Biz EOD: India still wary of RCEP; Jio clears AGR dues; hope remains for YES Bank
BusinessToday.In January 23, 2020
Union Commerce Minister Piyush Goyal, during the 50th annual World Economic Forum in Davos, Switzerland, said India was not willing to engage with Regional Comprehensive Economic Partnership (RCEP) unless there's "greater degree of transparency". Amid ongoing controversy over adjusted gross revenues (AGR), Mukesh Ambani-owned Reliance Jio has reportedly cleared its dues to Department of Telecommunications (DoT). SBI Chairman Rajnish Kumar has said that private lender YES Bank will not be allowed to fail and some "solution" will emerge to straighten its financial condition. Read for more top stories from the world of business and economy:
Goyal says India backed out of the Regional Comprehensive Economic Partnership because it was an 'unbalanced trade agreement', which was not fulfilling RCEP's guiding principles.
Reliance Jio has become the first telecom company to clear its dues within Supreme Court deadline of 23 January.
The private lender's shares have taken a beating in the past one year, plunging over 80 per cent, primarily after the sudden exit of promoter Rana Kapoor, asset quality deterioration, NPA divergences and lower capital levels.
India fares poorly even when compared to two BRIC nations. China ranks at No. 42 while Russia is at 48. India does better than Brazil, which ranks 80 in the index.