Power Games – The New Indian Express
Express press service
LIC IPO Delay Sends Finmin Babus to Hunt for Numbers
The finance ministry is frantically reworking figures as LIC’s highly anticipated IPO, a major move the Modi government was counting on, has been delayed. As the proceeds from the blockbuster IPO would only return in the next financial year, the task ahead for North Block is to fill the gaping Rs 60,000 crore hole that the government was expecting from the IPO. in stock exchange. Figures on GST and IT collections are updated daily to make this fiscal year’s figure presentable to the boss across the street in the south building. Sources said that loading ongoing collections early would result in higher refunds. The Ministry of Finance hopes to be able to manage the payment with the return from the blue chip IPO. But the Russian invasion and market volatility are giving northern bloc officials sleepless nights.
Impact of war
Resumption of rupee-ruble trade on the charts after US sanctions against Russia
The sanctions imposed by the United States and NATO countries on Russia after its invasion of Ukraine have opened a window to revive the rupee-ruble trade between India and Russia. Indian businessmen, especially traders and exporters, have had a long and happy run in the prior avatar of rupee-ruble trade. In this bilateral trade, when a country buys a product from another, the value of the exports must correspond to the imports of this country. India buys a large quantity of arms and ammunition from Russia. Payment for these imports is made in rubles. Russia spends these rubles on imports from India. This offers Indian exporters a great opportunity to sell their products in Russia without any competition. There is a type of escrow arrangement to spend the money in this trade. This trade does not use the US dollar and is carried out using a special window. Alumni are already lining up to enjoy the benefits of this new opportunity. India has already ignored an American advice and decided to import crude from Russia. Items like fertilizers, newsprint, rough diamonds and a range of raw materials for manufacturers could be imported from Russia. It would also create a huge opportunity for Indian exports of items like textiles, pharmaceuticals, etc. Indian exporters are already planning to travel to Moscow to finalize the mergers.
The decline of Congress brings regional satraps to the fore
Tamil Nadu Chief Minister MK Stalin arrives in Delhi the first week of April to inaugurate a new DMK office in the nation’s capital. Invitations were personally delivered to Congress Speaker Sonia Gandhi, BJP President JP Nadda and leaders of other parties by DMK leader TR Baalu. Sources said the inauguration of the party office would be used to launch Stalin on the national stage. The demand for Stalin to play a national role was raised by many DMK leaders who praised his ability to organize people and lead them from the front. Earlier, TRS Chief K Chandrashekar Rao embarked on a whirlwind tour of Delhi and some other state capitals. TMC leader Mamata Banerjee had also tried to form a non-Congressman front against the BJP. Regional leaders see a great opportunity to lead an opposition alliance against the BJP as Congress continues to shrink. Sources in Congress said a group of regional parties would not mind challenging the BJP in the 2024 general election if they could agree on who would lead them.