Month: October 2021

Has crypto adoption gotten too widespread to be ignored by policy?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anecdotal evidence suggests that cryptocurrency trading and investment is spreading fast in India. While numbers are unreliable, here’s some evidence. The largest digital stockbroker Zerodha has 7 million accounts, while crypto exchange WazirX, has 8.5 million accounts and Coinswitch Kuber has 11 million accounts.

Of course, equity accounts run into crores, and WazirX and Coinswitch may have overlapping members. But the pace of growth is important. Chainalysis, the blockchain data platform says crypto adoption grew by 881 percent as of August 2021, over the previous 12 months. And India along with Vietnam ranked as one of the fastest-growing markets.

If adoption is widespread and growing, the question we need to ask is: Has crypto adoption gotten too widespread to be ignored by policy-makers? Now, this raises a couple of sub-questions:

First: Are Indian policymakers ignoring the regulation of cryptocurrency exchanges, traders, and investors. The answer is yes. The CBDT does tax income or gains from cryptocurrencies. But there is little else by way of regulation. The RBI in 2018 told bank not to have any trucks with virtual currency exchanges or traders. That circular was struck down by the Supreme Court in 2020. Separately the government said in February this year, it is bringing a law to ban all private digital currencies and recognize only state-backed virtual currency, but nothing has been shared about the current status of that law. Hence, as of now, cryptocurrency exchanges, traders and apps are entirely unregulated. To the extent they use the banking system, banks do anti-money laundering checks. But the exchanges themselves are not regulated and don’t have any reporting obligations to any authority.

Second: If cryptocurrencies are unregulated, can a crash in say bitcoins or other coins, and resultant defaults destabilize the financial system. Most Indian bankers say unlikely. Bankers aver that no bank in India accepts cryptos as collateral for loans, nor do they provide margin funding, given RBI’s well-known anathema to this asset class. So hypothetically if bitcoin crashes to say $10,000, no bank in India would be hurt. A few youngsters who may have taken personal loans or borrowed on their credit cards to punt on these exchanges may default, but these are likely to be very small for the banking system. This argument appears convincing, but one can’t be sure where some leverage may be lurking.

Also read | Cryptocurrency adoption: Time to say yes to crypto? Experts discuss growth, regulation

This brings up the next question: How are other countries handling it? Many developed and emerging economies have proactively moved to regulate cryptocurrency players in their jurisdictions. An important point to note here is the trading itself can’t be regulated because blockchain like the internet lies beyond and outside national governments. National governments can’t regulate the internet itself. They can make rules on what websites may be blocked or how they may penalize people who use them for wrong ends.

Coming to jurisdictions that have been more open to cryptocurrencies – Singapore, Japan, countries of the European Union and the United Kingdom, all have recognized cryptocurrency trading though most don’t recognize it as legal tender. Regulation in these countries has the following elements:

• Most require crypto exchanges to be registered with either the securities or commodities trading regulator.
• These exchanges have to adhere to strict Know Your Customer (KYC), Anti-Money Laundering (AML) and Countering of Terror Financing (CFT) rules.
• They are subject to taxation, as property, capital gains, or business income.
• Importantly, most do not allow the exchanges or their financial entities to offer leverage or derivatives trading

For a bunch of countries that have recognized crypto trading, there is a significant bunch that remains ambivalent – US, China, and India, among them. The US Securities & Exchange Controller or SEC has penalized many crypto exchanges, brokers, and platforms for specific products which it says are securities, and hence have to follow securities law. But the SEC has not defined when or what it calls securities, with respect to cryptos.

The US government came close to recognizing cryptocurrencies while passing the $1 trillion infrastructure bill when it said that taxes from these entities can yield $28 billion over the next 10 years to fund infra, but the bill finally didn’t tax them.

Also read | Take a look at the adoption of cryptocurrency in major economies around the world

One reason policymakers in India, China, and the US, do not explicitly define, ban or allow crypto trading, could be a fear that the very act of regulation can vastly increase the number of investors, who believe their money is safe since the government is regulating; and then if there is a severe fall in these assets, a large number of investors may be hurt. Non-bank entities which are mostly lightly regulated may also be hit, engendering a systemic disruption.

Ronit Ghose, Citibank’s global head for banking, fintech, and digital assets says it is unlikely cryptocurrency crashes can have a systemic impact. He calculates that while the total value of cryptos in the world stands at about $2.5 trillion, total equity investments in the world amount to $130 trillion, total financial assets may by $400 trillion and including property, much more. So any threat to the financial system from this $2.5 trillion asset class is unlikely.

But some central bankers are not so sure. Similar math would have been true of Lehman Brothers as well. Some veteran central bankers worry that cryptos have grown too big and can endanger the system. They also believe this asset class looks set to expand and it may not be possible to wish them away.

For the moment the only fallback is to educate traders and investors about the volatile nature of the asset class even as financial regulators keep an eagle eye for any possible impact on banks and non-bank financial entities. Separately, maybe supranational bodies like the IMF, the BIS, and the FATF must swing into action and prepare some ground rules that all nations can follow. But that again maybe a catch-22. The more rules are written the more rapidly the numbers of crypto adherents may grow, the less likely national sovereigns may be able to regulate this supra-national asset-class.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zydus Cadila agrees to reduce Covid vaccine price to Rs 265 a dose

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zydus Cadila has agreed to bring down the price of its COVID-19 vaccine to Rs 265 a dose following persistent negotiations by the government but a final deal is yet to be reached, sources said on Sunday. To administer the needle-free ZyCov-D vaccine, a disposable painless jet applicator costing Rs 93 is required for each dose, which would take the price to Rs 358 per dose.

The Ahmedabad-based pharma company earlier had proposed a price of Rs 1,900 for its three-dose regimen, a source had said. “The company has brought down the price to Rs 358 for each dose which includes Rs 93, the cost of a disposable jet applicator, following repeated negotiations by the government…. A final decision in the matter is likely to be taken this week,” a source in the know of developments told PTI.

The three doses are to be administered 28 days apart, with each dose comprising a shot in both arms. The indigenously developed world’s first DNA-based needle-free COVID-19 vaccine ZyCoV-D received emergency use authorisation from the drug regulator on August 20, making it the first vaccine to be administered to those aged 12 years and above.

Meanwhile, the government is still waiting for the recommendations from the National Technical Advisory Group on Immunisation (NTAGI) for introducing ZyCoV-D in the inoculation drive for adults and children with co-morbities. NTAGI will provide the protocol and framework for the introduction of this vaccine in the COVID-19 immunisation drive.

Official sources earlier had said that the pricing of ZyCoV-D would be different than Covaxin and Covishield as apart from being a three-dose vaccine, it requires a special pharma jet injector that has to be used for administering the vaccine. That pharma jet injector can be used for administering around 20,000 doses.

“The jet applicator helps the vaccine fluid to penetrate the skin to enter cells of the recipient,” the source said. The government is currently procuring two other vaccines — Covishield at Rs 205 per dose and Covaxin at Rs 215 per dose — for the national COVID-19 immunisation programme.

Covishield, Covaxin and Sputnik V are being given to only those above 18 years of age and unlike ZyCoV-D, these are two-dose regimens.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

AFG vs NAM, T20 World Cup Match, Highlights: Hamid (3/9), Naveen (3/26) star as Afghanistan seal 62-run victory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hello and welcome to our live coverage from Match 27 of the T20 World Cup 2021 where Afghanistan lock horns with Namibia at the Zayed Cricket Stadium, Abu Dhabi, UAE.  Both these teams won their game against Scotland to get off the mark in the Super 12 stage, however, Afghanistan followed that victory with a defeat against a strong Pakistan side and they’ll be looking to bounce back with a win today.

Namibia who are making their maiden appearance in the Super 12 round of the World Cup got off to a blistering start against Scotland but they’ll be wary of this Afghanistan side who have what many consider to be the most lethal spin attack in the tournament.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PMC Bank customers not to get Rs 5 lakh deposit cover in first lot

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Customers of stressed Punjab & Maharashtra Co-Operative Bank (PMC Bank) will not get up to Rs 5 lakh insurance cover in the first lot as the multi-state co-operative bank is under the resolution process. Deposit Insurance and Credit Guarantee Corporation (DICGC) in the first lot will pay customers of 20 stressed banks except PMC Bank. For the first lot, the mandatory 90 days period concludes on November 30.

It is to be noted that RBI had in June given in-principle approval to a consortium of Centrum Financial Services and fintech startup BharatPe to acquire the stressed PMC Bank. Clearing decks for the takeover, the RBI earlier this month gave licence for small finance bank to the consortium.

Recently, the DICGC said there may be a need to invoke the provisions of Section 18 A (7) (a) of the Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021, As per the Section 18 A (7) (a) of the Act, if a stressed bank is under the resolution process, the period for disbursement of Rs 5 lakh can be further extended by 90 days. “The Reserve Bank finds it expedient in the interest of finalising a scheme of amalgamation of the insured bank with other banking institution or a scheme of compromise or arrangement or of reconstruction in respect of such insured bank, and communicates to the Corporation accordingly, the date on which the Corporation shall become liable to pay every depositor of such insured bank may further be extended by a period not exceeding ninety days,” it said.

In September 2019, the RBI had superseded the board of PMC Bank and placed it under various regulatory restrictions after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL. The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these stressed banks. Of the 20 banks, 10 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab.

Last year, the government increased the insurance cover on deposits by five times to Rs 5 lakh. The enhanced deposit insurance cover of Rs 5 lakh came into effect from February 4, 2020. Every bank used to pay 10 paise as an insurance premium per Rs 100 of deposit. It was raised to 12 paise per Rs 100 in 2020. It cannot be more than 15 paise at any point in time per Rs 100 deposit. It is to be noted that the enhanced deposit insurance cover of Rs 5 lakh is effective from February 4, 2020. The increase was done after a gap of 27 years as it has been static since 1993.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Man shot at over inter-faith marriage by brother-in-law, survives

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A 26-year-old man was shot at allegedly by his brother-in-law and his friend over an inter-faith marriage in northwest Delhi’s Model Town area, police said on Sunday. The victim, Deva, who runs a gym in Adarsh Nagar, is currently undergoing treatment here at a hospital, they said.

Police said he was attacked by his brother-in-law Shahnawaz alias Shahbaz (21), a resident of Jahangirpuri, and his friend Harshit alias Hrithik (20), a resident of Badaun district of Uttar Pradesh. Police said they got the information around midnight that a man is lying on the road with a bullet shot injury near Shalimar Park area of Model Town. The injured was shifted to hospital and his condition is serious, police said. In its investigation, Police found that accused Shahnawaz is brother of victim’s wife, and is friends with Harshit. Shanawaz was angry that his sister had married a man from another community against their family’s wish, so he hatched a plan and brought along his friend, a senior police officer said.

The couple is married for nearly four-five months now, the officer said. To execute their plan, the two accused called Deva for a meeting with a view to eliminate him.

Deputy Commissioner of Police, Usha Rangnani (Northwest) said an inquiry revealed that Deva with two pillion riders came on a motorcycle at the spot where the incident took place. The two riders, Shahnawaz and Hrithik, there shot at him with country-made pistols and fled the spot, she said. “We registered a case under section 307 (attempt to murder) and 34 (Acts done by several persons in furtherance of common intention) of the Indian Penal Code and other sections of Arms Act. Several teams were formed and an investigation was taken up. Within six hours of reporting the incident, we nabbed and arrested both the accused men, Rangnani said. Shahnawaz and Harshit were arrested on Sunday and pistols used by them in the incident, including a live cartridge, were recovered from their possession, she said.

The motorcycle, an Enfield Bullet, of the victim has also been recovered from their possession, she said, adding both the accused have confessed to their crime.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BOTTOMLINE: Public Sector and the risk of governance

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Public interest and shareholder interest have different sets of considerations and the objectives and outcomes will also, hence, be conflicted. While one can only guess what the considerations might be for the government to have proposed appropriating half of IRCTC’s convenience fee income (an accrual of Rs 300-400 crore at best), one suspects the Railways may have sought its pound of flesh for facilitating the convenience at its end. And while from a business-to-business standpoint that might have been a fair negotiation, from the perspective of public shareholders who have been investing in the company assuming 100 percent share of the fee, it seemed nothing less than a betrayal by the State.

And this triggered immense volatility in the stock, which is also an important development that can’t be ignored.

The convenient sideshow

What stinks about the whole IRCTC escapade is the way the stock moved and burned the wealth of many innocent retail investors. The stock that hit a high of Rs 983 on October 28, plunged to a low of Rs 639.45 on October 29 after the receipt of the government order on fee sharing. It recovered to Rs 845.70 at the close. That’s a 35 percent drop in value from the high to the low and a 32 percent recovery from there. That isn’t normal volatility. Also, that’s with over Rs 12,000 crore of turnover in the two sessions.

In any such sharp move, there will always be some who gained and some who lost. What gained from this is the big question. And that is a matter the market regulator, SEBI, must investigate, and not a matter to be brushed under the carpet. If there is even a hint of inside information, it needs to be severely dealt with.

The risk of public good

India has seen several sectors being opened up to private competition and public sector monopolies have suffered whenever this has happened. Doordarshan, BSNL and MTNL are prime examples of public enterprises that suffered the brunt of the private onslaught.

This also raises the question of why train bookings should remain the exclusive domain of a public enterprise. If you can book an Air India flight ticket on a MakeMyTrip, EaseMyTrip or ClearTrip, why not a train ticket? Any business model that is based on an exclusive right, vulnerable to be recalled, is hence flawed. Remember, MTNL used to find a place in many portfolios. Not today.

Public policies and the profit motives are likely to have divergent approaches, and hence the government’s stated objective of not wanting to be in the business of running businesses is appropriate. As the conflict between public good and shareholder rewards often leads to value destruction, not creation.

Also read | D-Street Diary: IRCTC investors railroaded, perils of F&O, distribution game

A look at the numbers of 43 listed non-financial public sector enterprises reveals some interesting facts.

Public wealth erosion

The debt of the 43 public sector enterprises has grown at a compounded rate of 9.7 percent since the end of fiscal 2013, after which the present government took over, while their net worth has grown at a slower 5.8 percent. The Cash & Bank balances of these entities have also declined at a compounded 5.7 percent even as dividend payouts have ranged around 100 percent and gross block (fixed assets) have continued to grow at about 7 percent. All this even as sales have only inched up at a compounded 1.6 percent, though operating profits have grown at 5.8 percent. The net result: the combined market capitalization of these companies has compounded at just 0.02 percent, as on March 31, 2021. That’s not something to boast about when talking about shareholder returns. In fact, if you adjust for inflation, the returns are deeply negative.

The government’s policy of getting public sector enterprises to disgorge “surplus” cash via dividends and buybacks is likely to have kept the growth in net worth in check and depleted cash balances while pushing them to raise more debt to meet capex requirements.

The free cash flows have also been on a downward spiral, for the most part, barring a sharp FY21 recovery powered by the strong profitability of the oil marketing companies. And given the uninspiring sales trajectory, the market hasn’t been kind to investors despite healthy dividends — directed more at adding to the exchequer.

What’s also telling is the steady deterioration in the returns on capital employed and networth of these companies collectively. What used to be a healthy number, is now at risk of sliding below profitable levels.

Motives drive profits

At the heart of government decisions are several considerations other than profits. So, the public good may likely, more often than not, override the need to earn profits. There is thus a conflict between public governance and corporate governance. And what works for society may not always be the best thing for shareholders.

In this context, while the sale of “non-core” assets by public sector enterprises and the extraction of this value to fund social sector schemes would seem like a noble idea. Not always may this monetisation of “hidden” reserves of public sector enterprises be in the best interests of long-term shareholders looking to stay invested beyond the dividend largesse.

In light of this, the government’s move to undertake strategic divestments is a good one, as it will allow the private sector with a clear business motive to run the enterprises keeping only commercial considerations in mind. And while there may be opportunities for gains from value creation in such strategic divestment entities, as a general principle, I’m more comfortable seeking to profit from gains in the shares of private companies that are only committed to growing the wealth of shareholders.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India saw 31 children die by suicide every day in 2020; experts say COVID-19 upped psychological trauma

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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An average of 31 children died by suicide every day in India in 2020, according to government data, with experts underlining that the COVID-19 pandemic may have accentuated the psychological trauma faced by children to a great extent. According to the National Crime Records Bureau data, 11,396 children died by suicide in 2020, an 18 percent rise from 9,613 such deaths in 2019 and 21 percent rise from 9,413 in 2018.

Family Problems (4,006), Love Affairs (1,337) and Illness (1,327) were the main causes of suicide among children (below 18 years of age). Ideological causes or hero-worshipping, unemployment, bankruptcy, impotency or infertility and drug abuse were other reasons behind suicide by some children. Prabhat Kumar, Deputy Director Child Protection, Save the Children, said COVID-19 and the resultant school closures and social isolation coupled with anxiety among elders have further aggravated the issue of mental health and brought it to the forefront.

“While we as a society are cognisant of tangibles such as education and physical health for building national human capital, emotional wellbeing or psycho-social support often takes a back seat. The successively increasing number of suicides among children reflects a systemic failure. It is a collective responsibility of parents, families, neighbourhoods, and government at large to provide a conducive ecosystem where children can look forward to realizing their potential and fulfilling their dreams for a bright future. Committing suicide, on the contrary, is an antithesis,” Kumar told PTI. “Stigma attached to mental health and an abysmally low number of per capita mental health professionals demand urgent attention. COVID-19, and the resultant school closures and social isolation coupled with anxiety among elders has further aggravated the issue and brought it to the forefront. Save the Children calls for a collective action to nurture an encouraging and supportive ecosystem for children and youth,” he added.

Commenting on the topic, Priti Mahara, Director, Policy Research and Advocacy at CRY – Child Rights and You, said from the very beginning of the pandemic, it was one of the major concerns that it might impact children’s mental health and psycho-social well-being, and the recent NCRB data actually underscores the fear that the pandemic may have accentuated the psychological trauma faced by the children to a great extent. “As the NCRB data reveals, a total of 11,396 children (5,392 boys and 6,004 girls) have died by suicide in 2020, which accounts for 31 deaths per day or approximately 1 child committing suicide per hour,” she told PTI.

“Children have gone through tremendous emotional stress and trauma due to home confinement and lack of interaction with friends, teachers or any other person in the position of trust due to prolonged closure of schools and limited social interactions,” she said. Many of them have been through a hostile environment at home, many others have seen the demise of their loved ones and have faced the impact of fear of contagion and deepening financial crisis at the family level, she said.

Many children have also experienced huge uncertainty related to the completion of curriculum, exams, and results. “A huge number of children, especially the ones living under the shadows of multi-dimensional poverty, struggled with attending online classes and were majorly impacted by the digital divide, while many others suffered from over-exposure to internet and the social media and were subjected to online bullying and allied cyber-crimes,” she said.

“All of these, compounded with an overall anxiety of the uncertainty of the future, must have been too much to bear for their young and tender minds,” she added. Akhila Sivadas, Executive Director, Centre For Advocacy and Research, said alternative care and counselling models have to be developed in collaboration with key stakeholders and every effort should be made to take the learnings to a cross-section of society so that everyone takes the responsibility to curb this practice.”

Mental health expert Prakriti Poddar, Managing Trustee at Poddar Foundation, said parents must understand how fragile their children’s mental well-being is and be proactive in assessing it. “Teachers also need to be trained in identifying symptoms and patterns of mental issues. Apart from that, educational institutions must have psychological counselling programmes in place to help students deal with their issues in confidentiality. Every child has a different coping mechanism. Therefore, the counselling programmes must be flexible, to cater to the needs of each child individually. If needed, a student must be referred to a mental healthcare professional for timely intervention,” Poddar said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India vs New Zealand ICC T20 World Cup 2021 preview: Possible playing XI, betting odds, head-to-head and where to watch

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Team India will take on New Zealand in what will be an epic clash of the ICC Men’s T20 World Cup Super 12 stage at the Dubai International Stadium in the UAE on October 31. Captain Virat Kohli will look to get his team back in the tournament after a disappointing defeat against Pakistan, while New Zealand will want to go one up against India to ensure they qualify for the semi-final game.

The group 2 game will be the most defining test of Kohli’s captaincy career and he will expect his men to go all out against the Kiwis. Both teams have faced defeats at the hands of Pakistan, who have made it to the semi-final stage after winning all three games in the Super 12 stage of the tournament so far.

Both teams are among favourites to reach the semi-final stage from group 2 and now the onus is on India and New Zealand to battle for the second semi-final spot.

The game against Kane Williamson’s side will not be an easy task for Kohli and Team India, as they would also want to register a win in their second outing in the Super 12 stage. Tim Southee and Trent Boult have been a nemesis in big games for India.

Where to watch LIVE:
The match will be played at the Dubai International Stadium in the UAE. The toss will take place at 7 pm (IST), while the match will begin at 7.30 pm (IST). The India vs New Zealand game will be telecast LIVE on Star Sports Network.

Live streaming of the match is available on Disney+ Hotstar.

You can catch the LIVE blog of the game on CNBCTV18.com.

India will have a slight advantage as the batting line-up of New Zealand has so far failed to fire, with skipper Williamson not at his best and Martin Guptill suffering a foot injury. It’s effective without being flamboyant, although, Devon Conway is a flashy batter. And herein lies India’s chance but for that, their bowlers need to implement the game plans perfectly, something they couldn’t against Pakistan.

Even more important will be execution from two players on whom the team management has heavily invested — a half-fit Hardik Pandya and an out-of-form Bhuvneshwar Kumar, who have been the weak-links of this Indian team.

Hardik, who has not been the cricketer everyone feared since his back injury, is playing to save his career. Bhuvneshwar could well be playing his last international tournament. His pace has dropped remarkably in the past two seasons and somewhere he has not been a patch of what his younger competitor Deepak Chahar has been in recent years.

India’s batting too has not been up to the mark, and Rohit Sharma, KL Rahul would want to showcase their skills against the Kiwis. Kohli will only hope to keep his form alive from the previous game against Pakistan, where he was the only one to score a half century for Team India.

India could bring in Shardul Thakur into the mix against New Zealand to boost their all-round performance.

For New Zealand, they will need to adjust quickly to the pace of the Dubai wicket if they want to defeat India when the teams meet in their crucial Twenty20 World Cup clash.

Key bowler Tim Southee said that there are a lot of learnings to be taken from their game against Pakistan. “We weren’t far off against a quality Pakistan side, but we’ve got to park that. We’ve got to look forward. It’s such a short tournament and there’s no easy games,” he said.

The New Zealanders will be playing at the Dubai International Cricket Stadium for the first time during the competition, while India lost at the same ground in their opener, potentially giving Kohli’s side an advantage.

Only the top two nations in each of the two groups in the Super 12 phase of the competition will advance to the last four.

India possible playing XI: Virat Kohli (C), Rohit Sharma, KL Rahul, Suryakumar Yadav, Rishabh Pant (WK), Hardik Pandya, Shardul Thakur, Bhuvneshwar Kumar, Mohammed Shami, Jasprit Bumrah

New Zealand possible playing XI: Kane Williamson (C), Daryl Mitchell, Devon Conway, Tim Seifert (WK), James Neesham, Glenn Phillips, Mitchell Santner, Ish Sodhi, Trent Boult, Tim Southee

Head-to-Head in last five T20Is:
India have won all of the last 5 T20Is played between the two sides, two of which were decided in super overs.

Betting odds: (Click here for more betting odds)
India: 4/9
New Zealand: 7/4

Dubai International Stadium T20I stats:
Total matches played: 67
Matches won batting first: 34
Matches won bowling first: 32
Average 1st Inns scores: 143
Average 2nd Inns scores: 123
Highest total recorded: 211
Lowest total recorded: 55/10
Highest score chased: 183/5 (19.4 overs)
Lowest score defended: 134/7 (20 overs)

Weather conditions:
The temperature in Dubai as of October 31 is predicted to hover between a minimum of 25 degrees Celsius to 34 degrees Celsius. Dew is expected to play a key factor in the game and humidity is expected to stay around 51 percent along with four percent precipitation.

Pitch report:
The Dubai International Cricket Stadium has favoured batsmen so far in the 2021 ICC T20I World Cup. It is expected the pitch would remain the same on during the India vs New Zealand game. The dew factor would play a huge role and whoever wins the toss is expected to bowl first.

Click here for more updates from the ICC Men’s T20 World Cup 2021.

With inputs from agencies.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Fuel prices hiked for 4th day; petrol crosses Rs 120 mark in Madhya Pradesh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Petrol and diesel prices on Sunday were hiked for the fourth straight day by 35 paise per litre each, pushing pump rates to new record high across the country with states with high incidence of local taxes such as Madhya Pradesh having the costliest fuel. The price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre and Rs 115.15 per litre in Mumbai, according to a price notification of state-owned fuel retailers.

Diesel now costs Rs 98.07 a litre in Delhi and Rs 106.23 in Mumbai. This is the fourth consecutive day of the price hike. There was no change in rates between October 25 and 27, prior to which prices were hiked by 35 paise per litre each on four straight days.

While petrol has already hit the Rs 100-a-litre mark or more in all major cities of the country, diesel has touched that level in over one-and-a-half dozen states. Diesel rates crossed that level in places ranging from Jalandhar in Punjab to Gangtok in Sikkim. Prices differ from state to state, depending on the incidence of local taxes and cost of transportation. The twin factors led to petrol price crossing Rs 120 a litre mark in places such as Panna, Satna, Rewa, Shahdol, Chhindwara and Balaghat in Madhya Pradesh.

The same level has also been crossed in two border towns of Rajasthan — Ganganagar and Hanumangarh. Ganganagar has the costliest fuel in the country with petrol costing Rs 121.52 a litre and diesel coming for Rs 112.44 per litre.

Petrol price has been hiked on 25 occasions since September 28, when a three-week-long hiatus in rate revision ended. In all, prices have gone up by Rs 8.15 a litre. Diesel rates have been increased by Rs 9.45 per litre in 28 hikes since September 24.

Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. The diesel rate had gone up by Rs 9.14 per litre during this period.

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India’s active COVID-19 cases in country lowest in 247 days; fatalities at 446

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With 12,830 people testing positive for coronavirus infection in a day, India’s total tally of COVID-19 cases rose to 3,42,73,300, while the active cases declined to 1,59,272, the lowest in 247 days, according to the Union Health Ministry data updated on Sunday. The death toll climbed to 4,58,186 with 446 fresh fatalities, according to the data updated at 8 am.

The daily rise in new coronavirus infections has been below 20,000 for 23 straight days and less than 50,000 daily new cases have been reported for 126 consecutive days now. The active cases comprise 0.46 percent of the total infections, the lowest since March 2020, while the national COVID-19 recovery rate was recorded at 98.20 percent, the ministry said.

A decline of 2,283 cases has been recorded in the active COVID-19 caseload in a span of 24 hours. The number of people who have recuperated from the disease surged to 3,36,55,842, while the case fatality rate was recorded at 1.34 percent. The daily positivity rate was recorded at 1.13 percent. It has been less than two per cent for last 27 days. The weekly positivity rate was also recorded at 1.18 percent. It has been below 2 percent for the last 37 days, according to the ministry.

The cumulative doses administered in the country so far under the nationwide COVID-19 vaccination drive has exceeded 106.14 crore. India’s COVID-19 tally had crossed the 20-lakh mark on August 7, 2020, 30 lakh on August 23, 40 lakh on September 5 and 50 lakh on September 16. It went past 60 lakh on September 28, 70 lakh on October 11, crossed 80 lakh on October 29, 90 lakh on November 20 and surpassed the 1-crore mark on December 19. India crossed the grim milestone of 2 crore on May 4 and 3 crore on June 23.

The 446 new fatalities include 358 from Kerala and 26 from Maharashtra. Kerala has been reconciling COVID deaths since the past few days. A total of 4,58,186 deaths have been reported so far in the country including 1,40,196 from Maharashtra, 38,071 from Karnataka, 36,097 from Tamil Nadu, 31,514 from Kerala, 25,091 from Delhi, 22,900 from Uttar Pradesh and 19,126 from West Bengal. The ministry stressed that more than 70 percent of the deaths occurred due to comorbidities.

“Our figures are being reconciled with the Indian Council of Medical Research,” the ministry said on its website, adding that state-wise distribution of figures is subject to further verification and reconciliation.

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