Daily Pulse India: Exports Weaken, Relief For Aadhaar, DLF Fund Raising Stalls

Trade numbers are out for September and they aren’t looking good. Exports are down for a 10 straight month, losing nearly a quarter from a year ago, because of a global slowdown as well as a steep fall in commodity prices. Imports are down as well and the trade deficit has narrowed, for sure. This is not confined to India alone, although this is steepest year on year drop since 2009. The WTO has itself lowered its estimate for world trade growth. But analysts have a more positive outlook, pointing to the steep rate reductions and strong manufacturing growth which will show up in the trade numbers over the next few months.

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Aadhaar was granted relief of sorts when the Supreme Court allowed it to be used for government social relief schemes, rolling back its previous order which restricted its use for the public distribution scheme (PDS), or what is commonly called the ration card scheme and for cooking gas. However, its use is still voluntary, while the government is pushing to make it mandatory. That could happen when the SC takes up the issue of security of Aadhaar data at a later date.

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Also getting a new lease of life is the Adani group’s much touted Australian coal mine project. The Australian environment minister re-approved the project with what he called “36 of the strictest conditions in Australian history.” Permission for the $7 billion project had been revoked after environment activists protested, citing danger to the region endangered flora and fauna, as it required dredging the Great Barrier Reef.

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The call drops issue is back. The telecom regulator has said it sees no significant improvement in the service. This, after Prime Minister Narendra Modi himself flagged the issue, directing the telecom ministry and the regulator to go after the phone companies. It has now directed the service providers to compensate users for call drops (one rupee per call, up to three calls a day).

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The Bank of Baroda money laundering case has developed more tentacles. The probe by the Enforcement Directorate has extended to eight more banks after more arrests were made. Meanwhile RBI governor Raghuram Rajan pledged to pursue the case to the end and close out avenues for such practices.

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The Indian consumer court has ordered fresh testing of Nestle’s Maggi Noodles samples, even as the Swiss foodmaker questions its jurisdiction to hear a class action suit brought by the government.

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DLF’s plan to monetize its rental properties may have hit a speed breaker after the stock market regulator asked the Supreme Court to rule against it, as three of the company founders have been banned from capital market transactions until 2017 for alleged irregular disclosures in its IPO.

Cover image:Indian cricketer Zaheer Khan smiles as he speaks during a media interaction in Mumbai on October 15, 2015. India's finest left-arm seamer Zaheer Khan announced his retirement from international cricket on October 15, saying he was not fit enough to deal with the rigours of the modern game. 

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