Daily Archive: February 21, 2018

BJP Nathdwara MLA dies after prolonged illness

Jaipur, Feb 21 (PTI) BJP MLA Kalyan Singh Chauhan died after prolonged illness in Udaipur today, the party spokesman said.

He was 58.

Chauhan, who represented Nathdwara constituency (Udaipur district) in the assembly, was admitted to a private hospital in the district and died early today.

The MLA is survived by wife, four sons and two daughters.

His funeral will be performed in Dagwada village near Nathdwara today.

BJP state president Ashok Parnami condoled the death saying it was a loss to the party.

No buyers for Indian bonds means more pain for Narendra Modi’s debt plan

Mumbai: The biggest holders of India’s sovereign debt are dumping. State lenders have been selling Rs470 crore ($73 million) of government bonds on average every day this year, hurt by deep portfolio losses, data from the Clearing Corp. of India show. Last year, their net daily inflows totaled Rs36.8 crore, and in 2016, the run rate was at Rs300 crore a day.

Their sale in a market where there’s a paucity of buyers is contributing to a vicious downward spiral, where losses keep worsening. It will be difficult for debt auctions to sail through without participation from the state banks when Prime Minister Narendra Modi’s new borrowing program begins in April, according to Sandeep Bagla, associate director at Trust Capital Services in Mumbai.

“State-run banks have reduced secondary market activity, which is impacting volumes in a big way,” said Bagla. “They are investing selectively in state government bonds, but staying away from federal bonds.”

The average daily volumes on the central bank’s trading system have dropped to Rs30,700 crore since 1 January, from Rs38,500 crore in 2017. Sovereign bonds in India have sold off for six consecutive months, hurt by concerns of a wider government deficit and higher oil prices. Bloomberg