xiaogang (‘moderately well-off’) villages and relocated 266,000 people, many on India’s border. Official Chinese statistics said that by the end of 2019, “Tibet had lifted 628,000 people out of poverty and delisted 74 county-level areas from the poverty list.” Lifting out of poverty is the pretext for relocating thousands of Tibetans and Hans on the border.

Well before the mention in the Pentagon report, the NDTV had reported in January 2021 that “China had built some 101 homes in the remote place of Upper Subansiri district of Arunachal Pradesh. Satellite imagery dating November 2020 confirmed the construction, approximately 4.5 km within Indian territory of the de facto border (the McMahon Line)”

It remains a fact that the new village is located near Longju, a highly symbolic place, which witnessed the first clash between India and China in 1959.

The Tsari pilgrimage

The year of the Monkey-Fire (1956) was a special year; while the Buddhist world celebrated the 2,500th anniversary of the birth of the Buddha, it witnessed another momentous event: The last Tsari pilgrimage.

In the Tibetan psyche, Tsari has always been synonymous with ‘sacred place’. With Mount Kailash and Amye Machen in eastern Tibet, the pilgrimage around the Dakpa Sheri, the ‘Pure Crystal Mountain’, has for centuries been one of the holiest of the Roof of the World. The ‘Pure Crystal Mountain’ lies at 5,735 metres above the sea in the Tsari county, north of the McMahon Line.

In a huge procession, pilgrims crossed the McMahon Line south of Migyitun; after crossing the McMahon line, the procession would proceed southwards along the Tsari chu (‘river’) towards Longju and Maja, where the first Indian Army post is today located and then turn westwards to follow the Subansiri, to finally cross back into Tibet to reach Yume village.

Even after the War, China promised to keep the status quo; on 19 December 1962, Delhi reminded China of Zhou Enlai’s

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Petrol, diesel prices today: Rates unchanged on 01 December, check here what you need to pay in your city

Petrol and diesel prices remained unchanged for the 29th consecutive day on Wednesday, 01 December. The Centre had on the eve of Diwali, announced excise duty cut on fuels resulting in a sharp decrease in petrol and diesel prices across the country. The government had cut the price of petrol by Rs 5 and that of diesel by Rs 10. Following this decision, several states, mostly ruled by National Democratic Alliance (NDA) and allies have also cut the Value Added Tax (VAT) on petrol and diesel prices.

Opposition-ruled Punjab and Rajasthan also followed the cue to announce the biggest reduction in petrol prices. Petrol price in Punjab was further reduced by as much as Rs 16.02 per litre and diesel by Rs 19.61 a litre as a result of the combined impact of the excise duty and VAT cut, according to price lists shared by state-owned fuel retailers. VAT on petrol price was cut by Rs 11.02 while that in diesel was cut by Rs 6.77 in the state. In Ladakh, diesel saw the most reduction as rates have come down by Rs 9.52 per litre. This is because of a cut in VAT on top of Rs 10 a litre fall in excise duty.

In Delhi, petrol costs Rs 103.97 a litre while the rate of diesel was Rs 86.67 per litre.

In Mumbai, petrol can be bought at Rs 109.98 per litre and diesel costs Rs 94.14 for one litre.

In Chennai, a litre of petrol is priced at Rs 101.40. On Wednesday, the price of a litre of diesel was Rs 91.43 per litre.

Also Read: Click here for Petrol Price

Petrol in Kolkata costs Rs 104.67 per litre while diesel costs Rs 101.56 a litre.

While petrol can be bought at Rs 107.23 in Bhopal, which is a cut by Rs 6.27, diesel costs Rs 90.87 per litre.

Following are the prices of diesel and petrol in a few metros and Tier-II cities in the country:

1. Mumbai

Petrol - Rs 109.98 per litre
Diesel - Rs 94.14 per litre

2. Delhi

Petrol - Rs 103.97 per litre
Diesel - Rs 86.67 per litre

3. Chennai

Petrol - Rs 101.40 per litre
Diesel - Rs 91.43 per litre

4. Kolkata

Petrol - Rs 104.67 per litre
Diesel - Rs 89.79 per litre

5. Bhopal

Petrol - Rs 107.23 per litre
Diesel - Rs 90.87 per litre

6. Hyderabad

Petrol - Rs 108.20 per litre
Diesel - Rs 94.62 per litre

7. Bangaluru

Petrol - Rs 100.58 per litre
Diesel - Rs 85.01 per litre

8. Guwahati

Petrol - Rs 94.58 per litre
Diesel - Rs 81.29 per litre

9. Lucknow

Petrol - Rs 95.28 per litre
Diesel - Rs 86.80 per litre

10. Gandhinagar

Petrol - Rs 95.35 per litre
Diesel - Rs 89.33 per litre

11. Thiruvananthapuram

Petrol - Rs 106.36 per litre
Diesel - Rs 93.47 per litre

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Daily Horoscope for 1 December: Check what’s in store for you today

The daily horoscope is here for you. Under Wednesday's skies, most of the zodiac signs will come out of troubles concerning relationship status and financial issues.

It is the right time to get advice on career growth and business prospectus that will help many of the zodiac signs to improve drastically. Don’t rush with choices but make them wisely as they come.

Here's your horoscope for today:

ARIES (21 March to 19 April): People with this zodiac sign, rarely recognise when you need to stop or halt because they are always on the go. As the moon floats through solitary Scorpio, it will help you to slow down and move into a more reflective headspace. Meanwhile, Luna, who spends the day in a tough square with Saturn, focuses on the blockages towards success. This will help in keeping a low profile and also make yourself emotionally open with your intimate partner.

TAURUS (20 April - 20 May): For Taurus, it's time to turn your focus towards your closest relationships. Under Wednesday’s skies, it will urge you to spend more time as your lover is demanding attention. The day is full of easy choices and emotional peace, so mellow down and be in control. Tip for the day is - aim to be for those you care for especially without losing your story completely. In any problem, listen to your heart; also find a way to explore your troubles at least with one good friend.

GEMINI (21 May- 20 June): For Geminis, today is the day to let yourself get down to business. It is time to get productive and cross things off from your to-do list that you’ve left pending for a long. As the moon finds herself roped with Saturn, it will help you over the likelihood of future travel and better educational plans. If stress arises, then turn to exercise and healthy eating that will help in reuniting your mind and body.

CANCER (21 June 21- 22 June): From the past few days, people with this zodiac sign have been all work and no play. It is important to give yourself a mid-week break from the hustle and grind that is keeping you occupied. Furthermore, Luna’s presence will dive you back into creative projects that will activate your self-expression as well as lean into romantic pleasures. It's time you understand new things in life and give yourself more time to figure them out.

LEO (23 July 23- 22 August): Today, you will gain a new understanding of your current situation as things are going along very well. Particularly in regards to family issues concerning the home environment, something is calling out for attention deep below. Under Wednesday’s skies, Luna’s presence in Scorpio will make it an ideal day to abode and embrace healing modality. Regarding dating advice, find a better way to get some background on that one person.

VIRGO (23 August-22 September): Virgos are mostly drawn towards storytelling and communication-based endeavours which they are naturally attracted to. As the moon treks through Scorpio, it will help you to reconnect with the natural mode of operation or work process. For those interested in creative writing, it is an ideal day to return to such projects. When you get time, get lost in a good book, or engage in important conversations that will help you grow.  

LIBRA (23 September-22 October): When it comes to activating your talents, remember to work hard and do your best. As the moon prowls through Scorpio, it will urge you to re-evaluate your natural resources as well as examine the state of your finances. As the day comes to an end, it will highlight frustrations on the path towards creative self-expression which needs special attention. Finally, recognize your fears and keep pushing through no matter what!

SCORPIO (23 October-21 November): For Scorpios, good things are starting to come together, even if you don't realise or feel it yet which is why you deserve to be doted. Under Tuesday’s skies, the moon will encourage you to mindfully reconnect with your health, mind and body. As the day goes in your favour, aim to prioritize your needs and also indulge in self-care rather than give everything to everyone.  

SAGITTARIUS (22 November-21 December): Today is the right time to take some time off for yourself. Also, it’s an ideal day to catch up on rest, so take a long bath, or journal to keep you busy and relaxed. While sitting and pondering over things, it is better to come up with ideas to improve rather than turning away from things that need attention.

CAPRICORN (22 December- 19 January): Under Wednesday’s skies, Capricorn should reach out and reconnect with their community. Concerning your forward movement in life, there will be that one trusted friend who may just hold the key. Furthermore, Luna’s challenging square with Saturn may evoke emotional clashes between head and heart that can lead to stress over financial concerns. When there is doubt or problem, open up to those that love you and forget the rest!

AQUARIUS (20 January- 18 February): For Aquarius, fresh ideas may threaten or scare you, but try to embrace what they're about before deciding anything. You have a knack of naturally seeking out fresh solutions to old problems, so don’t forget to apply that mode of thinking towards any looming career. On this day, Scorpio moon will increase your visibility by pushing forward your ambitions, thus prompting unexpected emotional releases.

PISCES (19 February to 20 March): It is very important for Pisces to get out of their comfort zone today. You must concentrate on your own business right now even if something or someone looks interesting. Under Wednesday’s skies, the moon will push you to break from the norm and stimulate education, travel, or philosophical conversations during the day.

 

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Punjab Assembly polls: 'Spoke to Amit Shah on alliance with BJP', Amarinder Singh hints at formal announcement

Former Punjab chief minister Amarinder Singh Tuesday said he was in talks with Home Minister Amit Shah on forming a pre-poll alliance with the BJP ahead of the Assembly elections next year, NDTV reported.

In an exclusive interview to NDTV, Singh hinted that a formal announcement could be expected soon. He said, "My only condition for an alliance with the BJP was the resolution of the farmers' agitation. I have already met the home minister and spoken to him about an alliance. On Saturday, I hope to see the BJP president."

He said that a formal alliance with the BJP can be worked on now that the three contentious farm bills have been repealed and other issues raised by farmers are being discussed.

The miffed former Congress leader had stepped down from the position earlier this year over alleged "repeat humiliations" and floated his own party - the Punjab Lok Congress.

He further refuted Congress' claims of not having any support from the MLAs and said that many are rather eager to join him and are just waiting for the model code of conduct to be enforced.

"As of today, our own feedback is that there's a total swing towards the BJP. Many Hindus are supporting the BJP and my party. There are 36 percent Hindus in Punjab and we are going to take up that chunk, more than the Congress. Hopefully, we will also get a lot of support from farmers," he said.

Speaking on BJP's communal language, Singh cited the example of the Akali Dal that was in alliance with BJP for over two decades. "Akalis are a party of Sikhs and they have had no problem with the BJP. Communalism wasn't an issue in Punjab," he said.

Earlier on Monday, Singh met Haryana chief minister Manohar Lal Khattar at his official residence to discuss the Bill to repeal three contentious farm laws.

Singh, who led the Congress to a two-third majority victory in the 2017 polls, resigned as the chief minister in September following a bitter feud with Congress' Punjab unit chief Navjot Singh Sidhu.

He is now gearing up to contest the upcoming 2022 Punjab Assembly elections from his family stronghold of Patiala.

Singh also announced his own party called the Punjab Lok Congress and said it would contest all 117 seats in the upcoming assembly elections. He said the seats are not confirmed yet as they will be shared between his party, BJP, and the Dhindsa faction of the Akalis.

The 117-seat Punjab Assembly would go to polls in early 2022. While the Election Commission is yet to announce the dates, it is expected that the polls would be held around January-February.

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Insolvency cases have gone up substantially in COVID-hit corporate world, but India can heave sigh of relief

Early days of the COVID-19 pandemic witnessed severe lockdowns in the country as around the world, disrupting businesses and raising alarm about likely increase in insolvencies.

In this context, the credit insurance company Euler Hermes, in July 2020, forecasted a +35 percent cumulated increase in its Global Insolvency Index over a two-year period. Similarly, the IMF, in July 2020, projected that the insolvency of SMEs may triple from 4 percent to 12 percent and insolvency in the service sector may increase by 20 percent. These forecasts came in the backdrop of big business houses of the aviation, hospitality, fitness centres and energy sectors such as Virgin Atlantic, Gold’s Gym, Avianca, CMX Cinemas and Apex Parks going into bankruptcy during the pandemic period. There are a number of studies by the World Bank and IMF indicating increasing levels of corporate stress and likely increase in insolvencies.

Parallels between the present crisis and the 2008 global financial crisis (GFC) have been drawn in terms of risk of rise in insolvencies, given that the latter had resulted in a spike in corporate bankruptcies in many developed countries like Japan (4.9 percent), UK (5.88 percent), Germany (11 percent) and US (40 percent). However, there are some differences between the situations in present times as compared to GFC.

Situation before the pandemic

Globally, the corporate sector was in stress even before the pandemic. The global non-financial sector corporate debt levels, as percentage of global GDP, going into the present crisis, was 91 percent in the beginning of 2020, as compared to 73 percent in 2007 in the run up to the GFC. Private debt increased by 176 percent in developed markets and 973 percent in emerging markets between the period 2005-07 and 2017-19. Thus, the situation of corporate debt was precarious given that the sector was already on high leverage. Unlike the crisis of the past, the pandemic directly impacted the balance sheets of corporates with the potential to spill over to balance sheets of banks and financial institutions (See Table below).

 

Particulars	2008 GFC	2020 COVID-19 pandemic
Initial shock to the balance sheet of	Households; Banks	Businesses; “Non-bank” high yield lenders (collateralised loan obligations, mutual funds)
Sources of capital	Limited private capital; Official sector	More transparent and better capitalised banks; Private capital
Non-financial sector Corporate leverage (% of Global GDP)	73%	91%
Household leverage (% of Global GDP)	57%	60%
Public sector debt(% of Global GDP)	58%	88%

Source: Report of G30, “Reviving and Restructuring the Corporate Sector post Covid”.

In the Indian context, on the macro-economic front, in the run up to the pandemic, bank credit to the industrial sector was slowing down. Outstanding credit of SCBs to the corporate sector was about 45 percent of total outstanding as in March 2020. Gross non-performing assets (GNPA) ratio was projected to increase from 7.5 percent in September 2020 to 11.5 percent for FY 2020-21. Credit growth had decelerated to 5.4 percent in 2019-20.The health of the corporate sector was showing signs of stress in general.

During the pandemic

The domino effect of the crisis spreading to multiple sectors and economies resulted in global output contraction at -3.3 percent in 2020.The pandemic also led to a decrease in global trade volume which contracted -8.5 percent in 2020 and FDI flows which were projected by UNCTAD, to fall by 40 percent in 2020, falling well below the low reached during the GFC. India’s real GDP growth rate contracted by 7.3 percent in FY 2020-21, the first contraction since 1980-81, with activity in the manufacturing and service sector decelerating sharply during this period. Credit growth decelerated further to 2.5 percent in 2020-21.

Aftermath

While 2020 saw contraction in all output indicators, recent projections by the IMF have ignited hopes of economic recovery as the global economy is projected to grow by 6 percent in 2021 and 4.9 percent in 2022. Backed by generous government fiscal support and regulatory forbearance policies, businesses in India have also shown resilience in the face of the COVID-19 crisis. According to the RBI, 77.5 percent of MSMEs were granted loan moratorium by lenders, which was 69.29 percent of the total exposure of the financial sector to them. As regards the corporate sector, 31.31 percent of companies availed the facility, which was 34.28 percent of the sector’s total loans. GNPA ratio actually stood at 7.5 percent in 2020-21 as against the projected 11.5 percent.

Corporates are already showing signs of recovery after the government eased restrictions and lifted lockdowns, since Q3 FY2020-21. There has been across-the-board improvement in net sales, PAT, operating profits and PBDIT from September 2020 onwards for non-financial NSE 50 and NSE 500 companies. RBI has reported that after deterioration in H1:2020-21, private corporate activity revived during H2:2020-21 after gradual opening of the economy. Nominal sales of 724 listed private companies increased by 6.8 percent and 31.7 percent in Q3 and Q4 of FY 2020-21. The IT sector also experienced 6.5 percent growth in sales during Q4.

Mitigating factors in India

Several factors have mitigated translation of financial stress into insolvency of corporates in India. Examining the degree and scale of exposure of the banking sector to the corporate sector in India, on the demand side of credit it is seen that over the last two decades, Indian firms have been using equity financing (retained earnings and fresh issue of equity) more than debt financing, with credit from banks being the largest source of external finance. Thus, to a certain extent the reasons for quick recovery by the corporate sector in India can be attributed to the fact that debt financing by Indian corporates is not very high as compared to global levels.

On the supply side of credit to corporates, the growth of non-food credit by SCBs slumped to half its rate in 2019-20 vis-à-vis the previous year and further declined to 4.9 percent in 2020-21, reflecting weak demand and risk aversion among banks. The unabated weakening of economic activity, coupled with deleveraging of corporate balance sheets and risk aversion by banks due to asset quality concerns, were accentuated towards the close of 2019-20 by the pandemic, leading to a reduction in the incremental credit-deposit ratio from 77.7 in 2018-19 to 76.4 in 2019-20 and further to 72.7 in 2020-21. The credit-to-GDP gap has been wide, ranging from 50-53 percent over the period 2011-12 to 2019-20. It widened during 2020-21 to 56.4 percent, reflecting the slack in credit demand. Data on sectoral deployment of bank credit for March 2020 points to a broad-based slowdown. Credit growth to industry fell sharply from 6.9 percent in 2018-19 to 0.7 percent in 2019-20 and further to 0.4 percent in 2020-21.

Concluding

In the Indian context, based on the mitigating factors, identified above, as compared to advanced countries, corporate level stress is not expected to be too high. However, the threat of corporate stress turning into insolvencies still exists, especially for those sectors that were most affected by the pandemic. There is a need to prepare for early interventions to address any corporate financial stress. It would be extremely crucial to triage corporates into those that need aid and those who do not for efficient allocation of resources to those who need it the most.

Sushanta Das and Medha Shekar are officers in the Insolvency and Bankruptcy Board of India. Views expressed are personal.

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UPPSC Technical Education Service Exam 2021 on 12 December; check details here

The Uttar Pradesh Public Service Commission (UPPSC) has issued the examination date for UP Technical Education (Teaching) Service Examination 2021. It will take place on 12 December, Sunday. The notification regarding the exam date was released by UPPSC on its official website uppsc.up.nic.in.

With this, the authorities are going to fill in some positions in the following departments : mechanical engineering, civil engineering,  electrical engineering, workshop superintendent, principal and English.

A total of 1,370 posts are vacant.

Here is the breakdown of the vacancies: 

Lecturer, Engineering, and Technical Branches - 1,039 

Principal - 13

Workshop Superintendent - 16

Lecturer (Non-Engineering) - 215

Librarian - 87 

The hall tickets of the aspirants will be released by the Commission on the website - https://uppsc.up.nic.in/. Candidates have to check the website regularly to know the release date of admit cards. They can download the hall tickets by using their registration details.

Before going to the exam center, candidates are advised to read the guidelines given on the admit card.

 Earlier, on November 24, the UPPSC had issued hall tickets for the post of RO/ARO. Registered candidates can check and download their hall tickets by visiting the official website of the commission: https://uppsc.up.nic.in/.

Aspirants must note that they have to log in first by using their registration number and date of birth. The exam, scheduled for 5 December, Sunday, will take place in two shifts -  9.30 AM to 11.30 AM and 2.30 PM to 3.30 PM.

It is scheduled to be conducted in 22 districts including Basti, Lucknow, Jhansi, Agra, Etawah, Ghazipur, Prayagraj, etc. This recruitment drive by the commission aims to fill a total of 337 vacancies.

For more details and queries, candidates are advised to visit the official website of UPPSC.

 

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Pakistani model deletes bareheaded photos at Kartarpur Sahib, apologises for hurting religious sentiments

A Pakistani model’s 'bareheaded' photoshoot at the Gurdwara Darbar Sahib in Kartarpur has created controversy for hurting the religious sentiments of the Sikh community. The model, who has now deleted her photos, has issued an apology on her official Instagram account following the uproar. 

Pakistani model Sauleha had done a photoshoot for the clothing brand, Mannat Clothing, who shared her ‘bareheaded’ pictures on their Instagram page on Monday.

The photos received a lot of flak from social media users and the spokesperson of Shiromani Akali Dal, Manjinder Singh Sirsa, expressed his displeasure over the photos. He tweeted, tagging Pakistan’s Prime Minister Imran Khan, and said that immediate action should be taken against her.

Such behaviour & act at pious place of Sri Guru Nanak Dev Ji is totally unacceptable!
Can she dare to do the same at her religious place in Pakistan?@ImranKhanPTI @GovtofPakistan shd tk immed action to stop this trend of treating Sri Kartarpur Sahib as picnic spot by Pak people pic.twitter.com/AwyIkmqgbC

— Manjinder Singh Sirsa (@mssirsa) November 29, 2021

Many social media users have pointed out that it is necessary to cover one’s head in the Gurdwara and the model has hurt religious sentiments.

Sauleha, in her apology note, said that the pictures were not part of her photoshoot. She had gone to Kartarpur “to learn about the history and know more about the Sikh community”. Sauleh added that she did not intend to hurt anybody and she is sorry for doing so unintentionally. 

She also mentioned in her Instagram post that she respects the Sikh culture a lot and will refrain from doing such acts in the future. See her post here:

View this post on Instagram

A post shared by Sauleha صالحہ امتیاز 🇵🇰 (@swalaaa_lala)

The Pakistani police has taken cognisance of the matter and has initiated a probe into the incident.

The information minister of Pakistan, Fawad Chaudhary, also tweeted on Monday, saying that the model and the designer, both must apologise to the Sikh community for hurting religious its sentiments.

The Designer and the model must apologise to Sikh Community #KartarPurSahib is a religious symbol and not a Film set….. https://t.co/JTkOyveXvn

— Ch Fawad Hussain (@fawadchaudhry) November 29, 2021

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Jagadish Chandra Bose birth anniversary: All you need to know about the extraordinary man of science

India today, 30 November, celebrates the 163rd birth anniversary of Jagdish Chandra Bose. He was a physicist, biophysicist, biologist and botanist. Born in 1858, Bose proved that plants have life. He conducted a few experiments to prove plants feel pain, cold, heat, and happiness. Bose invented the Crescograph, a device for measuring the growth of plants.

The Institute of Electrical and Electronics Engineers (IEEE) recognised Bose as the father of radio and wireless communication.  

History

Jagdish Chandra Bose was born on 30 November 1858 in Mymensingh (now in Bangladesh). Bose’s father wanted him to learn Bengali before he learnt English. He studied in St Xavier’s School, Calcutta (now Kolkata), where he developed interest in natural sciences. The exceptional man graduated in physics from Calcutta University.

Career

After graduating from Calcutta University, Jagdish Chandra Bose attended Cambridge University, where he studied natural science. At the university, he was taught by renowned teachers James Dewar, Michael Foster and Francis Darwin. After completing his graduation in science, Bose returned to India and was appointed as a professor of physical science at Presidency College, Calcutta.

 He also wrote 'Niruddesher Kahini' in 1896, which is considered one of the first Bengali science fiction novels.

 Honours and death

In 1903, the British government made Bose a Companion of the Order of the Indian Empire and Companion of the Order of the Star of India in 1912. In 1917, he was knighted and was elected a Fellow of the Royal Society in 1920.

The Acharya Jagadish Chandra Bose Indian Botanic Garden was named after the exceptional man.

Jagdish Chandra Bose died in Giridih (Jharkhand), on 23 November, 1937.

In 1904, Bose became the first Asian who was awarded a US patent.

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