Shutting India’s doors will not help, says CEA amid anti-China sentiments


Amid the current anti-Chinese sentiment triggered by the Sino-India border tension and talks of an import substitution policy, Chief Economic Advisor Krishnamurthy V Subramanian on Tuesday said shutting the doors to other countries will not help India.

He said the country had followed the import-substitution model till 1991, and that approach has been discredited since.

Speaking at a webinar organised by MCCI, Subramanian said, “India has to compete with other countries and insulating itself from others will not help.”

“Having said that, there are, however, exceptions to this. I will not say that trade should continue with countries which are creating problems at the border,” he clarified.

His comments came after the nationwide clamour for a boycott of Chinese goods is getting louder, following the fierce clash between the troops of India and China in eastern Ladakh that left 20 Indian Army personnel dead.

Subramanian said it is still not certain when demand in the economy will pick up.

“The prevailing uncertainty is purely due to health reasons and it will go probably when the vaccine is available to fight Covid-19,” the chief economic advisor said.

Blackstone launches block deal in Embassy REIT to raise $250 million


Global private equity fund manager has launched a block deal to raise between $250 million and $257 million in (real estate investment trust). It is the country’s first listed REIT, said sources in the know.

The secondary placement of units in a price band of Rs 340-350 apiece is at a discount of 3.7-6.4 per cent to Tuesday’s closing price of Rs 363.55 on the National Stock Exchange.

“Since markets have picked up, thought it prudent to exit,” said a source.

declined to comment. The world’s biggest alternative assets manager holds 55 per cent stake in the REIT.

was sponsored by Bengaluru-based and Blackstone.

came out with a public issue and debuted on the stock markets in April 2019.

The REIT owns some prime properties in Bengaluru and Mumbai. It has properties to the tune of 33 million square feet.

REITs are like mutual funds which can be listed and traded on the stock markets. They are tax efficient since they distribute a majority

Djokovic Positive For Coronavirus, Questions Over Return Of Tennis


World number one Novak Djokovic tested positive for coronavirus on Tuesday, bringing a premature end to the exhibition tournament he hosted during the pandemic and raising serious questions about the sport’s planned return in August.

Djokovic, who was not showing any symptoms, joined fellow players Grigor Dimitrov, Borna Coric and Viktor Troicki in testing positive for COVID-19 during the second leg of his Adria Tour where social distancing was minimal, players were filmed dancing bare-top in a nightclub and embracing each other over the net.

Djokovic said his wife Jelena also tested positive while the results of their children were negative.

“I am extremely sorry for each individual case of infection,” said the 33-year-old Serb, who has said he would be against a compulsory coronavirus vaccination if it became a requirement for tennis players to travel to tournaments.

“I hope that it will not complicate anyone’s health situation and that everyone will be fine,” the 17-time Grand Slam winner said, adding that he would now go into self-isolation for the next 14 days.

Bulgaria’s Dimitrov, the world number 19, announced on Sunday he had tested positive after pulling out of the event, the biggest since the tennis season was halted

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