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[ad_1] Explainer-How could Russia's Putin be prosecuted for war crimes in Ukraine? [ad_2] Source link

[ad_1] Ease of Doing Business for MSMEs: The latest round of FICCI’s Economic Outlook Survey, released on Sunday, suggested reconsidering the provision of the 90-day limit for classifying MSMEs’ over dues into non-performing assets (NPAs). The survey, conducted in March 2022 among economists to forecast key macro-economic variables for FY23 and for Q4 FY22 and Q1 FY23, said the working cycle of MSMEs in many cases extends much beyond the 90-day period. Thus, the limit should be increased to 180 days, the survey added.  According to the mandate by the Reserve Bank of India (RBI), loans can be classified as NPAs if they are overdue by more than 90 days. MSMEs, which struggle to receive timely payments from their buyers, end up defaulting on loans in multiple cases. This has been one of the reasons for reluctance among banks to provide affordable credit to MSMEs. The ease in NPA norms from 90 to 180 days has been one of the key asks by the sector as it would seemingly improve MSMEs’ ability to repay loans and also perhaps encourage banks to loosen their purse strings. Importantly, the RBI had last month extended the deadline for non-banking financial companies (NBFCs) to implement the new NPA upgradation norms by six months from March 31, 2022, to September 30, 2022. In November last year, the RBI had announced that loan accounts can be upgraded to ‘standard from NPA only if all the arrears of interest and principal are paid by the borrower. So far NBFCs were upgrading accounts from NPA even if the complete dues were not cleared. The RBI had also asked NBFCs to classify borrower accounts as overdue as part of their day-end process irrespective of the time of running such process. Similarly, lenders would also have to classify accounts as SMA as well as NPA as per the day-end process for the relevant date instead of month-end.  Subscribe to Financial Express SME newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises  Meanwhile, the survey also suggested that banks reduce the cash margin from 25 per cent to 10-15 per cent. “Continuing support to MSMEs remains critical especially given the impact of the ongoing (Russia-Ukraine) conflict on smaller enterprises. It is important that the cash flows of the MSMEs enterprises are in place in order to maintain the operations,” the survey noted. According to the data shared by MSME Minister Narayan Rane in Rajya Sabha last month, MSMEs had a share of 57 per cent amounting to Rs 1,632 crore in India’s total exports to Russia worth Rs 2,854 crore during the April-January period in FY22. Likewise, MSMEs’ share in India’s total exports to Ukraine worth Rs 426.78 crore during the period was 59 per cent amounting to Rs 255 crore. However, in terms of the MSME sector’s exports to the world, exports to Russia and Ukraine had a share of only 1.17 per cent and 0.18 per cent respectively. [ad_2] Source link

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[ad_1] Fresh turmoil for Pakistan as PM Khan dodges ouster, opposition vows fight [ad_2] Source link

[ad_1] The COVID-19 Working Group of the NTAGI has recommended inclusion of the Serum Institute’s Covovax in the national vaccination programme for those aged 12 years and above, official sources said on Sunday. India’s drug regulator had approved Covovax for restricted use in emergency situations in adults on December 28 and in the 12-17 age group, subject to certain conditions, on March 9. The COVID-19 Working Group has now recommended to the Standing Technical Sub-Committee of the National Technical Advisory Group on Immunisation (NTAGI) that Covovax be included in the national vaccination programme for those aged 12 years and above, sources said. Serum Institute of India (SII) Director for Government and Regulatory Affairs Prakash Kumar Singh had written to the Union Health Ministry recently, requesting for Covovax’s inclusion in the immunisation drive. “A meeting of the COVID-19 Working Group of the NTAGI took place on April 1 during which data of Covovax was reviewed, after which it recommended that the vaccine can be included in the national COVID-19 vaccination programme for inoculating those aged 12 years and above,” one of the sources said. Singh had stated that the Pune-based firm wanted to provide Covovax to private hospitals at Rs 900 per dose plus GST and was waiting for directions to supply it to the Centre. However, the price of the vaccine for the government was not mentioned.India began inoculating children aged 12-14 from March 16. Biological E’s Corbevax is being used to inoculate them. In a letter to Union Health Secretary Rajesh Bhushan, Singh was learnt to have said that private companies, educational institutes, social organisations, central government organisations and public sector undertakings were making requests for Covovax to inoculate their staffers, families and children. “Under the visionary leadership of our CEO Adar C Poonawalla, we have developed, manufactured and obtained emergency use authorisation from our national regulatory authority for one more world-class COVID-19 vaccine, Covovax, for 18 years and above on December 28, and for children in the age group of 12 to 17 years on March 9, 2022,” an official source quoted Singh as having written in the letter. [ad_2] Source link

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[ad_1] Ukrainians curse Russian invaders as dead civilians found in liberated towns [ad_2] Source link

[ad_1] State-owned Oil and Natural Gas Corporation (ONGC) is likely to see a USD 3 billion (about Rs 23,000 crore) rise in its annual earnings from the more than doubling of the price of natural gas it produces, while Reliance Industries may get USD 1.5 billion (Rs 11,500 crore) more in revenue, a report has said. The government from April 1 increased the gas price paid to producers of oil and regulated fields from USD 2.9 per million British thermal units to USD 6.10, a record high. For difficult fields, such as deepsea fields of Reliance, the price has gone up by 62 per cent to USD 9.92 per mmBtu. “A three-pronged deficit in oil markets (inventory, capex and spare capacity) combined with rising domestic gas production after nearly a decade of declines sets the stage for a super-cycle in profitability,” Morgan Stanley said in a note. Gas accounts for 58 per cent of domestic gas production for ONGC and every USD 1 per mmBtu change in gas price affects ONGC’s earnings by 5-8 per cent. “We foresee USD 3 billion earnings increase in FY23 (April 2022 to March 2023) and, more importantly, improving ROCE to above 20 per cent after more than a decade,” it said. Gas prices for difficult fields (deepwater, ultra-deepwater and high-pressure high-temperature areas) have risen by USD 3.8 per mmBtu to USD 9.9 and will be applicable to ONGC’s production from KG-DWN-98/2, which is expected to contribute about 14 per cent of domestic gas production by FY24. Reliance’s gas production from its deepsea KG-D6 field has reached 18 million standard cubic meters per day, which is expected to increase to 27 mmscmd by FY24 (March 2024), with a ramp-up in production from new and existing clusters.“We expect USD 1.5 billion earnings increase with gas price hikes in F23,” it said. Morgan Stanley predicted a further hike of 25 per cent in the next revision scheduled for October 2022 as tight supplies keep four global benchmark prices at elevated levels. India fixes domestic gas rates based on a formula using prices in the previous 12 months at global gas hubs NBP, Henry Hub, Alberta and Russia Gas. In a note, IIFL said that despite the price reset, domestic gas prices are lower than landed prices of imported LNG by 45-50 per cent. “Political will be tested in 2HFY23 (October 2022 to March 2023), when a similar price rise is expected.” The gas price hike bodes well for ONGC, OIL and Reliance, which account for the bulk of domestic gas production in India. Hetal Gandhi, Director, Crisil Research said with the improvement in investments in production infrastructure, domestically produced gas currently helps meet almost 50 per cent of the annual domestic demand. Basis an allocation system followed by the government, the city gas distribution sector (including CNG and domestic PNG), fertilisers and power are the main recipients of domestic gas. “The hike is expected to impact city gas distribution (CGD) entities as it will push up domestic prices of CNG and piped natural gas to kitchens. We do not expect any substantial demand erosion from the transportation sector as CNG will still be competitive compared with petrol and diesel. We also expect domestic PNG to remain competitive vis-a-vis domestic LPG despite any price hike. However, margins of CGD entities will be impacted significantly, contracting by 300 bps in fiscal 2023,” he said. Higher gas prices will also swell the government’s fertiliser subsidy bill further from Rs 14,000 crore last fiscal, which saw a significant increase. “The hike, coming at a time when relations between Russia and Europe on gas supply have deteriorated, will be monitorable for natural gas prices and, thereby, the imported portion of the fuel, which impacts sectors such as industrial PNG, refineries and petrochemicals,” he added. IIFL said fertiliser subsidy will go up, while gas-based power producers are at risk of being mothballed unless electricity boards purchase the expensive power (variable cost of Rs 4 a unit). “While to remain margin neutral, CGD companies need to raise CNG prices by Rs 12-14 per kg, hikes to us are likely to be gradual,” it said, adding that even post this surge, CNG will be cheaper than diesel/petrol by 35-50 per cent, on a running cost basis. The higher realisation for difficult fields should encourage operators, such as Reliance and ONGC, to fast-track their deep-water production schedules, IIFL added. [ad_2] Source link

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[ad_1] What the media is missing about decentralized autonomous organizations [ad_2] Source link