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Upfront

Team BT   Delhi     Print Edition: February 12, 2017
Upfront

Quotes


"If this is not done forthwith, we will not grant Indian Visa to any Amazon official. We will also rescind the Visas issued earlier"

- Sushma Swaraj


"Amazon, better behave. Desist from being flippant about Indian symbols and icons. Indifference will be at your own peril"

- Shaktikanta Das

The Minister of External Affairs and Economic Affairs Secretary took on Amazon for selling Indian flag-themed doormats. Subsequently, Swaraj had also received complaints of the e-commerce giant selling flip-flops with Mahatma Gandhi's image. A spokesman for the company later clarified that the products were no longer for sale on its website.

2.4 million, the number of dematerialised, or demat, accounts opened in India in 2016. It was the highest since 2008, as more retail investors started opting to invest in stocks.

Insurance Windfall


The Cabinet Committee on Economic Affairs headed by the Prime Minister has given in-principle nod to list five government-owned general insurance companies - New India Assurance Company, United India Insurance, Oriental Insurance Company, National Insurance Company and General Insurance Corporation of India. The government shareholding in these companies will be reduced from 100 per cent to 75 per cent in one or more tranches over a period of time

Growth Setback


The International Monetary Fund has lowered India's growth forecast for 2016/17 from 7.6 per cent to 6.6 per cent following the disruption caused by the government's demonetisation move. With the announcement, India will lose the "fastest growing major economy" tag to China, which grew at 6.8 per cent in 2016 and is expected to clock 6.5 per cent in 2017

Mahagathbandhan

The ruling Samajwadi Party in Uttar Pradesh led by Akhilesh Yadav has joined hands with the Congress to contest the upcoming state elections. The grand alliance will pose a significant challenge to the BSP and the BJP.

Cautious Approach


LIC has cut its equity investment target for 2016/17 to `50,000 crore from `60,000 crore because of adverse market conditions, despite the fact that it has collected higher new business premium year-o5n-year. About `28,000 crore has so far been invested in equities this financial year

Slippery Slope

The dispute between the Centre and Reliance Industries over production of gas from the KGD6 basin reservoir is headed for a protracted battle with the oil ministry seeking legal opinion on whether it should proceed to recover the $1.55 billion compensation from RIL

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