RB Kishore

VP,AIRIEF,

ED(Retd),LIC

Life Member,Probus Club

044-2815 5810 & 098 4034 0591

NEWS IN MEDIA  ON 11/9/2015

Dear all,

Indonesia keen on collaboration with TS 
The Indonesian government is exploring partnerships with companies in Information Technology, pharmaceutical and agriculture sectors in Telangana and Andhra Pradesh to set up units in that country through its 30{+t}{+h}edition of Trade Expo in Jakarta from October 21 to 25.Here to extend invitation to members of the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry to participate in the expo, Saut Siringoringo, Consul General of Indonesia at Mumbai, told The Hindu that four companies from Hyderabad participated in the event last year and one of them secured licence to start operations. 
http://www.thehindu.com/news/national/andhra-pradesh/indonesia-keen-on-collaboration-with-ts/article7639285.ece

INVESTMENT

It’s raining investments for Telangana 
Celkon and Makeno have signed a memorandum of understanding with the Telangana government in the presence of Chief Minister K. Chandrasekhar Rao at Shanghai in China on Thursday to invest $ 20 million for setting up a LED TV unit in Hyderabad.Two more Chinese companies in cell phone components and headphones have also come forward to invest in Hyderabad, a release said. 
http://www.thehindu.com/news/cities/Hyderabad/its-raining-investments-for-telangana/article7639810.ece

BUSINESS

India will fare better in ‘ease of doing biz’: Minister 
The ranking of States on ‘ease of doing business’ will be released by the World Bank and not the Department of Industrial Policy and Promotion (DIPP) which anchored the entire exercise.“The World Bank together with a professional agency could release the ranking of States on ‘ease of doing business’ this week,” Commerce and Industry Minister Nirmala Sitharaman said at an industry event organised by CII on Thursday. 
http://www.thehindubusinessline.com/todays-paper/tp-news/india-will-fare-better-in-ease-of-doing-biz-minister/article7638903.ece

STEEL COMPANIES

Stressed steel-makers seek special package from Centre 
Steel companies have reached out to the government seeking a special financial package, including restructuring their loans up to March next year without increasing the provisioning requirement for banks.In a recent letter to Finance Minister Arun Jaitley and RBI Governor Raghuram Rajan on behalf of steel companies, the Indian Chamber of Commerce (ICC) has urged the government to consider setting up an institution like the Power Finance Corporation to take over loans extended by banks to the steel industry and set up a separate fund to infuse equity capital in steel companies. 
http://www.thehindubusinessline.com/todays-paper/stressed-steelmakers-seek-special-package-from-centre/article7638881.ece

INFRASTRUCTURE

Fate of planning process still undecided: Khullar 
The public-private partnership model in infrastructure sector has not worked according to expectations, Sindhushree Khullar, CEO, NITI Aayog, said on Thursday.PPP “version 1.0” failed to take off with “higher risks being loaded” on to private players which they could not handle and also due to high lending rate, Khullar said.She was speaking to reporters on the sidelines of the annual general meeting of the Bengal Chamber of Commerce and Industry. 
http://www.thehindubusinessline.com/todays-paper/tp-news/fate-of-planning-process-still-undecided-khullar/article7638907.ece

GST

GST will spur British investments in India 
UK companies’ investment interest in India will surge if GST regime gets implemented and industry concerns over land acquisition are addressed, Patricia Hewitt, Chairperson of UKIBC, has said.However, any delay in Goods and Services Tax (GST) implementation beyond the proposed April 1, 2016 timeline will not dilute the UK’s long-term commitment to India, Hewitt said on the occasion of the launch of the ‘Sterling Assets India’ report here on Thursday. 
http://www.thehindubusinessline.com/todays-paper/tp-news/gst-will-spur-british-investments-in-india/article7638908.ece

More taxpayers take to e-filing this year
The Income Tax department has received 2.06 crore returns on its e-filing portal so far this fiscal.This was a 26 per cent jump over the 1.63 crore returns received through e-filing at the same time (as of September 7) last year.The peak filing rate this fiscal touched 3,475 returns per minute compared with 2,901 returns per minute last year (for financial year 2014-15), an official release said. 
http://www.thehindubusinessline.com/todays-paper/tp-news/more-taxpayers-take-to-efiling-this-year/article7638909.ece

Restaurants seek clarity on service tax on home delivery orders 
The National Restaurant Association of India (NRAI) has written to the Finance Ministry seeking clarification on levying of service tax on home delivery, drive-away and take-away orders.This came after the NRAI came to know that a notice has been issued by the Central Excise & Service Tax Division, Chandigarh, stating that service tax is not liable to be charged on pick-up and home deliveries for food by restaurants. This note went viral and got a lot of attention on social media. 
http://www.thehindubusinessline.com/todays-paper/tp-news/restaurants-seek-clarity-on-service-tax-on-home-delivery-orders/article7638910.ece

Government looking at mid-2016 rollout of GST
The government on Thursday indicated that it was reworking the goods and services tax (GST) rollout deadline to October 1, 2016, and might advance the winter session of Parliament to achieve this objective.A day after the government dropped plans to call an extended monsoon session of Parliament to pass the GSTConstitution amendment, NITI Aayog Vice-ChairmanArvind Panagariya told a business news channel that he was still hopeful of the GST rollout by middle of the financial year of 2016-17, that is by October 1, if not the proposed deadline of April 1, 2016.
http://www.business-standard.com/article/economy-policy/government-looking-at-mid-2016-rollout-of-gst-115091000771_1.html

BANKING

The importance of an independent RBI 
The Reserve Bank of India has worked as efficiently as any top central bank of the world right from its inception. It was blessed with absolute independence to control or manage monetary liquidity, price stability, exchange rate stability, and later on financial stability also. The governor and his team have ably served the nation during all the financial storms and crises, domestic as well as external, that beset the country.
http://www.thehindubusinessline.com/todays-paper/tp-opinion/the-importance-of-an-independent-rbi/article7638930.ece

Global developments no immediate cause for worry: RBI panel 
India’s macroeconomic fundamentals are quite strong and there is no immediate cause for worry due to the international economic developments, a high-level panel headed by RBI Governor Raghuram Rajan said on Thursday.At the meeting in Mumbai, the Rajan-chaired sub-committee of the Financial Stability and Development Council (FSDC) however, said there was a need to be vigilant over the emerging situation, an official statement issued here said. 
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/global-developments-no-immediate-cause-for-worry-rbi-panel/article7638870.ece

RBI allows importers to raise trade credit in rupees 
The Reserve Bank of India on Thursday said resident importers can raise trade credit in rupees after entering into a loan agreement with overseas lenders. This will provide greater flexibility for structuring of trade credit arrangements.In a directive to banks authorised to deal in foreign exchange, the RBI said banks can permit trade credit of up to $20 million equivalent per import transaction. 
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/rbi-allows-importers-to-raise-trade-credit-in-rupees/article7638868.ece

Exim Bank moots a special purpose vehicle model for ship financing 
The funding mechanism to acquire/build ships could undergo a sea change as the Export-Import Bank of India is planning to get shipping companies and shipyards to float special purpose vehicles for each ship, with investors, including banks, investing in the financial instruments issued by these vehicles.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/exim-bank-moots-a-special-purpose-vehicle-model-for-ship-financing/article7638866.ece

AGRICULTURE

Rain effect: Rabi output, not Kharif harvest, will be hurt, says India Ratings 
The deficient monsoon can hurt the Rabi crop even if overall Kharif crop production is unlikely to be affected and will be higher than the previous fiscal, said a report published by India Ratings and Research (Ind-Ra) on Thursday.The report – titled ‘Monsoon Gazing Ends’ – comes a day after the India Meteorological Department (IMD) reported a 15 per cent deficiency in rainfall across the country. 
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/rain-effect-rabi-output-not-kharif-harvest-will-be-hurt-says-india-ratings/article7638854.ece

Pepper exports up 33% despite high prices 
Pepper exports during January-July 2015 have risen by about a third to an estimated 16,000 tonnes as against 12,000 tonnes in corresponding period last year, market sources said.Tight availability has kept the prices at higher levels and the exports have reportedly taken place when the prices were ruling at around $10,000 a tonne, they added.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/pepper-exports-up-33-despite-high-prices/article7638852.ece

Edible oils turn hot as stockists enter market 
In edible oils market, sunflower oil declined by Rs. 5 and cotton oil rose byRs. 3. Under current of the market remained firm tracking extended gain in overseas palm oil and soya oil futures. Sources said stockists’ demand in physical market continued ahead of festival season. Vikram Global Commodities quoted Rs. 470 for Malaysian super palm.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/edible-oils-turn-hot-as-stockists-enter-market/article7638849.ece

STATE

Rs. 2.4 lakh-crore investments pledged at TN’s investors meet 
The Tamil Nadu Global Investors Meet 2015 not only exceeded its target but tied up more investments than the State has done through similar MoUs in the last two decades.Announcing the numbers at the valedictory of the two-day event, Chief Minister J Jayalalithaa put the total investments finalised during the GIM 2015 at Rs. 2,42,160 crore, which is more than double the targeted amount. “This also exceeds the cumulative investment attracted through all MoUs signed by the Government of Tamil Nadu over a 20-year period from 1991 to 2011.”The Chief Minister said the investment proposals have come through 98 MoUs.Manufacturing accounts for Rs. 1,04,286 crore and energy Rs. 1,07,136 crore with the balance spread across a range of sectors. 
http://www.thehindubusinessline.com/todays-paper/rs-24-lakhcrore-investments-pledged-at-tns-investors-meet/article7638878.ece

Jayalalithaa promises pragmatic, far-sighted policies 
In line with the Tamil Nadu government’s commitment to announce industry-specific policies, both traditional and modern industries will soon see a new set of policies to give a fillip to various sectors.Announcing the plan at the valedictory of the two-day Tamil Nadu Global Investors Meet 2015, Chief Minister J Jayalalithaa said the government will shortly announce “pragmatic and far-sighted policies”, not only in traditional sectors like textiles and micro, small and medium enterprises but also for IT and IT-enabled services, electronic hardware manufacturing, aerospace and defence production. Over the course of the two-day event, the State government has entered into 98 MoUs totalling over Rs. 2,42,160 crore against a targeted Rs. 1,00,000 crore.
http://www.thehindubusinessline.com/todays-paper/tp-news/jayalalithaa-promises-pragmatic-farsighted-policies/article7638898.ece

In China, K Chandrasekhar Rao seeks Brics aid
Chief Minister K. Chandrasekhar Rao has sought the support of the New Development Bank for funding urban development projects including energy from waste, irrigation and other sectors.Mr Rao, who had a 40-minute meeting with bank president K.V. Kamath and vice-president Xian Zhu made this request at a meeting on Thursday.The bank is in the process of formulating funding policies. They focus on infrastructure development in developing countries. 
http://www.deccanchronicle.com/150911/nation-current-affairs/article/cm-k-chandrashekhar-rao-seeks-brics-aid

Stick with the rules of the game, oil explorers tell Centre 
As the Centre prepares the ground for the next edition of oil and gas blocks auctions, domestic explorers have asked the government to ensure that the integrity of fiscal regime, under which contracts will be inked, is maintained.“No retrospective changes should be made in contracts and fiscal incentives offered at the time of awarding the block,” industry has said in a letter to the Secretary, Ministry of Petroleum and Natural Gas, Kapil Dev Tripathi. 
http://www.thehindubusinessline.com/todays-paper/tp-news/stick-with-the-rules-of-the-game-oil-explorers-tell-centre/article7638905.ece

Can anything beat the allure of gold? 
At present, the demand for gold is down and the current account deficit very comfortable. But we can never be sure how Indians will behave when it comes to gold. It is for this reason that the government has been working on devising alternative instruments that would deliver the same benefits to holders and potential buyers of the metal. This could further reduce the physical import of gold.The gold bond and monetisation schemes are progressive steps taken by the government in this regard. Both assume that the potential client is not strongly inclined to have physical gold in possession and that by providing similar rewards, this inclination will only decrease. 
http://www.thehindubusinessline.com/todays-paper/tp-opinion/can-anything-beat-the-allure-of-gold/article7638929.ece

Japanese business mission 
Bangalore Chamber of Industry and Commerce (BCIC), in association with Indo-Japan Chamber of Commerce and Industry, Karnataka, will hold an interactive session on ‘Japanese Business Mission’ at 11.30 am on Friday at the Regency Hall, Hotel ITC Windsor, Sankey Road, Bengaluru.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/japanese-business-mission/article7638948.ece

S African envoy visits FACT 
The South African High Commissioner to India France K Morule visited FACT for discussions on cooperation in procuring phosphoric acid and rock phosphate etc.FACT requires around 1.5 lakh tonnes of phosphoric acid a year, out of which the company buys around 0.75 lakh tonnes from outside sources and making the balance quantity in-house, for which it requires around 2.5 lakh tonnes rock phosphate a year. South Africa has good deposit of rock phosphate. 
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/s-african-envoy-visits-fact/article7638965.ece

Industrial expo opens 
Indexpo, a three-day Industrial Expo, was inaugurated by Weihua Gu, Managing Director of Winner Tungsten Products Co. Ltd, from Shenzhen, China.Organised by Indore Infoline in association with Jeedimetla Industries Association, the engineering and industrial products show has over 100 exhibitors showcasing their products spanning machine tools, hand tools, welding equipment, bearings, industrial automation, pumps, valves, motors, gear boxes, electricals and other engineering goods. 
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/industrial-expo-opens/article7638958.ece

Bengal plans ‘smart theme’ cities, seeks investments 
West Bengal Commerce, Industries and Finance Minister, Amit Mitra, today made a fervent pitch for investments in the State, including across the six “smart theme” cities it was planning to set up.Speaking at the annual general meeting of The Bengal Chamber of Commerce and Industry, Mitra said the six “smart themed” cities include one on sports at Howrah (Kolkata’s twin city across the river Hooghly); a senior citizens city at Baruipur (29 km from Kolkata ). 
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/bengal-plans-smart-theme-cities-seeks-investments/article7638943.ece

‘Smart city status will bring in investments’ 
Mangaluru chapter of the Confederation of Real Estate Developers’ Associations of India (Credai) is hopeful that the smart cities project could help bring in more investments to Mangaluru.Mangaluru is one of 98 cities that will compete for the second stage of the smart cities challenge to secure funding from the Centre. 
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/smart-city-status-will-bring-in-investments/article7638953.ece

Govt reaches out to potential exporters, launches online course 
The Commerce Ministry has launched an online certification programme to reach out to new and potential exporters and mentor them through orientation programmes, counselling sessions and individual facilitation — all at the click of the mouse.‘Niryat Bandhu @ Your Desktop’ was launched by Commerce Secretary Rita Teaotia on Wednesday and aims to get a larger number of Indians into international trade and boost exports from India, an official release said. 
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/govt-reaches-out-to-potential-exporters-launches-online-course/article7638954.ece

Cabinet nod for 21 {+s} {+t} Law Commission
The Cabinet on Wednesday approved the constitution of the 21st Law Commission of India, for a period of three years with effect from September 1. The Commission will consist of a full-time chairperson and four full-time members (including a member-secretary) among others. It will undertake research in law and review existing laws to make the necessary reforms, and enact new legislations, the statement said, adding that “it shall also undertake studies and research for bringing reforms in the justice delivery systems for elimination of delay in procedures, speedy disposal of cases, reduction in cost of litigation etc”. The Law Commission is a non-statutory body constituted by the government from time to time. It was originally constituted in 1955 and is re-constituted every three years.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/cabinet-nod-for-21-s-t-law-commission/article7638947.ece

BPCL set to invest Rs 1 lakh crore
Oil major BPCL has investment plans of Rs 5,000 crore this year and Rs 1 lakh crore in five years. Of the Rs 5,000 crore, Rs 25 crore will be for upstream projects and between Rs 30-40 crore will go into refinery expansion, said BPCL chairman and managing director S.Varadarajan at the post-AGM press conference in Mumbai. 
http://www.deccanchronicle.com/150911/business-latest/article/bpcl-set-invest-rs-1-lakh-crore

Land Regularisation Scheme won’t fetch much money in Hyderabad
The Land Regularisation Scheme is proving to be a loss-making venture for the Telangana government in GHMC limits.After scrutiny of applications received under payment category, it was found that the government would have to regularise 290 acres at an average price of Rs 37 lakh per acre, while the market rate that were encroached range from Rs 10 crore to Rs 30 crore per acre.
http://www.deccanchronicle.com/150911/nation-current-affairs/article/land-regularisation-scheme-won%E2%80%99t-fetch-much-money-hyderabad

Telangana to get LED TV unit worth $20 million
Chief Minister K. Chandrasekhar Rao on Thursday signed MoUs with Celkon and Makeno for setting up an LED TV unit in Hyderabad at an investment of $20 million.  The MoU was signed during a meeting organised by CII and the TS government at Shanghai.Two more Chinese firms, manufacturing cell phone parts and headphones, have come forward to invest in Hyderabad.
http://www.deccanchronicle.com/150911/nation-current-affairs/article/telangana-get-led-tv-unit-worth-20-million

Govt nominates Anjuly Duggal on RBI board
The government has nominated Anjuly Chib Duggal, a secretary in the department of financial services, to the board of the Reserve Bank of India (RBI) with effect from September 3, the central bank said on Thursday.

Duggal, who was appointed as financial services secretary on September 1, replaces Hasmukh Adhia who has become the revenue secretary.. 
http://www.business-standard.com/article/economy-policy/govt-nominates-anjuly-duggal-on-rbi-board-115091000963_1.html

Alertness needed on current global volatility, agrees FSDC panel
At a time of global equity, currency and commodity markets volatility, India needs to remain alert, though there is no immediate cause of concern, went a government statement after a meeting of the Financial Stability and Development Council sub-committee in Mumbai on Thursday. 
http://www.business-standard.com/article/economy-policy/alertness-needed-on-current-global-volatility-agrees-fsdc-panel-115091001522_1.html

Call drops: Trai views on compensation by mid-Oct
The Telecom Regulatory Authority of India (Trai) plans to come out with its final recommendations on a compensation plan by mid-October for mobile users, facing call drops.Secretary (Telecom) Rakesh Garg has conveyed the government’s concern on the issue to the promoters of telecom companies, including Anil Ambani, Kumar Mangalam Birla and Sunil Mittal and UK-based Vodafone’s global CEO Vittorio Colao. Prime Minister Narendra Modi also had asked the telecom ministry to take steps to improve the situation.
http://www.business-standard.com/article/economy-policy/call-drops-trai-views-on-compensation-by-mid-oct-115091000957_1.html

Sitharaman urges India Inc to 'choose its own destiny'
Minister for Commerce and Industry Nirmala Sitharaman(pictured) on Thursday urged leaders of the Indian industry to “choose their own destiny”, even as she asked them to invest and capitalise on the growth of the domestic economy. The minister also said India’s ranking in the World Bank’s ‘ease of doing business’ report is likely to improve this year based on the measures taken by the Modi government. 
http://www.business-standard.com/article/economy-policy/sitharaman-urges-india-inc-to-%E2%80%98choose-its-own-destiny%E2%80%99-115091000564_1.html

This is for your information.

--

RB Kishore

VP,AIRIEF,

ED(Retd),LIC

Life Member,Probus Club

044-2815 5810 & 098 4034 0591