Month: September 2021

Will Quit Congress But Won’t Join BJP: Capt Amarinder Singh

By LokMarg

Amid the ongoing turmoil in Punjab Congress, former state chief minister Captain Amarinder Singh on Thursday said that he would quit the Congress party but won’t be joining the Bharatiya Janata Party (BJP).

In an official statement, he said that he had no intention of continuing in the Congress, and said that his affiliation with the party was going downhill with senior leaders being completely ignored and not given a voice in the party.
Dismissing all speculation ahead of the 2022 Assembly elections, Amarinder said he would leave the Congress where he had been utterly humiliated and was not trusted. “I will resign…will not stay in the party,” he said, adding that he was still thinking through his options in the interest of Punjab, whose security was the predominant priority for him. “I will not be treated in this humiliating manner…I will not take such insults,” he said, adding that his principles and beliefs do not allow him to stay in the Congress.

Terming the senior Congressmen as the thinkers, who were critical to the future of the party, the former chief minister said the younger leadership should be promoted to implement the plans, which the senior leaders are best equipped to formulate.

Unfortunately, the seniors were being completely sidelines, Amarinder said, adding this was not good for the party. He also condemned the attack on Kapil Sibal’s house by Congress workers only because he had chosen to express views that were not palatable to the party leadership.

Congress on September 28 inducted former CPI leader Kanhaiya Kumar into the party. Meanwhile, commenting on the recent political crisis in the party, senior party leader Kapil Sibal on Wednesday had said that they are unaware of who is taking the decisions in the party as there is no president.

Expressing the hope that Punjab would vote for the future of the state, he said his experience showed that the people of Punjab tend to vote for a single party/force, irrespective of the number of parties in the fray. Misgovernance in Punjab would give Pakistan the opportunity to create trouble in the state and in the country, he said, adding that his meeting with NSA Ajit Doval this morning centered around this issue.

Notably, Amarinder had raised security concerns with Union Home Minister Amit Shah too, along with the farmers’ issue, during his meeting with the latter on Wednesday.

Taking a dig at those who undermine the growing Pakistani threat in Punjab, he said that such people were playing into the hands of anti-India forces by being in denial mode. “They (Pak-backed elements) are killing our soldiers every day, they are pushing weapons into the state through drones. How can we overlook these dangers,” he added.

Reiterating his opinion of Navjot Singh Sidhu, Amarinder described him as a mere crowd puller who does not know how to carry his team along. Pointing out that he had personally worked with many Punjab Pradesh Congress Committee (PPCC) chiefs, besides himself being one, he said he always resolved issues amicably, without indulging in theatrics like Sidhu.

Amarinder, wh landed in the national capital on Tuesday, met Shah at his residence on Wednesday to discuss the ongoing farmers’ agitation and urged him to resolve the crisis by immediately repealing the three farm laws.

The meeting came amid fresh turmoil in Punjab Congress with the sudden resignation of state Congress chief Navjot Singh Sidhu and led to speculation that the Congress leader may be warming up to the BJP.

Amarinder Singh had resigned as Chief Minister on September 18 and had told the media that the Congress leadership had let him down. He had also taken a dig at Sidhu over his resignation, saying he is not a stable man.

Sidhu was made PCC chief by Congress leadership in July to stem infighting in Punjab Congress ahead of next year’s assembly polls but the party is now grappling with a fresh crisis. (ANI)

Pandemic Push For Retail Investors

By Kunal Bose

Such is the relatively new found attraction of investing their surplus funds in shares either directly or through mutual funds that a SBI report has found the number of individual investors rose by a startling 14.2 million during 2020-21 when India like the rest of the world was busy containing the Covid-19 pandemic. Hasn’t this got something to do with people spending all their time at home allowing them to discover the potential to raise their wealth by investing in shares?

Retail participation in the stock market has further gathered pace in the current year as an estimated 4.47 million investors opening their accounts in the first two months of 2021-22 with the depositories CDSL and NSDL, registered with the Securities and Exchange Board of India, which maintain ownership records of financial securities.

Guessing the reasons for so many new investors across the country jumping on the stock market bandwagon, the SBI report says declining savings options in a low interest rate regime is prompting more and more people to brave out the risk associated with investment in shares. Interestingly, the report further confirms people spending so much more time at home after doing their lockdown forced routine work from home allowed them to indulge in stock investment and trading.

Mind you, an overwhelmingly large percentage of new investors are young in age. They launch themselves in the new pursuit with modest capital. But their investment decisions being based on reading and analysis of information culled from multiple sources, they are found to be less speculative than earlier generation investors. Technology is proving to be a major aid for millennials and Gen-Z investors.

The strong growth in household financial savings in three of the four quarters of 2020-21, except for the second quarter marked by a sharp moderation and both the Sensex and Nifty scaling unexpected highs, helped in no small way by a huge inflow of funds from foreign institutional investors lured many Indians into the rising market. (Foreign portfolio investors have brought well over $9 billion in the Indian market so far this year, while some Asian markets have seen outflows.)  In a rally over 18 months that is by far the best in the world, the Sensex at one stage crossed 60,000 mark and Nifty was just shy of 18,000. Bloomberg data shows Indian equity market has outperformed the MSCI world index by 22 per cent in the past one year and the emerging market MSCI EM index by as much as 36 per cent.

That equity valuations in India are high raising fears of major corrections are borne out by Nifty price to earnings ratio of 24.5 compared with the five-year average of 21.03. Besides the uniqueness of a growing desire of the people at large to be part of a market that for 18 months has moved in one direction, some minor corrections now and then notwithstanding, the easy monetary policy here and in major economies enabled major flows of FII investments in Indian equities sending many of them to stratospheric levels.

ALSO READ: ‘Cryptocurrency Market Is Risky But Rewarding’

Who is not trying to take advantage of the bull market where large, medium and small caps are all participating in the rally? Many of the start-ups that have over a period of time become unicorns (venture capitalist Aileen Lee chose the mythical animal to describe privately owned new ventures that secure valuation of $1 billion or more) have taken advantage of the bull run to make initial public offerings at hefty premiums. They are not the only ones to make hay as the market shines. Small finance banks, established finance groups such as Aditya Birla Sun Life AMC, which is the country’s fourth largest asset management company, new born fintech groups and real estate companies have found the time opportune to raise funds by issuing shares as the central government remains on diluting its stake in PSUs. Many promoters are too found cashing in by diluting their holdings. While all the IPOs so far this year got fully subscribed notwithstanding the high premiums the promoters are charging for shares on offer, not all are seeing further appreciation on listing. Paras Defence and Space Technologies, however, surprised the market fraternity when its IPO got subscribed 328 times, the most since 2007.

The rewards from investment in shares done with prudence and intelligent reading about working of listed companies being much higher than fixed deposit returns whether the money is left with banks, companies or several government sponsored schemes, it is highly predictable that people from all walks of life and from all parts of the country will seriously consider using surpluses available with them to build a portfolio of shares. The growing ranks of people being savvy in using smart phones and computers and total digitisation of share trading have spared investors the bother to place orders with brokers for trading. Many are also finding it convenient to use the systematic investment plan (SIP) to put a fixed amount every month in various schemes of mutual funds. Some of these funds have been able to give attractive returns to investors. This cannot be otherwise when the market is on rise over a long period. That continues to encourage many others to use the SIP facility to build wealth. The more resourceful and informed Indians have started investing in shares listed on the US and other foreign stock exchanges through mutual funds.

Newspapers and TV business channels will from time to time feature the incredibly large capital gains the likes of Rakesh Jhunjhunwala and Radhakishan Damani are making on their investments in shares. Broking houses are in consensus that such stories are proving motivational for growing numbers who are still to become market participants.

What is also aiding expansion of the investor base going beyond principal cities to what is called Bharat is the message that much is to be gained by making knowledge based investment in shares. One thing that investors are not short of is information about companies. At frequent intervals, major broking houses will publish their assessment of working of companies whose shares are actively traded on the bourse. From time to time, their reports throw light on small and mid cap companies. The good thing is the market is no longer rumour driven and with SEBI vigilance being thorough insider trading has been largely curbed. In any case, many investors irrespective of their age and sex who came in recent times make efforts to read up as much as possible, including company annual reports before picking up shares.

Who could have thought some years ago that Ranga Reddy district Telengana or Barpeta district in Assam will be among the country’s top districts generating the maximum numbers of new investors since March 2021? It is a given that Delhi and Mumbai will always be at the top of the table for their share of the country’s investor community, old and new and the funds they bring to the market. According to National Stock Exchange data for August Delhi had a share of 5.9% of total new investors, followed closely by Mumbai with 5.8%. Pune had a share of 2%, Ahmedabad 1.9%, Surat famous for diamond polishing and trading 1.6%, Bengaluru 1.6% and Jaipur 1.5%.

Encouragingly, the demographic profile of investors is changing with growing numbers of young people, including students and those who have recently started working on completion of education putting a decent portion of their savings in stocks either directly or through mutual funds. The ranks of women investors, including housewives, continue to grow. According to Capstone Consulting, women now constitute approximately 20% of the country’s active traders. As many as 80% women investors are from tier 2 and tier 3 cities. They are generally low risk takers and long-term investors. Many of them are found to be taking investment decisions on their own.

The Cryptocurrency Market

‘Cryptocurrency Is Innovative; Risky But Rewarding’

By LokMarg

An IT professional who started investing in cryptocurrency early this year reveals how the market operates and the risk it carries

I work in the IT Sector and have a fairly good understanding of how the cryptocurrency market works. I had kept an eye on the crypto market for several years but began actively investing only since April 2021. I needed time to get properly acquainted with the extremely volatile market.

Cryptocurrency can be described as totally unregulated digital tokens or coins, whose value often changes faster than you can pronounce the word cryptocurrency. It is not considered a legal tender and is definitely subject to market risks. These tokens exist on a widely distributed and decentralised digital ledger, known as Blockchain. Each different cryptocurrency has its own ledger or Blockchain.

Not only is the cryptocurrency highly volatile, it is also highly innovative and more and more players are joining the fray with each passing day. Bitcoin, the first cryptocurrency and other currencies in general are designed to keep government intervention and regulation at bay when it comes to finances.

The world seems divided between people who love cryptocurrencies and those who don’t. Governments across the world, including India, don’t encourage dealing in cryptocurrencies as those who don’t have a proper understanding of the market can be easily defrauded, since the market is an unregulated one.

Only a few days ago China’s regulators banned all cryptocurrency mining and trading, a move that sent Bitcoin (the most expensive) and other coins tumbling. Furious buying and selling is still going on and Chinese investors are scrambling to protect their digital assets. Many are saying that China is doing this because it wants no competition for the government-run digital currency in the pipeline – the digital Yuan.

ALSO READ: Bitcoin Nosedives After Chinese Crackdown

The most expensive digital coin in the world right now is Bitcoin that originated in Japan around 2008-09. 1 Bitcoin is equal to ₹31 lakh as of today morning. Compare this to the fact that $1 is equal to nearly ₹73 and you know how totally different the two markets can be. Other popular cryptocurrencies are Ethereum, USD-Tether, Dogecoin, Cardano, Ripple, Litecoin, Binance. Due to the Chinese crackdown Bitcoin fell to as low as $41,018.41, while altcoins (alternative cryptocurrencies) saw an even deeper fall in value.

I have invested in cryptocurrencies like Ethereum primary, Dogecoin, Litecoin, Ripple, Cardano, USD-Tether etc over the months. Overall you could say my cryptocurrency portfolio value (much like share portfolio in the stock market) has gone down in the past months due to volatility because of the Chinese crackdown. I haven’t suffered losses yet because I haven’t sold or traded my holdings, but their value has reduced drastically.

Most people do not have an understanding of how the crypto market works and they buy disproportionate amount of coins only to suffer losses; they have no idea that crypto coins can be bought in decimal units as well, known as ‘Token Decimals’. I had traded USD Tether (A US Dollar-based cryptocurrency) with Shiba Inu coins and the currency immediately crashed. Had I opened my trading window and sold off my holdings, I would have heard a huge amount that day, but I chose to play safe.

ALSO READ: Bitcoin – A Goldmine Or A Landmine?

The crypto trading and exchange works much like stock exchanges in real life and it is known as a Digital Exchange Platform (CEP) or Digital Currency Exchange (CCE). These software platforms are based on block chain. The top digital exchange platforms in the world are Binance.US, Coinbase, Crypto.com, Kraken, Gemini etc.

In India the main platforms are: Coin DCX, Wazir X (Indian Subsidiary of Binance Holdings),Coin Switch Kuber, Unocoin, Bit bns.

I would like Indians to try out the cryptocurrency market, though it is at a nascent stage here. Moreover, the financial sense of Indians is conservative and needs a little cleaning up too. We are too impatient and disparage a new financial model at the slightest hint of discomfort. I would say one should not only focus on making big bucks, but also be consistent with it.

The cryptocurrency market isn’t regulated by a SEBI (Securities and Exchange Board of India) like body. Yet, the risk is totally worth it and with new players entering the market everyday, one can hope to make recovery fairly quickly. One should both thoroughly read about the market and know how to use one’s instincts when it comes to cryptocurrency. As they say in all financial disclaimers: investment is subject to market risk, read all scheme-related documents carefully.

As Told To Yog Maya Singh

(The identity of the narrator is kept undisclosed on request)

WHO To Decide On Covaxin’s Emergency Usage In October

By LokMarg

The World Health Organisation (WHO) on Wednesday informed that the final decision on Bharat Biotech’s submission on emergency use listing (EUL) for its Covaxin COVID-19 vaccine will be made in October 2021.

The status of assessment for Covaxin is “ongoing” as of now, the WHO informed in a document citing the status of COVID vaccines.
On the WHO website, the decision date for Bharat Biotech’s Covaxin is October 2021.

Bharat Biotech had submitted EOI (Expression of Interest) on April 19 for its vaccine.

The duration of the emergency use listing process depends on the quality of the data which is submitted by the vaccine manufacturer.

The WHO has also asked for additional data from Bharat Biotech for Covaxin, sources from the WHO informed ANI.

“There is a procedure of submitting the documents for approval, WHO’s emergency use authorization to Covaxin is expected soon,” Dr Bharati Pravin Pawar, MoS, Health had informed ANI.

According to Bharat Biotech Covaxin Phase 3 clinical trials of Covaxin demonstrated an efficacy rate of 77.8 per cent.

Bharat Biotech had also informed that the company has responded to clarifications sought by WHO and is awaiting further feedback.

“As a responsible manufacturer with several prequalified vaccines, we do not find it appropriate to speculate or comment on the approval process and its timelines,” a statement from Bharat Biotech informed.

Speaking to ANI, Chairman of the National Expert Committee on Vaccine Administration and Member of Health for NITI Aayog Dr VK Paul had also said that the WHO’s approval for Bharat Biotech’s COVID-19 vaccine, Covaxin, is likely to come before the end of this month.

The strategic advisory group of experts on Immunization (SAGE) of the WHO will be meeting in October to make its recommendations on Bharat Biotech’s COVID-19 vaccine Covaxin on EUL.

SAGE is authorised with advising WHO on overall global policies and strategies ranging in vaccines, technology, research and other health interventions. (ANI)

Centre Working Towards Transforming, Strengthening Health Sector: PM

By LokMarg

Prime Minister Narendra Modi on Thursday said that the Central government is working towards transforming the health sector of the country and is increasing its strength, self-reliance in the sector.

The Prime Minister informed that the Central government wants to ensure that every district in the country has at least one medical college or an institution that provides post-graduate medical education.
Speaking at an event, after laying the foundation stone of four medical colleges in Banswara, Sirohi, Hanumangarh and Dausa districts of Rajasthan, the PM Modi said, “This pandemic has taught a lot in the health sector across the world. Every country is engaged in dealing with this crisis in its own way. India has resolved to increase its strength, self-reliance during this time. The beginning of work on four medical colleges in Rajasthan and CIPET-Jaipur is a key step in this regard.”

“Since 2014, the Central government has approved 23 new medical colleges for Rajasthan. Out of this, seven medical colleges are already functional and we are laying the foundation for four of them today,” he said.

The Prime Minister recalled that improving the health sector in Gujarat came as a challenge to him when he became the Chief Minister of Gujarat in 2001.

“From medical education to health infrastructure to medical facilities, we tried to change the situation,” he said.

Listing the changes brought by his government in medical education, PM Modi stated that when the NDA-led government came to power in Centre in 2014, there were 82,000 undergraduate and post graduate seats in the medical college but the number stands at over 1.4 lakh now.

“Today, India is moving towards an empowered network of 22 AIIMS from 6 AIIMS. In the last 6-7 years, over 170 new medical colleges have been started and over 100 new medical colleges are being developed,” he said.

“We want to ensure that every district has at least one medical college or an institution that provides post-graduate medical education. We have made several reforms to ensure this in the last few years.”

“The health system of our country was divided at several levels. There was a lack of connectivity and collective approach in health systems between states. There was a massive gap between primary healthcare and big hospitals. It was of paramount importance to remove these bottlenecks. To transform the medical system, we worked on a new medical system for the entire country. Initiatives such as Swachh Bharat, Ayushman Bharat and Ayushman Bharat Digital Mission are all part of that view,” he added.

Prime Minister Narendra Modi on Thursday also inaugurated the Central Institute of Petrochemicals Engineering and Technology (CIPET) in Rajasthan’s Jaipur district through video conferencing.

Union Minister Mansukh Mandaviya, Rajasthan Chief Minister Ashok Gehlot and Lok Sabha Speaker Om Birla were also present on the occasion. (ANI)

Bhabanipur By-Polls: Voting Underway Amid Tight Security

By LokMarg

Amid the ongoing by-poll in the West Bengal’s Bhabanipur Assembly constituency, the security has been increased in the city to prevent any untoward incident. Women personnel of the Central Armed Police Force (CAPF) have also been deployed in the constituency.

“Patrolling by Women CAPF as a part of Confidence Building Measures at parts of 159 Bhabanipur Assembly Constituency of Kolkata South District,” Chief Electoral Officer (CEO) West Bengal tweeted and shared a video of women CAPF personnel on-duty.
Meanwhile, at least 7.57 per cent voter turnout was registered till 9 am during the by-election held in the Bhabanipur Assembly Constituency.

At least 16.32 per cent voter turnout was registered till 9 am in the Samserganj constituency, while 17.51 per cent voter turnout was registered in the Jangipur, the Election Commission informed.

By-polls are being conducted on Thursday in three assembly constituencies in West Bengal – Bhabanipur, Samserganj, and Jangipur.

Bhabanipur by-poll has become a prestige battle for West Bengal Chief Minister Mamata Banerjee, who is presently not an MLA.

Notably, Mamata Banerjee was defeated by BJP leader Suvendu Adhikari in the Nandigram constituency in the Assembly elections held earlier this year.

Following this, the Bhabanipur Assembly seat was vacated by the West Bengal Agriculture Minister Sobhandeb Chattopadhyay in May, making way for West Bengal Chief Minister Mamata Banerjee to contest from Bhabanipur seat as a move to continue to hold her post.

Bharatiya Janata Party fielded 41-year-old Priyanka Tibrewal against the TMC supremo.

The Mamata Banerjee-led TMC registered a landslide victory in polls winning 213 seats in the 294-member West Bengal assembly. The BJP lost the polls but emerged as the second-largest party with 77 seats. (ANI)

Capt Meets NSA Ajit Doval In New Delhi

By LokMarg

Former Punjab Chief Minister Captain Amarinder Singh met National Security Advisor (NSA) Ajit Doval at his residence on Thursday.

Singh had on Wednesday met Union Home Minister Amit Shah to discuss the ongoing farmers’ agitation and urged him to resolve the crisis by immediately repealing the three farm laws.
The meeting came amid fresh turmoil in Punjab Congress with the sudden resignation of state Congress chief Navjot Singh Sidhu and led to speculation that the Congress leader may be warming up to the BJP.

Amarinder Singh had resigned as Chief Minister on September 18 and had told the media that the Congress leadership had let him down. He had also taken a dig at Sidhu over his resignation, saying he is not a stable man.

The meeting took place amid efforts of the Bharatiya Janata Party (BJP) to ensure a contest in the forthcoming assembly polls in Punjab.

The BJP faces a formidable political challenge in the state from ruling Congress, Aam Aadmi Party (AAP) and SAD-BSP combine. Shiromani Akali Dal was a trusted partner of BJP in Punjab but parted ways over its stance on the farm laws.

If Amarinder Singh joins the BJP, the political equations in the state will change and will give the party an advantage in assembly polls.

From being seen as a “non-contender” in the power equations, the BJP is looking to emerge as a formidable contestant in Punjab assembly polls. (ANI)

23,529 Fresh COVID-19 Cases In Last 24 Hrs

By LokMarg

India reported 23,529 new COVID-19 cases in the last 24 hours, informed the Ministry of Health and Family Welfare on Thursday.

India’s active caseload stands at 2,77,020, which is the lowest in the last 195 days. The active cases account for less than 1 per cent of total cases, currently at 0.82 per cent, the lowest since March 2020.
The recovery rate presently stands at 97.85 per cent, the highest since March 2020.

According to the health ministry, the recovery of 28,718 patients in the last 24 hours has taken the cumulative tally of recovered patients since the beginning of the pandemic to 3,30,14,898.

The country reported a weekly positivity rate of 1.74 per cent which is less than 3 per cent for the last 97 days. The daily positivity rate in the country stands at 1.56 per cent, less than 3 per cent for the last 31 days.

As per the Indian Council of Medical Research (ICMR), as many as 15,06,254 samples were tested on Wednesday, taking the total cumulative of COVID-19 tests conducted so far in the country to 56,89,56,439.

The country has administered 88,34,70,578 vaccine doses so far under the nationwide vaccination drive, out of which 65,34,306 doses were administered in the last 24 hours. (ANI)

Only AAP Can Give An Honest Govt To Punjab: Kejriwal

By LokMarg

Delhi Chief Minister and Aam Aadmi Party (AAP) National Convenor Arvind Kejriwal on Wednesday said that only AAP can give a good and honest government to Punjab.

Kejriwal is on a two-day visit to Punjab ahead of state assembly elections in 2022. Addressing a press conference in Chandigarh, the Delhi chief minister said, “Punjab is facing political instability and dirty politics are going on these days. Only AAP can give a good and honest government to the state.”

He further extended his wishes to the newly appointed Punjab Chief Minister Charanjit Channi who took charge on September 20 after Captain Amarinder Singh resigned from the position.

While comparing his governance in Delhi with Channi’s governance in Punjab, Kejriwal said that now the state chief minister should fulfil all the promises made by Captain because only four months are left in the assembly elections.

“When I was elected as Delhi chief minister, I waived off half the electricity bill and water bill in 49 days only. So now, Punjab chief minister should fulfil the promises made by Captain in the state because only four months are left for elections,” Kejriwal added.

Kejriwal further alleged that Punjab will be proud of the party and its chief minister face when they will win the elections in the state. (ANI)

PM Chairs 38th PRAGATI Meeting, Reviews 8 Projects

By LokMarg

Prime Minister Narendra Modi on Wednesday chaired the 38th PRAGATI meeting, the ICT (Information and Communication Technology) based multi-modal platform for pro-active governance and timely implementation, involving Centre and State governments.

The official release by the Prime Minister’s office informed that in the meeting, eight projects were reviewed.
“Four of these projects were from the Ministry of Railways, two from the Ministry of Power and one each from Ministry of Road Transport and Highways and Ministry of Civil Aviation,” read the release by PMO.

Having a cumulative cost of around Rs 50,000 crore, the projects pertain to seven states viz. Odisha, Andhra Pradesh, Bihar, Jharkhand, Madhya Pradesh, Maharashtra and Haryana.

In the previous 37 PRAGATI meetings, 297 projects having a total cost of Rs 14.39 lakh crore have been reviewed.

Previously, on August 25, Prime Minister chaired the meeting of the 37th edition of PRAGATI. (ANI)