The Tribune, Chandigarh, India

	PM okays expenditure management panel Former RBI Governor Bimal Jalan to head Tribune News Service New Delhi, August 13 Prime Minister Narendra Modi has approved the constitution of the Expenditure Management Commission to be headed by former RBI Governor Bimal Jalan. This initiative was announced by Finance Minister Arun Jaitley in his Budget speech 2014-15. The Commission will be headed by Bimal Jalan, former Governor, RBI, with Sumit Bose, former Finance Secretary and Subir Gokarn, eminent economist as members. Additional Secretary, Department of Expenditure, Ministry of Finance, will be an ex-officio member and a senior officer with finance or expenditure experience will be Member-Secretary. The detailed terms of Reference of the Expenditure Management Commission will be notified separately. The Commission is expected to submit its interim report before the Budget of 2015-16 and its final report before the Budget of 2016-17. The Commission will suggest ways to reduce food, fertiliser and oil subsidies to contain the fiscal deficit. “The government will constitute an Expenditure Management Commission, which will look into various aspects of expenditure reforms to be undertaken by the Government,” Jaitley had announced in the Budget. There is a need to review the allocation and operational efficiencies of the government expenditure to achieve maximum output, he had said. “I also propose to overhaul the subsidy regime, including food and petroleum subsidies, and make it more targeted while providing full protection to the marginalised, poor and SC/STs. A new urea policy would also be formulated,” Jaitley had announced. The subsidy bill on food, petroleum and fertilisers is estimated at Rs 2.51 lakh crore for 2014-15, up 2.47% over the previous fiscal. It was Rs 2.45 lakh crore in the revised estimates for 2013-14.
	Haryana banks' deposits rise to Rs 1,90,444 cr in April-June Tribune News Service Chandigarh, August 13 Banks in Haryana have achieved all major national goals during the first quarter of financial year 2014-15. This was revealed during the State Level Bankers Committee (SLBC) meeting for Haryana held here today. Commercial banks and regional rural banks (RRBs) have opened 515 new branches, thus raising the total number of branches to 3,891. As many as 218 new ATMs have been installed during this period taking their total number to 5,459. Total deposits of commercial banks/RRBs in the state have increased to Rs 1,90,444 crore as on June 2014 from Rs 1,72,512 crore as on June 2013, an increase of over 10% over the corresponding period last year. The total advances during the review period have increased from Rs 1,41,948 crore to Rs 1,58,184 crore, registering a growth of 11%. The priority sector advances have gone up from Rs 64,686 crore as on June 2013 to Rs 76,076 crore as on June 2014, recording an increase of 18% and agriculture advances have increased from Rs 27,168 crore as on June 2013 to Rs 30,669 crore as on June 2014, exhibiting a growth of 13%.
	Top 5 richest Indians have half of nation’s billionaire wealth New Delhi, August 13 The top five Indian billionaires led by Reliance Industries’ chairman Mukesh Ambani collectively control $85.5 billion (about Rs 5,23,897 crore) in personal wealth, accounting for nearly half of the country’s total billionaire wealth, a new study said today. According to the analysis by wealth research firm Wealth-X of India’s richest individuals, Mukesh Ambani remains the richest man in the country with an estimated net worth of $24.4 billion (about Rs 1,49,474 crore). Ambani is followed by steel tycoon Lakshmi Mittal, drugmaker Sun Pharma’s Dilip Shanghvi, IT giant Wipro’s Azim Premji and Tata Sons’ shareholder Pallonji Shapoorji Mistry among the top-five wealthiest individuals from India. “The five billionaires collectively control $85.5 billion in personal wealth, accounting for 47.5% of India’s total billionaire wealth,” Wealth-X said. Observing that “entrepreneurialism is the key to attaining financial success in the world’s largest democracy”, the study further said these five entrepreneurs have made their fortunes through their businesses in sectors such as oil and gas, steel and pharmaceuticals. In comparison, India’s wealthiest actor, Bollywood star Shah Rukh Khan, is worth $600 million, while Indian cricket legend Sachin Tendulkar retired in November 2013 with a personal fortune of at least $160 million, it added. Steel tycoon Lakshmi Mittal takes second place on the list with a personal net worth of $17.2 billion. — PTI
	Airtel may have to surrender excess spectrum in Mumbai New Delhi, August 13 Bharti Airtel may have to surrender excess spectrum in Mumbai service area as the company has marginally crossed maximum airwaves holding cap in the metro following its acquisition of a 4G company founded by US chip maker Qualcomm. “The company will have to surrender excess spectrum as per spectrum cap rule within one year of amalgamating Wireless Business Services Private Limited (WBSPL) which has been renamed as Airtel Broadband Services Private Limited,” an official source said. As per spectrum cap rule, a company cannot hold more than 25% of total spectrum assigned to all companies in a circle and over 50% of total spectrum assigned in a particular frequency band. The source added that as per present situation, the company may need to surrender around 1 Mhz of spectrum for which it will not get any refund or adjustment. “They will get time of one year to surrender excess spectrum. In between, we expect auction of spectrum again. If allocated spectrum in Mumbai increases, then they may not need to surrender airwaves but if some spectrum remains unsold, then Airtel may need to surrender even more,” the source said. Airtel declined to comment on the matter. The company in Mumbai has been earlier allocated 9.2 Mhz spectrum in 1800 Mhz, widely known as 2G spectrum. The company is February spectrum acquired additional 6 Mhz in 1800 Mhz band for Rs 1,632 crore and 5 Mhz in 900 Mhz band for Rs 2,815.45 crore. — PTI
	AirAsia India lowers fares, offers 20% rebate Mumbai, August 13 AirAsia India, the latest entrant in domestic air space, has lowered its fares by 20% for a limited period on all its flights. The discounted ticket scheme was launched yesterday for a six-day period (till August 17) and offers customers 20% discount on tickets across categories for flights from Bengaluru to Chennai, Kochi and Goa and vice versa, AirAsia India said. AirAsia India currently operates flights from its current base Bengaluru to Chennai, Kochi and Goa. It also plans to launch flight services from Bengaluru to Jaipur and Chandigarh. Customers can book their tickets under this discounted scheme till August 17 for a travel period up to December 14, it said. AirAsia India, which is the domestic arm of Malaysian no-frills carrier AirAsia, had at the time of entering in the Indian aviation market said that its fares will be 35% cheaper compared to the segment players. “With our existing everyday low fares, this new campaign is introduced in appreciation of the support and response extended by our passengers. Standing by our promise, this campaign will live up to our visions of making every Indian fly,” AirAsia India CEO Mittu Chandilya said. — PTI
	New gas price formula by Sept-end New Delhi, August 13 The government will by September-end announce a new gas price formula keeping the interest of investors and consumers in mind, Oil Minister Dharmendra Pradhan said today. Pradhan, however, said no committee has been constituted to suggest an alternative to the Rangarajan formula approved by the previous UPA government that would have doubled the price of gas to $8.4 per million British thermal unit. The Rangarajan formula was to be implemented from April 1 but was deferred by three months as General Election was announced. The NDA government on June 25 postponed its implementation by three months pending a comprehensive review. — PTI
	corporate results ONGC’s profit up 19% at Rs 4,782 cr in Q1 New Delhi, August 13 Oil and Natural Gas Corp (ONGC) today reported 19% rise in net profit for the April-June quarter on realising higher crude oil prices. Net profit of Rs 4,782 crore was 19.07% higher in the first quarter of 2014-15 than Rs 4,016 crore logged in the year-ago period, ONGC said. This was despite the subsidy outgo rising 4% to Rs 13,200 crore. Sales rose 13.12% to Rs 21,813 crore. MMTC net jumps 8-fold Trading giant MMTC today reported 8-fold jump in net profit to Rs 40.7 crore for the first quarter ended June 30, 2014-15. It had posted net profit of Rs 5.02 crore during the same period of last fiscal, 2013-14, MMTC said in a BSE filing. However, the state-owned unit’s total income from operations declined to Rs 5,217.71 crore for the quarter, as against Rs 8,864.16 crore in the year-ago period. Unitech Q1 profit plummets 91% Realty firm Unitech today reported 91% decline in its consolidated net profit at Rs 5.56 crore for the quarter ended June as the company booked losses of nearly Rs 1,000 crore in erstwhile telecom business. Total income from operations jumped more than two fold to Rs 1,522.12 crore in the first quarter of this fiscal against Rs 572.57 crore in the corresponding period of previous year. Tata Steel’s Q1 profit plunges 70% Global steel giant Tata Steel’s consolidated net profit plunged by 70.38% to Rs 337.33 crore in the April-June quarter, mainly due to Rs 1,577-crore write-down in a project. Tata Steel group had reported a net profit of Rs 1,139.01 crore during the corresponding quarter in 2013-14 . Net profit for the quarter came in at Rs 337 crore, affected by exceptional charges despite improved operating performances across all geographies, the company said. Net sales of the company rose to Rs 36,143.27 crore in the quarter under review from Rs 32,558.61 crore a year ago. Max India Q1 profit at Rs 81.26 crore Max India today reported a net profit of Rs 81.26 crore and total income from operations of Rs 111.76 crore for the first quarter ended June 30, 2014. It had posted a net profit of Rs 101.14 crore and total income income from operations of Rs 278.74 crore in the corresponding period a year ago, Max India said in a BSE filing. The company said figures are not comparable on the account of slump sale of its Max Speciality Films Division with effect from April 1, 2014. — PTI