The Governor of Punjab and Administrator, UT, Chandigarh, Shri V.P. Singh Badnore addressed at the “CA Students National Conference-2018” organized by the Institute of Accountants of India (Chandigarh Branch) at PG GCG, Sector-42, Chandigarh on Saturday, June 23, 2018.
State-run Life Insurance Corporation of India (LIC) has sought government approval to buy a controlling stake in troubled IDBI Bank Ltd, said a person with direct knowledge of the matter. The move will enable the insurance company’s entry into the Indian banking system.
LIC wants to buy an additional 43% stake in IDBI Bank for about Rs 10,500 crore. This would increase LIC’s total stake in the bank to 51% from 8%. The government stake in IDBI Bank increased to 85.96% from 80.96% after a preferential sale of shares by the bank to the government last month.
“The LIC board has already approved initiatives for taking controlling stake in taking over a bank. The specific proposal regarding acquisition of controlling stake in IDBI Bank shall be placed before the board after the approval of the government,” said the person cited above, requesting anonymity.
Any decision to sell the government stake in IDBI Bank will have to be approved by the cabinet.
IDBI has the highest non-performing asset (NPA) ratio among state-run lenders in India. India Ratings & Research Pvt. Ltd, the local unit of Fitch, downgraded IDBI Bank this month citing a sharp deterioration in asset quality.
The government has been trying to privatise IDBI Bank for the past couple of years in the wake of mounting losses and rising bad debts. IDBI Bank’s loss widened to Rs 8,237.92 crore in the fiscal year ended 31 March from Rs 5,158 crore in the previous year.
IDBI Bank’s gross NPAs almost doubled to Rs 55,588.26 crore during fiscal 2018, which is 32.36% of the bank’s gross advances made during the year.
“The financial projections and business plan will be drawn by the bank and the capital raising plan will be decided by the board of the bank,” said the person quoted above when asked about the possible course of action after LIC acquires controlling stake. “However, there is ample indication of a turnaround that the current management of the bank has put together,” he said.
Mint on 4 June first reported the government’s plan to sell its stake in IDBI Bank. The report said that the government was exploring a stake sale in IDBI Bank to a clutch of private equity investors as one of the options to slash its stake to less than 50%. IDBI Bank is not governed by the Bank Nationalization Act, making it easier for the government to divest control.
IDBI Bank has called its annual general meeting on 13 August. One of the items on the agenda is raising capital through various modes, including qualified institutional placements.
The government on 4 June named IDBI Bank’s managing director and chief executive officer M.K. Jain as deputy governor of the Reserve Bank of India. State Bank of India managing director Balasubramanyam Sriram has been appointed the MD and CEO of IDBI Bank for three months.
The government has been pushing for consolidation of state-run banks to bring in synergies, reduce costs and create globally competitive banks.
The power ministry is considering making the default temperature setting for air conditioners at 24 degrees Celsius. Power Minister R K Singh, during a meeting on Friday, said the mandate will benefit consumers, both from a health and financial point of view. The ministry also wants AC manufacturers to add a label on the product indicating the optimum temperature setting for consumers. If the move is approved, it is likely to come into effect in a few months.
The ministry’s suggestion comes based on recommendations in a study conducted by the Bureau of Energy Efficiency (BEE). Its report suggests temperature settings to be in the range of 24 to 26 degree Celsius.
According to the ministry, the higher the temperature of the air conditioner, the lesser electricity consumed. This translates to saving at least six per cent of electricity consumed with an increase of just one degree in temperature. Singh explained, “Every one-degree increase in the air-conditioner temperature setting results in saving of 6 per cent of electricity consumed.”
Further, the minister said it is both uncomfortable and unhealthy to be in colder temperatures. “The normal human body temperature is approximately 36-37 degrees Celsius, but a large number of commercial establishments maintain a temperature around 18-21 degrees Celsius. This is not only uncomfortable but is actually unhealthy,” Singh said. He pointed out that wearing warm clothing or using blankets in a colder temperature is a waste of energy.
Singh’s campaign, which promotes energy efficiency, is likely to result in substantial energy savings and reduce greenhouse gas emission.
According to BEE, only six per cent of households in the country use air conditioners. If all consumers adopt a default temperature setting, India could save 20 billion units of electricity annually.
The report states that the current estimate total installed air conditioner capacity is 80 million TR (tonne of refrigerator), which is likely to increase to nearly 250 million TR by 2030. Taking into account the huge demand, India can save around 40 million units of electricity usage per day.
he move towards making the default setting on air conditioners 24 degree Celsius will begin by issuing an advisory to all establishments and manufacturers, particularly airports, hotels, shopping malls, offices and government buildings. This will be followed by an awareness campaign, held over four to six months. The ministry will then gather feedback from the public before mandating a default setting.
This practice is followed in other countries, such as in Japan, where the government has regulated temperatures at 28 degree Celsius.
Is India no place for health drinks? First, Horlicks was put on sale by GlaxoSmithKline Plc (GSK) in March. News reports had then speculated Kraft Heinz Co. may bid for it, now it appears Kraft Heinz is planning to sell Complan, according to Bloomberg.
Both companies may have different reasons for the decision, but a common one could be a challenging health drinks market. Growth rates are slowing and competition is stiff.
In 2017, Kraft had recognized a $49 million impairment loss due to continued declines in its nutritional beverages business in India. GSK’s annual report also talks about competitive pressure on Horlicks, which competes with the likes of Bournvita and Complan.
Complan being put on sale adds a twist to the Horlicks’ deal. The asking price for Complan is $1 billion, while GSK’s 72.5% stake in locally listed GSK Consumer Healthcare Ltd alone is valued at $2.9 billion. The sums involved are large, implying a buyer has a lot at stake and will do everything to ensure the investment yields good returns.
If only one brand was sold, there would be one new owner to contend with incumbents. New owners for two different brands mean stiffer competition right off the blocks.
The bigger question is why are companies keen on exiting this market? One reason could be slowing growth. Malt-based drinks— Horlicks and Bournvita are in this category—have seen growth slip from 13.2% in 2014 to 8.6% in 2017, according to Euromonitor International.
Complan is measured in a separate category of supplement nutrition drinks, which includes products such as Ensure. This segment’s growth is higher than that of malt-based drinks, though smaller in size. Even here, growth has slowed, from 21.3% in 2014 to 11.5% in 2017.
Forecast compound annual growth in 2017-22 in constant prices is 3.7% for malt-based drinks and 5.6% for supplement nutrition drinks, according to Euromonitor.
Emerging alternatives could explain slower growth, as consumers are opting for products offering added protein, meal replacement or an energy boost, according to Devchandan Mallick, an analyst at Euromonitor. Some consumers are shifting to mixing syrups such as chocolate or vanilla in their milk instead.
Additionally, pharmaceutical companies have stepped up their presence in the consumer nutrition space. That explains why you see variants of Horlicks such as Protein, Growth and Cardia. Consumer goods companies are also now going deep into rural markets to increase sales growth. That requires investments and staying power, as these markets are different from urban ones and will take time to scale up.
All these challenges may explain why owners of big brands are seeking to exit. There is a risk of prospective bidders trying to negotiate lower valuations, if these exits are taken as a question mark on the potential market for these brands.
The arrest of Ravindra Prabhakar Marathe, chief executive officer (CEO) of Bank of Maharashtra (BoM) on Wednesday has come as a jolt to the banking industry, prompting the Indian Banks Association (IBA) to call a meeting on Friday to discuss the future course of action.
IBA claims such action by investigative authorities will dent the morale of the banking industry, forcing bankers to stop lending.
The Economic Offences Wing (EoW) of Pune city police arrested top officials of Bank of Maharashtra, including Marathe, on charges of illegally sanctioning a loan of ₹100 crore for a real estate project of a DSK Group company.
State Bank of India, United Bank of India, Syndicate Bank, Vijaya Bank and IDBI Bank were part of the consortium of banks that had lent to the DSK group.
Citing Pune police’s statement to the local court, a report in The Indian Express said that these officials had sanctioned the loan without the approval of the other banks that were part of the consortium.
Bank of Maharashtra, however, maintained that the loans were sanctioned to the firm according to the bank’s lending norms. “The bank’s total outstanding exposure to M/S D. S. Kulkarni Developers Ltd is to the tune of ₹94.52 crore, which is fully secured by primary and collateral securities. Recovery process like SARFAESI action has already been initiated by the bank and some of the properties are due for auction. The bank has also declared M/S DSK Developers Ltd and its promoters as wilful defaulters,” the bank said.
A senior government official said it is awaiting the report from the investigation agency before deciding the future course of action.
Most bankers who know Marathe stand by him and claim that such actions will malign the reputation of bankers. “This looks like a breakdown of the law and order situation. It could be a local political issue against the developer and the Bank of Maharashtra chief got caught off-guard,” said the managing director and chief executive of a public sector bank, who did not want to be named.
“From the available information, the transaction which is in question is insignificant. To ascribe this kind of motive is reflective of ignorance or motivated action,” said a former banker who also spoke on condition of anonymity.
Marathe is one of several current and former officials of public sector banks being probed by investigation agencies for allegedly lending to defaulting companies. Those booked this year include IDBI Bank executives Kishor Kharat, now CEO of Indian Bank, and Melwyn Rego, CEO of Syndicate Bank, in connection with IDBI Bank’s ₹600 crore loan to entrepreneur C. Sivasankaran’s firm. Last month the Central Bureau of Investigation named Usha Ananthasubramanian, former managing director of Allahabad Bank, in a charge sheet in the Punjab National Bank fraud.
Swiggy raised $210 million from a group of investors, catapulting India’s largest food delivery service provider into a select club of startup unicorns with a valuation of $1 billion or more. The latest funding, led by Naspers and billionaire Yuri Milner’s DST Global, values Swiggy at roughly $1.3 billion, surpassing rival Zomato’s $1.1 billion valuation based on a February fund-raising round. China’s Meituan-Dianping has also invested in the latest funding round, along with new investor Coatue Management.
Swiggy, founded in August 2014, is one of the fastest entrants into the unicorn club. The latest fund-raising will add pressure on Zomato to raise additional funds quickly to keep pace with its Bengaluru-based rival in the online food-delivery business. On 2 April that Zomato was in talks to raise $200-400 million.
Swiggy, which has emerged as the breakout consumer internet start-up of the past five years, has easily been the most prolific food delivery start-up in terms of its ability to continue raising funds from deep-pocketed foreign investors. It has raised about $465 million till date, according to Mint research. Barely four months ago, Swiggy raised $100 million from South African media giant Naspers.
Swiggy, which is by far India’s best-funded food delivery start-up, plans to use the funds to ramp up its supply-chain network and expand to new markets, the company said in a statement.
“With this investment, we will continue to widen Swiggy’s offerings, along with bolstering our capabilities and plugging the gaps in the on-demand delivery ecosystem,” said Sriharsha Majety, CEO and co-founder of Swiggy.
Mint had first reported on 2 April that both Swiggy and Zomato were in talks to raise more money. In early February, Zomato raised $150 million from Ant Small and Micro Financial Services Group, valuing the food-tech start-up at about $1.1 billion.
Swiggy, which operates in 15 cities including Bengaluru, Delhi, Mumbai, Pune, Hyderabad and Kolkata, claims to have more than 35,000 restaurant partners on its platform and a delivery fleet of over 40,000.
Founded by Majety, Nandan Reddy and Rahul Jaimini, Swiggy is one of the few consumer internet start-ups from 2014 that is thriving and consistently chased by large global investors. Smaller peers such as food-ordering app TinyOwl, grocery-ordering app PepperTap and real estate platform Housing.com have either been shut down or sold in distress deals. Some others, such as online grocery start-up Grofers, are struggling to attract new investors and have been unable to find a sustainable long-term business model.
Benchmark indices BSE Sensex and NSE’s Nifty 50 advanced for the second session on Thursday following positive cues from Asian markets. Asian shares edges higher on Thursday as easing trade tensions between US and China helped calm nerves, while tensions in the oil market grew ahead of an Opec meeting. Meanwhile, RBI’s June meeting minutes gave no indication of future rate action, citing uncertainties around oil and food prices. Bond yields fell for 5th session, while the rupee weakens against US dollar.
Jindal Saw shares hit over 10-month low:
Shares of Jindal Saw Ltd fell nearly 6% to Rs87.1, their lowest since 11 August 2017 and biggest intraday percentage loss since 5 June. The stock down 34% this year, up to Wednesday’s close.The US commerce department on Wednesday said it finds welded pipe from four countries, including India, subsidized and that it was imposing preliminary duties that could top 500%. Imports of large-diameter welded pipe in 2017 were valued at an estimated $294.7 million from India, said US commerce department. Jindal Saw posted sales of large-diameter saw pipes of about 535,000 MT for full year ended March 2018.
Market update: Sensex, Nifty trade flat
BSE Sensex traded higher by 5.75 points, or 0.02%, to 35,553.08, while the Nifty 50 edged down 4.55 points, or 0.04%, to 10,767.50. BSE MidCap was unchanged and SmallCap fell 0.27%.Among the sectoral indices on BSE, energy, IT, teck and consumer durables advanced, while telecom, utilities, power and oil and gas declined. Adani Ports, ICICI Bank, Reliance Industries and Vedanta were among the top gainers, whereas Power Grid, ONGC, SBI and Sun Pharma were major losers.
Adani Ports shares rise over 1% on block dealShares of Adani Ports Ltd rose 1.4% to Rs371 after huge block deal. Around 2.7% stake or 55.20 million shares of the company changed hands. However details of the buyers and sellers were not known.
IndiGo shares jump 4%
Shares of IndiGo parent InterGlobe Aviation Ltd jumped 4% to Rs1,178 after the company said it has not received any notice form the Enforcement Directorate (ED). The company issued the clarification following media reports that ED summoned top management of IndiGo Airlines for violation of Foreign Exchange Management Act.Moreover, regulatory data on Wednesday showed that IndiGo retained its No.1 spot in terms of market share among India’s air passenger careers in May, carrying 4.85 million people during the month. The low-fare airline commanded a 40.9% market share in May, against 39.8% in April, and 41.2% in May 2017.
Bank of Maharastra shares down 7% after CEO arrest
Shares of Bank of Maharashtra fell 7% to Rs12.51 after Maharashtra police arrested the CEO and an executive director of state-run Bank accusing them of misusing their authority in making loans to a property developer. BoM CEO Ravindra Marathe and an executive director, Rajendra Gupta, were among six people arrested, police said. Among the rest are Sushil Muhnot, a former chairman and managing director of the bank, a manager at the bank, and a chartered accountant and an employee of D.S. Kulkarni Developers Ltd, police said.
Market update: Sensex, Nifty open higherBSE Sensex traded higher by 90.22 points, or 0.25%, to 35,637.55, while the Nifty 50 rose 29.55 points, or 0.27%, to 10,801.60.
Bond yields fall for 5th session, rupee weakens against US dollar
Yields on the 10-year government bonds fell for the fifth consecutive session on Thursday after the Reserve Bank of India’s (RBI) June meeting minutes signalled that the central bank will rely on data for future rate hike decisions. The 10-year bond yield cooled to 7.798% on Thursday morning from the previous day’s close of 7.827%.Meanwhile, the rupee weakened to 68.18 against US dollar, down 0.16% from its previous close, tracking losses in Asian currencies market as traders waited for developments in the US-China trade dispute.
Stocks in focus today
■ Low-fare airline IndiGo (Interglobe Aviation Ltd) retained its No.1 spot in terms of market share among India’s air passenger careers in May, carrying 4.85 million people during the month.
■ German auto parts maker Bosch Group plans to invest 1,700 crores ($250 million) in India over the next three years to meet growing demand in the domestic automotive market, chief executive officer Volkmar Denner said.
■ State Bank of India (SBI) managing director Balasubramanyam Sriram has been appointed the managing director and chief executive officer of IDBI Bank for a period of three months.
■ Textiles-to-retail conglomerate Arvind Ltd is planning to scale up its textiles business to Rs10,000 crore by 2023, from Rs6,000 crore now.
■ Auto component maker Varroc Engineering Ltd will launch its Rs1,955 crore initial public offering (IPO) on 26 June.
■ Biscuit maker Anmol Industries Ltd has filed draft papers with the Securities and Exchange Board of India for its initial public offering
Opening bell: Cues to look out for before trading today
■ The Nasdaq composite and S&P 500 closed higher on Wednesday, boosted by dealmaking activity and potentially improving trade relations between the US and the European Union. Asian stocks were muted on Thursday as global markets calmed after an elevation in trade tensions between the US and China triggered a sell-off earlier in the week.
■ In stark contrast to previous meetings of the Reserve Bank of India’s (RBI’s) monetary policy committee, the one in June gave no indication of future rate action, citing uncertainties around oil and food prices. However, all the members were unanimous in their readings on inflation and growth.
■ Union minister Arun Jaitley said that chief economic adviser Arvind Subramanian will be leaving the finance ministry because of “pressing family commitments” and will return to the US.
■ The highest GST rate of 28%, plus states levying some amount of local sales tax or value added tax (VAT), on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the goods and service tax regime.
The Economic Offences Wing of the Pune police on Wednesday arrested Bank of Maharashtra MD and CEO Ravindra Marathe, executive director Rajendra Gupta and two other bank officials, including Marathe’s predecessor, for allegedly disbursing crores of rupees in loans to DSK Developers Limited (DSKDL) without following proper procedure and in violation of RBI guidelines.
These arrests are part of the ongoing probes into the Rs 2,043 crore economic fraud said to have been committed by Pune developer D S Kulkarni, alias DSK, and his group of companies here, police said.
The bank’s former managing director and CEO, Sushil Muhnot, zonal manager Nityanand Deshpande, DSK’s chartered accountant and statutory auditor, Sunil Ghatpande, and DSKDL chief engineer and vice-president Rajiv Newaskar were the others arrested in the case. Muhnot and Deshpande were arrested from Jaipur and Ahmedabad respectively.
Bank of Maharashtra is the only nationalised bank which has its head office in Pune. Investigating officer and assistant commissioner of police (EOW) Nilesh More said , “The bank officers colluded with DSKDL, the group’s flagship company, to sanction and disburse the amount under the garb of a loan, which was siphoned off.”
The Rs 2,043 crore fraud relates to siphoning of money raised by the DSK group through investors as well as loans from banks and financial institutions, non-convertible debentures and money collected from home buyers in housing projects.
In an official statement, the bank said its total outstanding exposure to DSKDL was Rs 94.52 crore. The statement further read, “Recovery process like SARFAESI action has already been initiated by the bank and some of the properties are due for auction. Bank has also declared DSKDL and its promoters as wilful defaulters.”
Special public prosecutor Pravin Chavan said, “The EOW is also investigating the role of officials from five other nationalised banks which were part of a six-member consortium that had sanctioned a Rs 600 crore loan to DSKDL’s ‘Dream City’ mega housing project in 2016. A total of Rs 337 crore of this sanctioned loan was actually disbursed to the borrower by the cosortium. The Bank of Maharashtra’s commitment was for Rs 100 crore and its officials actually disbursed Rs 50 crore of this amount in one go on March 15, 2016 in violation of the Reserve Bank of India’s (RBI) guidelines.”
On Wednesday, Marathe , Gupta, Ghatpande and Newaskar were produced before special judge ( MPID) Act R N Sardesai, who ordered their remand in police custody till June 27. “Considering the nature and gravity of the offence and the huge amount involved in this crime, opportunity needs to be given to the investigating officer for custodial interrogation of the present four accused,” Sardesai said in his order. All the accused have been booked for criminal breach of trust, cheating and other offences.
Shekhar Sonalkar, an expert forensic auditor hired by the Pune police, said , “Muhnot, Gupta and Deshpande (the last named is a zonal manager who processed the loan proposal) disbursed Rs 50 crore of the bank’s Rs 100 crore commitment in one go without waiting for a sanction letter formalising the tie-up and financial closure between the banks in the consortium. This was against the RBI norms. The loan was disbursed against an understanding that in the absence of a financial closure, DSK himself will put in the money.
However, the bank did not do any due diligence as to from where he would bring this money. The loan was used for purposes other than what it was availed for and even for repaying unsecured loans.” Both More and Sonalkar said, “Marathe was part of the bank’s credit approval committee that cleared a fresh Rs 10 crore short term loan to DSKDL, ignoring the fact that the bank’s own loan (Rs 50 crore) had fallen into the special mention account (SMA)-II category with 74 days overdue. The firm was not even able to pay interest on the loan and credit rating organisation CARE had put the firm in the “-C” category, which means extending loans to such entity is high risk.”
Sonalkar said, “The bank officials ignored such low credit rating and extended the Rs 10 crore loan against a vague primary security such as ‘stocks and goods not specifically hypothecated to any other bank’ which was never specified .”
खबर दिलचस्प है और प्रेरणादायक भी. खबर गुजरात के वडोदरा से आयी है. नारायण भाई राजपूत एनएसयूआई के सदस्य हैं, यानी कांग्रेसी कार्यकर्ता हैं. वे हिंदी विषय में पोस्ट ग्रेजुएट हैं. बता दें कि नारायण भाई ने पीएम मोदी के पकौड़े वाले बयान से प्रेरणा पाकर अपनी जिंदगी रोशन कर ली. नारायण भाई बेरेाजगारी से जूझ रहे थे, उनके अनुसार पकौड़े बेचने का आइडिया उन्हें तब आया, जब प्रधानमंत्री मेादी ने एक इंटरव्यू में कहा कि बेरोजगारी से तो अच्छा है कि पकौड़ा बेचकर रोज 200 रुपये कमाये जायें. उसके बाद नारायण भाई ने हिम्मत कर पकौड़े बनाने के लिए 10 किलो सामान खरीदा औरे पकौड़े का स्टॉल लगाकर शुरुआत कर दी. नारायण भाई की निकल पड़ी. कारोबार चल निकला. आज के दिन वे 500-600 किलो मैटेरयिल के पकौड़े बेचते हैं. जानकारी दी कि वडोदरा शहर में उनके 35 स्टॉल लगते हैं. हालांकि नारायण भाई ने कहा कि वे दिल से कांग्रेस पार्टी को सपोर्ट करते हैं और कई जन्मों तक वे कांग्रेस को ही सपोर्ट करते रहेंगे.
उनके कांग्रेसी होने को लेकर पूछा गया कि उन्होंने प्रधानमंत्री की सलाह क्यों मानी? तो नारायण भाई ने कहा कि नरेंद्र मोदी देश के पीएम हैं और वे मेरे और राहुल गांधी के भी पीएम हैं. बता दें कि नारायण भाई के पकौड़ा स्टॉल का नाम “श्रीराम दाल वडा सेंटर “ है. नारायण भाई के पकौड़ा स्टॉल से भगवान राम का नाम क्यों जुड़ा? इस सवाल का भी वो बड़ा दिलचस्प जवाब देते हैं. जवाब में कहा कि अगर रामायण काल में पानी में पत्थर तैर सकता है, अमित शाह व मोदी राम के नाम पर देश पर शासन कर सकते हैं तो मैं अपने पकौड़ा स्टॉल का राम के नाम पर रखूं तो यह जरूर सफल होगा. जान लें कि नारायण भाई के पकौड़े का बिजनेस दो माह में ही पूरे वडोदरा में मशहूर हो गया है. नारायण भाई के पकौड़े इतने फेमस हो गये हैं कि सुबह स्टॉल लगाने के चार घंटों में ही नारायण भाई 300-400 किलोग्राम दाल वडा (पकौड़ा) बेच लेते है
मुख्य आर्थिक सलाहकार अरविंद सुब्रमण्यन ने अपने परिवार की खातिर अमेरिका वापस लौटने का फैसला कर लिया है. उन्हें 16 अक्टूबर 2014 में मुख्य आर्थिक सलाहकार बनाया गया था. 2017 में उनके तीन साल पूरे हो गए थे जिसके बाद उनका कार्यकाल एक साल के लिए बढ़ाया गया था. लेकिन अब अपना कार्यकाल खत्म होने से पहले ही उन्होंने इस्तीफा दे दिया. मुख्य आर्थिक सलाहकार का पद संभालने से पहले वो अमेरिका में इकोनॉमिस्ट थे.
सुब्रमण्यन से पहले रघुराम राजन मुख्य आर्थिक सलाहकार थे. भारत आने से पहले सुब्रमण्यन ने इंटरनेशनल मॉनेट्री फंड (आईएमएफ) में रघुराम राजन के साथ काफी काम किया था. जानकारों का मानना है कि रघुराम राजन के साथ अच्छे संबंधों की वजह से ही सुब्रमण्यन को मुख्य आर्थिक सलाहकार का पद सौंपा गया था.
2014 में अपनी नियुक्ति से पहले उन्होंने वित्त मंत्री अरुण जेटली के पहले बजट की आलोचना की थी. उनका कहना था कि इस बजट में रेवेन्यू के अनुमानों को काफी बढ़ाचढ़ा कर दिखाया गया है. लिहाजा पद संभालन के बाद भी उनका फोकस सरकार की आमदनी बढ़ाने पर रही. अपने कार्यकाल में उनका फोकस हमेशा रेवेन्यू जुटाने और उसको दूसरी कल्याणकारी योजनाओं पर खर्च करने की रही है.
सुब्रमण्यन के कार्यकाल में ही 16 जून 2017 से डीजल और पेट्रोल की कीमतों की समीक्षा हर दिन होनी शुरू हुई थी. यानी अंतरराष्ट्रीय कीमतों के अनुसार घरेलू बाजार में भी हर दिन पेट्रोल डीजल की कीमतों में कमी बेशी की जाएगी. इसका फायदा ऑयल कंपनियों को मिला और उनका घाटा कम हुआ. लिहाजा सरकार की तरफ से इन कंपनियों को मिलने वाली सब्सिडी में भी कमी आई. नरेंद्र मोदी ने अपने कार्यकाल में उज्ज्वला योजना, जनधन योजना, मुद्रा योजना, कैशलेस को बढ़ावा देने जैसी कई योजनाएं शुरू की हैं. सुब्रमण्यन की पॉलिसी की वजह से इन योजनाओं के लिए सरकार के पास ज्यादा फंड होता है.
सुब्रमण्यन की एक कोशिश देश में सबको बैंकिंग सुविधाओं के दायरे में लाने की रही है. शायद यही वजह थी कि नरेंद्र मोदी ने जनधन जैसी महत्वाकांक्षी योजना शुरू की. यह बात अरुण जेटली ने अपने फेसबुक पोस्ट में साफ लिखी है. सुब्रमण्यन के इस्तीफे के बाद जेटली ने थैंक्यू कहते हुए जो पोस्ट लिखी है, उसमें उन्होंने सुब्रमण्यन की योजनाओं की तारीफ की है.
जेटली ने लिखा है कि सुब्रमण्यन की वजह से ही JAM (जनधन, आधार, मोबाइल) मुमकिन हो पाया है. आधार को लेकर भले ही देश भर में कितने बवाल हुए हों लेकिन इसकी अहमियत बढ़ाने में सुब्रमण्यन का बड़ा योगदान है. नोटबंदी के बाद जब कैशलेस को बढ़ावा देने की बात कई लोगों को नागंवार गुजरी थी. लेकिन पश्चिमी देशों की तरह कैशलेस को भारत में लोकप्रिय बनाने की शुरुआत करने की हिम्मत सुब्रमण्यन ने ही दिखाई.
इतना ही नहीं जेटली ने सुब्रमण्यन के आर्थिक सर्वे की भी तारीफ की है. उन्होंने लिखा है कि सुब्रमण्यन ने जिस तरह आर्थिक सर्वे तैयार किया है वह देशभर के लिए वैल्यूएबल डेटा बन गया है. मुख्य आर्थिक सलाहकार का काम सालाना इकोनॉमिक सर्वे तैयार करना होता है. बजट से एक दिन पहले इकोनॉमिक सर्वे पेश किया जाता है, जिसमें पिछले साल का लेखाजोखा होता है.
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