Monday, May 4, 2015

Chairman from the private sector is the latest trend to revamp State run units! Besides bringing the second tranche of the existing CPSE ETF to raise Rs 5,000 crore, the government may create a second ETF consisting of only PSU shares. The Bagula community has taken over Indian Parliamentary system. No public hearing at all.No information about legislation.No publication of draft.It is the Bagula Private Expert panel which decides which law has to be amended next,what should be the new tax reform and what would be the policy of government of India.Parliament is made for readymade consensus to sustain the racial governance of fascism,the Manusmriti rule and our politics of Millionair Billionair ruling class irespective of ideology ,identity and color is all about the continuity of ethnic cleansing.


Chairman from the private sector is the latest trend to revamp State run units!

Besides bringing the second tranche of the existing CPSE ETF to raise Rs 5,000 crore, the government may create a second ETF consisting of only PSU shares.


The Bagula community has taken over Indian Parliamentary system.
No public hearing at all.No information about legislation.No publication of draft.It is the Bagula  Private Expert panel which decides which law has to be amended next,what should be the new tax reform and what would be the policy of government of India.Parliament is made for readymade consensus to sustain the racial governance of fascism,the Manusmriti rule and our politics of Millionair Billionair ruling class irespective of ideology ,identity and color is all about the continuity of ethnic cleansing.
Palash Biswas

The Bagula community has taken over Indian Parliamentary system.Since ATAL NDA regime,it is the ultimate truth.I have been posting so many times the reports of disinvestment council and disinvestment commissions which prepared the fundamental blueprint of selling off the Golden Bird, the Mineral Rural India with its resources and everything that the people of India own.
No public hearing at all.No information about legislation.No publication of draft.It is the Bagula  Private Expert panel which decides which law has to be amended next,what should be the new tax reform and what would be the policy of government of India.Parliament is made for readymade consensus to sustain the racial governance of fascism,the Manusmriti rule and our politics of Millionair Billionair ruling class irespective of ideology ,identity and color is all about the continuity of ethnic cleansing.
Thus, reforms sets a new trend if any PSU unit is not directly privatized or disinvested ,change the management and install Chairman,MD and GM from private corporate companies.
That is it.The new financial year has just begun but sections of the government, including the nodal disinvestment department, have already come to question the feasibility of this year's all-time-high stake sale target of Rs 69,500 crore.

Besides bringing the second tranche of the existing CPSE ETF to raise Rs 5,000 crore, the government may create a second ETF consisting of only PSU shares.


According to sources, the disinvestment department has apprised the budget division in the finance ministry of many developments that could potentially disrupt the pace of the disinvestment, chiefly the petroleum ministry opposing the stake sales in oil PSUs ONGC and Indian Oil Corporation (IOC), citing the absence of any guarantee that the subsidy yoke will be taken off their shoulders.
The government has been consistently missing by wide margins the Budget targets for stake sale proceeds for the last few years, even as it used to exude confidence during the final few weeks of the year that they would be met.

No wonder that an expert panel has sought a radical revamp of state-run Bharat Broadband Network Ltd (BBNL), calling for a chairman from the private sector, hiring substantially from outside the government system for other ranks, giving the organisation a direct line to the Prime Minister and establishing a framework to ease right of way as Economic Times reports.

Meanwhile,we happen to be the digital Citizens of this emerging market as technology advanced and thus,amidst the net neutrality debate, Facebook launches Internet.org platform which offers free access to basic internet services on mobile phones, as well as access to Facebook's own social network and messaging services.Every citizen is mobile now and might be connected.It is,however,seems to be yet another opportunity to connect the nation beyond identities.
Please forward the all important information on your mobile network as Corporate Media is all about corporate Raj.Pl circulate the content which we publish on blogs and our network of alternative media,for example HASTAKSHEP.

Financial Express reports:The government may set up multiple exchange traded funds to sell its shares in state-run as well as private companies to give a leg-up to the ambitious Rs 69,500 crore  disinvestment plan in FY16, sources said.
Besides bringing the second tranche of the existing CPSE ETF to raise Rs 5,000 crore, the government may create a second ETF consisting of only PSU shares, while a third will likely be created by pooling in shares owned by the government in private companies such as Hindustan Zinc, Balco, Tata Communications, IDFC and shares held through SUUTI, sources told FE.
Using an extant CPSE ETF, which invested in a pool of 10 public sector stocks, the government raised Rs 3,000 crore in FY14. The units of this ETF, managed by Goldman Sachs, saw capital appreciation of 40% in the first year after debuting on March 28, 2014, giving a positive narrative to officials to push for more ETFs.
ETF is seen as a safer bet to invest in equities compared to individual stocks which are vulnerable to fluctuations in the market.
The department of disinvestment, which is pushing the government's agenda of increasing retail participation in its disinvestment programme, has got a shot in the arm after the Employees' Provident Fund Organisation, which manages retirement funds worth more than Rs 5 lakh crore, decided to invest up to Rs 5,000 crore in equity, mainly CPSE ETFs, this year. The department was also confident that PFRDA would shortly allow retirement funds under NPS to invest in ETFs. "Time is on our side…We can create more ETFs this year,"a senior official said, referring to the early start of the disinvestment programme with 5% stake sale in REC this month.

Meanwhile,CITU has opposed disinvestment in Visakhapatnam Steel Plant by selling 10 per cent stake.The Hindu reports.
The sale of 27 per cent equity of Hindustan Zinc to Vedanta Group should be stopped and the profit-making HZL reopened, CITU State vice-president Ch. Narsinga Rao said in a memorandum submitted to Union Minister of State for Labour Bandaru Dattatreya.
HPVP (BHEL) and HSL should be given work orders and the proposal to amend the Major Port Trust Act should be dropped, he said in the memorandum.
Mr. Narsinga Rao opposed amendments to the Industrial Disputes Act, 1947. He was also against making Contract Labour Act applicable to units above 20 workers. District INTUC president Mantri Rajasekhar wanted minimum wage increased to Rs.13,000. Bharatiya Port and Dock Mazdoor Mahasangh president K. Bhavani Shankarudu and BMS national vice-president M. Jagadeeswara Rao urged the Minister to open ESI corporate office for the East Coast in Visakhapatnam. .

Meanwhile,Government has shortlisted about a dozen PSUs including IOC, National Fertilizers, MMTC, Hindustan Copper and ITDC for stake sale to achieve the current fiscal's disinvestment target of Rs 41,000 crore.
The Department of Disinvestment plans to divest 5-15% government stake in these state-owned companies, and has already floated a draft Cabinet note to seek nod for stake sales in certain PSUs, sources said.
As per the roadmap, 10% stake each would be diluted in Engineers India Ltd (EIL), NALCO, NMDC and Indian Oil Corporation (IOC).
As much as 15% stake would be up for sale in National Fertilizers Ltd (NFL), Hindustan Copper Ltd (HCL), India Tourism and Development Corp (ITDC), State Trading Corp (STC) and MMTC, sources added.
Besides, the government plans to dilute 5% stake each in BHEL, NTPC, Rashtriya Chemicals and Fertilizers (RCF) and Dredging Corporation (DCIL), the sources said.
They added that the stake sales are scheduled for current fiscal and DoD has already secured Cabinet approvals for stake sale BHEL, NMDC and NALCO.
Although a 5% stake sale in ONGC has also been approved by the CCEA, but a delay in fuel subsidy sharing roadmap could delay the Rs 14,000 crore stake sale in Oil and Natural Gas Corp (ONGC), sources said.
A stake sale in IOC would garner about Rs 9,000 crore, while that of EIL Rs 700 crore, NALCO Rs 1,200 crore and NMDC (Rs 5,300 crore) as per the current market prices.
Besides, BHEL could garner around Rs 2,900 crore, NTPC Rs 6,000 crore, RCF (Rs 190 crore) and DCIL (Rs 60 crore).
Besides, stake sales in HCL could fetch about Rs 1,000 crore, while that in tourism company ITDC could garner about Rs 169 crore.
Further, MMTC stake sale could garner about Rs 800 crore, NFL (Rs 240 crore) and STC (Rs 140 crore).
The government has already sold 5 per cent stake in Rural Electrification Corporation (REC) last week to raise about Rs 1,550 crore -- the first disinvestment in the current fiscal. The stake sale received robust interest from retail investors.
Although it is not clear which PSU would hit the markets next as per the disinvestment roadmap, sources said that the Finance Ministry is watching the markets closely and as and when it feels proper the share sales.
The government has budgeted to raise Rs 41,000 crore through PSU stake sale in the current fiscal and another Rs 28,500 crore through strategic stake sales.

Bharat Broadband Network Ltd (BBNL)
The recommendations by the expert committee on the National Optic Fibre Network (NOFN) are aimed at galvanising the project, which hasn't made much headway in the past few years, in the context of Prime Minister Narendra Modi's ambitious bid to connect the people of India through Digital India over the next few years.

The panel recently submitted its review report to the telecom department. ET has reviewed the report. The NOFN is a brainchild of the Telecom Commission dating back to 2011.

It aims to build a broadband infrastructure network connecting block headquarters to gram panchayats. Steered largely by BBNL, it's been running behind schedule.

Arguing that the "NOFN in its present form cannot work", the expert committee said that the "single most urgent, important factor that would determine BharatNet's implementation success" is an overhaul of BBNL, bringing in greater autonomy, flexibility and industry leadership that enables quick decision-making.

The expert committee set up by the government earlier this year included former department of electronics and information technology secretary J Satyanarayana, former Nasscom presidents Som Mittal and Kiran Karnik, and Aruna Sundararajan, administrator, USO Fund. The expert committee has also recommended upgrading and renaming the project Bharat-Net in keeping with the Modi government's vision of Digital India.

Digital India targets 1.75 million broadband connections by 2017 and 600 million by 2020 at a minimum 2 Mbps download speed with the
availability of at least 100Mbps on demand. BharatNet/NOFN is critical to this.

Looking into the finances of the Rs 72,778-crore project, the committee has suggested pilots to assess whether Bharat Sanchar Nigam Ltd's duct infrastructure can be used to lower project posts. Its cost comparisons indicate that BharatNet will score over NOFN over 10 years. It calculates that implementation of the project can result in benefits to the tune of Rs 66,465 crore in the first year of commissioning -- FY2018-19.

The panel wants the post of chairman and managing director split. At least half the directors should be from outside government as should a significant proportion of its senior management, it said. The non-executive chairman should be "a globally renowned and eminent Indian with proven expertise in project management, preferably from industry", selected by the PM, the finance minister and the minister for communications and IT through a search process. The managing director and CEO should be "an experienced executive from government" system with a "credible track record of managing and delivering projects" in telecom or related sectors. The person should be appointed for five years with compensation being based on performance, which will be reviewed annually.

The report said BBNL's staff should be of world class with representation from key government agencies, industry, finance, telecommunications, project management and consultancy. BBNL should be free to recruit from the civil services and public sector unit ranks apart from specialised experts in the private sector.

This committee also recommended a new approach for the "de-layering" of decision-making to speed up project implementation. It called for an Empowered Project Group headed by the communications minister and including various top officials along with the BBNL chairman.

This group will directly report to the PM on the progress of BharatNet, cutting out the Telecom Commission in all matters related to the network. It will also be empowered by the Cabinet to take decisions on matters referred to it by BBNL. A Bharat-Net Council headed by the IT minister will be set up and required to meet bi-annually for inter-agency coordination while committees will be established at the state level to troubleshoot BharatNet implementation.

Apart from this, the panel has sought predictable and adequate funding flows along with the creation of formal channels of communication with state governments, ministries and stakeholder agencies for smoother project implementation.

The Mechanics

The committee said determination of demand for bandwidth and its pricing is "best left to market forces while keeping a ceiling on retail tariff to ensure affordability".

The report has identified three implementation models keeping in mind the challenges faced during NOFN phase I -- the state government-led model, the central public sector unit-led model and the private sector-led model. Still, the funding responsibility should be with the Centre "to ensure equality of treatment of all states".

To tackle right of way (RoW) issues, the committee has recommended that BBNL make a lump sum payment upfront to agencies such as the National Highways Authority of India, oil companies etc., so the balance can be adjusted as approvals come through. It has also suggested that state governments sign agreements with the agencies to formulate a common procedure for RoW approvals. The telecom department may also enter into a similar arrangement with the environment ministry for expeditious clearances.

As per the report, it is estimated that around 20,000 gram panchayats would need to be connected over radio and around 3,000 over satellite media. For the remaining 57,000 gram panchayats, it is assumed that bandwidth capacity will be provided through optic fibre media in linear architecture. It is estimated that connecting 30,000 gram panchayats with satellite media will cost Rs 162 crore.

While refraining from making any recommendations on last-mile connectivity except for government services, the committee has recommended that where overhead fibre cable is to be installed on electricity poles, suitable RoW arrangements should be made with electricity utility agencies.

The report also recommends survey and replanning the entire network for migration from NOFN to BharatNet without any additional costs and substantial loss of existing investment.

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