EAC-PM: Shamika Ravi appointed as member in EAC-PM
EAC-PM: Shamika Ravi appointed as
member in EAC-PM
Why In News
Economics professor
and researcher Shamika Ravi has been appointed as a member of the Economic
Advisory Council to Prime Minister (EAC-PM).
Key Points
Economics professor
and researcher Shamika Ravi has been appointed as a member of the Economic
Advisory Council to Prime Minister (EAC-PM). She is currently non-resident
senior fellow of the governance studies program at the Brookings Institution
Washington D.C.
EAC-PM, chaired by
economist Bibek Debroy, currently has one member and six part-time members.
Member Sanjeev Sanyal welcomed Ravi in a social media post. Part-time members
of the advisory body include economist Rakesh Mohan and Sajjid Z. Chinoy,
Managing Director and Chief India Economist at J.P. Morgan.
ABOUT EAC-PM
Economic Advisory
Council to the Prime Minister (EAC-PM) is an independent body constituted to
give advice on economic and related issues to the Government of India,
specifically to the Prime Minister.
The Terms of
Reference of EAC-PM include analyzing any issue, economic or otherwise, referred
to it by the Prime Minister and advising him thereon, addressing issues of
macroeconomic importance and presenting views thereon to the Prime Minister.
These could be either suo-motu or on reference from the Prime Minister or
anyone else. They also include attending to any other task as may be desired by
the Prime Minister from time to time.
At present, the
composition of EAC-PM is: Dr. Bibek Debroy (Chairman), Shri Sanjeev Sanyal
(Member), Shri Rakesh Mohan (Part-Time Member), Dr. Sajjid Chinoy (Part-Time
Member), Dr. Neelkanth Mishra (Part-Time Member), Shri Nilesh Shah (Part-Time
Member), Prof. T.T. Ram Mohan (Part-Time Member) and Dr. Poonam Gupta
(Part-Time Member).
Government Approved Conversion of Rs 16,133 Crore Interest dues of Vodafone Idea into Equity
Government Approved Conversion of Rs
16,133 Crore Interest dues of Vodafone Idea into Equity
Why In News
The government has
approved conversion of over Rs 16,133 crore interest dues of debt-ridden
Vodafone Idea into equity, after receiving a firm commitment from Aditya Birla
Group to run the company.
Key Points
The government has
approved conversion of over Rs 16,133 crore interest dues of debt-ridden
Vodafone Idea into equity, after receiving a firm commitment from Aditya Birla
Group to run the company and bring necessary investment, telecom minister
Ashwini Vaishnaw said. Equity shares of face value of Rs 10 each will be issued
to the government at the same price.
“Ministry of
Communications passed an order today i.e 3 February, 2023 directing the Company
to convert the NPV of the interest related to deferment of spectrum auction
instalments and AGR Dues into equity shares to be issued to the Government of
India,” the filing said.
With this conversion,
the government is expected to hold 33.14 per cent stake in the loss making
telecom firm which is reeling under debt burden of over Rs 2 lakh crore. The
total amount to be converted into equity shares is Rs 16133,18,48,990. The
company has been directed to issue 1613,31,84,899 equity shares of the face
value of Rs 10 each at an issue price of Rs 10 each,” the filing added.
Earlier, VIL had said that with conversion of dues into equity, the government
will get around 33 per cent stake in the company.
The Time-line of
Vodafone Idea Case:
The relief for the
company comes as part of the reforms package announced by the government in
September 2021.The order from the Department of Telecommunications (DoT) comes
after a legal opinion advised in favour of picking stake in VIL even after the
shares are trading below Rs 10.
From being the
biggest telecom operator after merger of Vodafone and Idea into single entity,
with 43 crore mobile subscriber base accounting for 35 per cent market share in
2018, the debt-ridden company has slipped to be a distant third telecom
operator.
The company has 24.3
crore mobile subscribers accounting for 21.33 per cent market share, as per
latest data published by telecom regulator TRAI.
VIL is the only
telecom operator which is yet to place purchase orders for 5G services
equipment and has been struggling to pay dues of its vendors.
Indus Towers last
month made provision of doubtful debt worth Rs 2,298.1 crore on account of
troubled balance sheet of VIL.
It is in the process
of issuing optionally convertible debentures of up to Rs 1,600 crore to vendor
American Tower Corporation to clear its dues.
The Supreme Court
order in October 2019 directing telecom companies to pay revenue share as
calculated by the government brought VIL on the verge of shutting down as it
added payment burden of Rs 58,254 crore on the company.
As on September 30
this year, the company’s total gross debt, excluding lease liabilities and
including interest accrued but not due, stood at Rs 2,20,320 crore.
The company has made
several attempts to raise capital from investors but failed due to the adverse
market condition and huge debt on its balance sheet.
The government’s
telecom reforms package provided hope for the company to stay afloat.
Pursuant to the
Telecom Reforms Package announced by the government, VIL Board at its meeting
held on January 10, 2022, approved the option to convert the full amount of
interest related to deferred spectrum auction instalments and AGR dues to the
extent of approximately Rs 16,133 crore into equity.
Padma Bhushan Awardee and Legendary Singer Vani Jayaram Passes Away
Padma Bhushan Awardee and Legendary
Singer Vani Jayaram Passes Away
Why In News
Vani Jayaram,78,
a legendary playback singer from the South film industry passed away. She
breathed her last at her Chennai home in Haddows Road, Nungambakkam.
Key Points
Vani Jayaram, 78, a
legendary playback singer from the South film industry passed away. She
breathed her last at her Chennai home in Haddows Road, Nungambakkam. The
National Awardee recipient died due to age-related issues. On this year’s
Republic Day, she was awarded the prestigious Padma Bhushan to recognize her
contribution to Indian music for over 50 years.
Padma Bhushan Awardee
and Legendary Singer Vani Jayaram Passes Away – Key Points
Vani Jayaram passed
away before accepting the award. Along with this, Vani has also bagged four
State Awards, three National Awards, International awards, and many more.
Her untimely demise
came as a shock to the entire film industry. Several South celebs took to their
social media handle to mourn her demise and pay respect to her.
Vani started her
career back in 1971. With a career spanning over five decades, she has recorded
over 10,000 songs in Telugu, Tamil, Kannada, Malayalam, Hindi, Bengali, etc.
She also had her own
devotional and private albums. From working with RD Burman to Madan Mohan and
OP Nayyar, she has worked alongside legendary composers.
About Vani Jayaram
Vani Jayaram was an
Indian playback singer in South Indian cinema. Vani’s career started in 1971
and has spanned over five decades. She did playback for over one thousand
Indian movies recording over 10,000 songs. In addition, she recorded thousands
of devotionals and private albums and also participated in numerous solo
concerts in India and abroad.
Vani has often been
the choice for several composers across India from the 1970s until the late
1990s. She has sung in several Indian languages, such as Kannada, Tamil, Hindi,
Telugu, Malayalam, Marathi, Odia, Gujarati, Haryanvi, Assamese, Tulu, and
Bengali languages.
Vani won the National
Film Awards for Best Female Playback Singer three times and also has won State
Government awards from the states of Odisha, Andhra Pradesh, Tamil Nadu, and
Gujarat. In 2012, she was honored with the Filmfare Lifetime Achievement Award
– South for her achievements in South Indian film music.