Courtesy: R B KKISHORE
NEWS IN MEDIA : 6 OCTOBER, 2015
Dear all,TAX
Direct tax mop-up to miss target, but economy remains strong: FinMin
The Finance Ministry on Monday said that direct tax collections will fall short of target this fiscal largely due to sluggish growth in corporate taxes collections. But the Centre may come close to meeting the overall revenue projections of Rs.14.5-lakh crore, thanks to the buoyancy seen on the indirect taxes front.Indirect taxes are growing at a healthy 37 per cent. Hasmukh Adhia, Revenue Secretary in the Finance Ministry, said as against the budgeted revenue target of Rs. 14.5-lakh crore, the Centre is likely to close the current fiscal with receipts of about Rs. 14-lakh crore.
http://www.thehindubusinessline.com/todays-paper/direct-tax-mopup-to-miss-target-but-economy-remains-strong-finmin/article7727794.ece
GST
GST: dispute resolution is the key, says CBEC Member
The draft Goods and Service Tax (GST) law prepared by the Central Board of Excise and Customs (CBEC) in consultation with State governments is ready, and will soon be given to the GST Empowered Committee of State Finance Ministers for ratification, said VS Krishnan, Member (Service Tax), CBEC.The GST offers a unique opportunity to create a 'world-class' indirect tax system, he told at an interactive session on GST and taxpayers' services organised by the FICCI here on Monday.
http://www.thehindubusinessline.com/todays-paper/tp-news/gst-dispute-resolution-is-the-key-says-cbec-member/article7727828.ece
INTERNATIONAL
Modi-Merkel meet: India to fast track investments by German companies
India is to set up a 'fast-track' system for German companies wanting to invest in India, and Germany is to provide a new assistance package of over a billion euros for solar projects here.This is part of the joint announcement made during the signing of over 13 Memorandums of Understanding and Agreements between the two countries after Chancellor Angela Merkel and Prime Minister Narendra Modi concluded the third round of India-Germany Intergovernmental Consultations (IGIC) on Monday.
http://www.thehindubusinessline.com/todays-paper/modimerkel-meet-india-to-fast-track-investments-by-german-companies/article7727793.ece
Modi, Merkel discuss resumption of FTA talks
The issue of India and the European Union restarting negotiations for a Free Trade Agreement came up for discussion during German Chancellor Angela Merkel's meeting with Prime Minister Narendra Modi here on Monday."What did happen today was a Prime Minister-Chancellor level discussion on merits of resuming the negotiations and taking them forward," S Jaishankar, Foreign Secretary, told the media after the conclusion of the third Intergovernmental Consultations between India and Germany.
http://www.thehindubusinessline.com/todays-paper/tp-news/modi-merkel-discuss-resumption-of-fta-talks/article7727816.ece
Germany to provide €1 billion loans to solar power sector
Germany has agreed to provide loans to the tune of €1 billion at concessional rates to India's solar energy sector. The loan will be disbursed over the next five years.A Memorandum of Understanding to this effect was signed by Power, Coal and New & Renewable Energy Minister Piyush Goyal and the German Minister for Economic Cooperation and Development Gerd Müller on Monday.
http://www.thehindubusinessline.com/todays-paper/tp-news/germany-to-provide-1-billion-loans-to-solar-power-sector/article7727817.ece
India, Germany to set up 'Centres of Excellence' in farm sector
A memorandum of understanding (MoU) was signed here on Monday between the German Agribusiness Alliance (GAA) and the Agriculture Skill Council of India (ASCI) for jointly establishing 'Indo-German Centres of Excellence in Agriculture'.The MoU was signed by Union Agriculture Minister Radha Mohan Singh and his German counterpart Christian Schmidt. The centres will aim to create a platform for practical agri-skill development in India. "The prime objective of this collaboration would be to provide practical professional skill training as well as practical demonstrations of modern technologies and methods (capacity building) to various stakeholders of the agriculture development ecosystem," said Joerg Rehbeim, Spokesman, GAA.
http://www.thehindubusinessline.com/todays-paper/tp-news/india-germany-to-set-up-centres-of-excellence-in-farm-sector/article7727820.ece
Cabinet monitoring has fast-tracked projects worth $112 b, says Minister
The Centre's project management monitoring group has fast-tracked the clearance of over 200 projects worth about $112 billion.Addressing the second India-Central Europe Business Forum meet here on Monday, Minister of State for External Affairs Gen VK Singh said: "The project management monitoring group, which works under the Union Cabinet Secretariat, found 548 projects with a total investment of $346 billion in a state of dormancy or slow progress.
http://www.thehindubusinessline.com/todays-paper/tp-news/cabinet-monitoring-has-fasttracked-projects-worth-112-b-says-minister/article7727826.ece
INFORMATION TECHNOLOGY
Monitoring of service quality will be upgraded: TRAI chief
The newly appointed Chairman of the Telecom Regulatory Authority of India, Ram Sewak Sharma, is ready to take on the might of the powerful telecom industry to ensure that mobile users get world-class service. Despite facing severe criticism for proposing compensation to users who experience call drops, Sharma is in no mood to relent.Hitting back at operators for not doing enough, the 1978-batch IAS officer from the Jharkhand cadre said that the regulator spoke for the weakest stakeholder in the ecosystem — the consumer.
http://www.thehindubusinessline.com/todays-paper/monitoring-of-service-quality-will-be-upgraded-trai-chief/article7727792.ece
Technology, services industry will touch $350 billion by 2025: Nasscom report
The Indian technology and services industry is on track to reach its goal of $200-225 billion in revenues by 2020 and may even touch $350 billion by 2025, says a report released by industry body Nasscom.The report, 'Perspective 2025: Shaping the Digital Revolution', outlines the roadmap for this new environment and is based on research conducted for over a year by international consultancy McKinsey & Company.
http://www.thehindubusinessline.com/todays-paper/tp-info-tech/technology-services-industry-will-touch-350-billion-by-2025-nasscom-report/article7727800.ece
Telecom companies are duty bound to invest in improving quality of service: TRAI chief
It's just been over two months since R S Sharma was appointed as the Chairman of the Telecom Regulatory Authority of India but he is already taking up the cudgels on behalf of customers. One of the first things he has undertaken is to ensure telecom companies deal with the issue of frequent call drops by investing in a network that is robust enough to carry all data and voice traffic. This has faced opposition from telecom companies who are faced with their own set of problems including lack of adequate tower sites and increasing costs in the form of spectrum.In an interview with BusinessLine , Sharma, explains TRAI's stand and how he plans to ensure that Indian mobile users get top class services.
http://www.thehindubusinessline.com/todays-paper/tp-info-tech/telecom-companies-are-duty-bound-to-invest-in-improving-quality-of-service-trai-chief/article7727797.ece
MARKET
Sensex jumps 564 points on strong foreign fund inflows
With the US having failed to create enough jobs through September, foreign investors continued to pour money into the Indian stock market. The benchmark indices moved up over 2 per cent on Monday to a six-week high. Major Asian and European indices traded in the green as well, on rumours of a possible economic stimulus plan by China.The Sensex rose 564 points to close at 26,785, led by banks and auto stocks, while the Nifty gained 168 points to finish at 8,119.30.
http://www.thehindubusinessline.com/todays-paper/sensex-jumps-564-points-on-strong-foreign-fund-inflows/article7727790.ece
'From long-term perspective, things are moving well'
Volatility in Indian equity markets will continue as India is a part of emerging markets, said Sunil Singhania, Chief Investment Officer — Equity, at Reliance Asset Management Company. But India is favoured by foreign investors more than any other country and hence they look at volatility as opportunities.
http://www.thehindubusinessline.com/todays-paper/tp-markets/from-longterm-perspective-things-are-moving-well/article7727802.ece
PE investments surge in 2015; on course to set record
Private equity investment in India touched $13 billion in the first nine months of 2015 across 504 transactions. If the trend continues, PE investments this year are likely to beat the historical high of $14.7 billion across 535 transactions reported in 2007, according to a report by Venture Intelligence, a Chennai-based research service focused on private company financials, transactions and their valuations.The numbers exclude investments made in real estate and strategic investments from players, such as Alibaba, says a release from Venture Intelligence.
http://www.thehindubusinessline.com/todays-paper/tp-markets/pe-investments-surge-in-2015-on-course-to-set-record/article7727803.ece
PHARMA
New pharma city to come up in Hyderabad
The new pharma city coming up here will have a separate drug control unit for speedy clearance of regulatory requirements.The Drug Control Department (DCA) is also going the US FDA way by promoting specialisation of inspectors in all verticals of manufacturing for better efficiency."The decision has been taken to set up an exclusive unit in the upcoming pharma city right from day one,'' Akun Sabharwal, Director, DCA, Telangana told BusinessLine here.
http://www.thehindubusinessline.com/todays-paper/tp-news/new-pharma-city-to-come-up-in-hyderabad/article7727809.ece
EXPORT
Export blues: Commerce Secretary to meet trade organisations tomorrow
Concerned over the continuous decline in exports and its effect on the country's balance of payments, Commerce Secretary Rita Teaotia will meet representatives of export promotion councils and export organisations across sectors on Wednesday to discuss factors responsible for the downturn and ways to counter it."While export organisations have been clamouring for greater financial incentives, the Finance Ministry has been hesitant in loosening its purse strings because of fiscal constraints. We have to see how a balance can be struck between the two," a Commerce Ministry official toldBusinessLine .
http://www.thehindubusinessline.com/todays-paper/tp-news/export-blues-commerce-secretary-to-meet-trade-organisations-tomorrow/article7727815.ece
AGRICULTURE
Centre launches 'Kisan' pilot to speed up insurance claims
Crop insurance coverage in India, by most accounts, has been woefully inadequate for a number of reasons. With adverse weather having impacted three consecutive cropping seasons, the Centre launched the 'Kisan' pilot programme here on Monday in an effort to speed up the process of claims for farmers.Additionally, an Android-based application called 'Bhuvan', developed by the Indian Space Research Organisation (ISRO), was also launched to assess crop damage caused by hailstorms and gather data on the weather event using GPS technology.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/centre-launches-kisan-pilot-to-speed-up-insurance-claims/article7727774.ece
Mounting debt drives Telangana cotton farmers to the edge
Lakshmi (name changed) recently joined as a nanny for a salary of Rs. 5,000 per month. "You know, I'm getting far more than what I would have earned had I stuck to the cotton field," she told BusinessLine.A farmer with about five acres from a remote village in Warangal district, Lakshmi knew that it is going to be a failed season after waiting for rains for a few weeks.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/mounting-debt-drives-telangana-cotton-farmers-to-the-edge/article7727772.ece
BANKING
More banks cut lending rate
With big banks, such as State Bank of India and ICICI Bank cutting their base rates (or the minimum lending rates) over the last one week, more banks joined the bandwagon on Monday.Union Bank of India on Monday reduced its base rate by 0.35 percentage points to 9.65 per cent from 10 per cent.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/more-banks-cut-lending-rate/article7727778.ece
Crisil downgrades debt worth Rs. 2.4-lakh cr
Rating agency Crisil downgraded debt worth Rs. 2.4 lakh crore in the first six months of the current financial year. Of this, 90 per cent is owed by firms from either investment-linked or commodity sectors.The rating agency said that the credit quality pressures intensified for the highly leveraged firms, companies with a debt to EBITDA ratio of more than 2.5 times, in the first half of the current fiscal ended September 2015, according to Crisil's definition.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/crisil-downgrades-debt-worth-rs-24lakh-cr/article7727777.ece
Housing finance major HDFC cuts rate by 25 bpsAfter big banks cut their base rates, housing finance major Housing Development Finance Corporation (HDFC) has cut its retail prime lending rate by 25 basis points with the effective home loan rate at 9.65 per cent.The home loan rate for new customers would be 9.65 per cent and for women customers it will be 5 basis points lower at 9.60 per cent, HDFC said in a statement.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/housing-finance-major-hdfc-cuts-rate-by-25-bps/article7727776.ece
Union Bank buys KBC Asset's 49% stake in joint venture
Union Bank of India will buy KBC Asset Management's 49 per cent stake in Union KBC Asset Management.The joint venture was established in 2009. In the July-September 2015 quarter, Union KBC Asset Management had average assets under management (AAUM) aggregating to Rs. 2,672 crore.According to the Association of Mutual Funds in India data, the AAUM of 44 mutual funds during the reporting period was at Rs. 13,15,760 crore.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/union-bank-buys-kbc-assets-49-stake-in-joint-venture/article7727779.ece
POWER
Minister: Telangana set to realise 24x7 power dream
The TS government on Monday told the Legislative Assembly that it has succeeded in resolving the power crisis in the state within six months of assuming office, despite all odds and was set to achieve the "24x7 Power for All" dream by 2018-19.During the debate on "Power situation in the state" taken up without the Opposition present in the House, minister for power G. Jagadish Reddy said that TS was poised to become a power-surplus state by 2018-19.He said that the government has devised plans to achieve 24,272 MW by 2018-19 by investing about Rs 1.05 lakh crore in the power sector.
http://www.deccanchronicle.com/151006/nation-current-affairs/article/minister-telangana-set-realise-24x7-power-dream
STATE
Microsoft partners Karnataka industry body to push cloud business
Microsoft has taken a slew of measures to take its cloud computing technologies to 10 million small and medium businesses in India.Talking to BusinessLine , Meetul Patel, General Manager, SMS&P, Microsoft India, said that with the mushrooming of a start-up ecosystem, powered by e-commerce companies, has laid the foundation for increased usage of cloud computing technologies. "This momentum will help propel adoption by other companies as they see used cases by start-ups," he added.
http://www.thehindubusinessline.com/todays-paper/tp-info-tech/microsoft-partners-karnataka-industry-body-to-push-cloud-business/article7727796.ece
Karnataka inks MoU with Hungary
Karnataka is pitching for investments in defence and aerospace from the Central European countries.Karnataka, which had been selected 'Partner state' for the India Central Europe Business forum (ICEBF), presented its strengths before the Central European countries at an event on Monday.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/karnataka-inks-mou-with-hungary/article7727864.ece
Garment exporters' plea on FTA
Tirupur Exporters' Association has appealed to The Centre to resume negotiations with the European Union on the FTA (Free Trade Agreement). The FTA will help double garment exports to the EU in three years and create more employment, TEA President A Sakthivel said. In a communication to the Union Minister for Commerce and Industry Nirmala Sitharaman, Sakthivel pointed out that such agreement would benefit the garment exporting sector in India and appealed for early restoration of the negotiations and expedition of the process.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/garment-exporters-plea-on-fta/article7727839.ece
To push India as a medical destination, govt mulls easier visa norms for patients
The government is focusing on easier visa norms to make India a global destination for healthcare services, Commerce Secretary Rita Teaotia said here on Monday.Addressing a Commerce Ministry-FICCI event on 'Advantage Healthcare India 2015', Teaotia said the government was taking steps "in terms of making visas more easy to obtain and much more flexible in terms of the administration."
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/to-push-india-as-a-medical-destination-govt-mulls-easier-visa-norms-for-patients/article7727842.ece
High power tariff may short circuit AP ferro alloy units
The steep hike in power tariff has plunged the ferro alloys industry in Andhra Pradesh into a crisis and 34 units are on the brink, according to industry sources.According to RK Saraf, chairman of AP Ferro Alloys Association, many in the power intensive industry set up units in the State only due to the favourable power tariff. In the past three years, the tariff has been more than doubled making operations unviable.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/high-power-tariff-may-short-circuit-ap-ferro-alloy-units/article7727837.ece
Chennai airport gets common user cargo terminal
A common user domestic cargo terminal to handle general cargo, courier and post office mail was inaugurated at the Chennai airport. The facility has been set up in an area of 2,610 sq m with an additional 300 sq m available as open area.The facility is expected to handle around 40,000 tonnes of cargo annually, said Chennai airport director Deepak Shastri, in a release.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/chennai-airport-gets-common-user-cargo-terminal/article7727867.ece
Credai moves competition panel against price hikes by cement firms
The Confederation of Real Estate Developers' Associations of India has moved fair trade regulator Competition Commission of India (CCI) against cement manufacturers for arbitrarily increasing cement prices.In its submission to the Commission, Credai pointed out that the cost of raw material used in manufacturing cement has come down since January 2015 but manufacturers have not passed on this benefit to customers.
http://www.thehindubusinessline.com/todays-paper/credai-moves-competition-panel-against-price-hikes-by-cement-firms/article7727791.ece
Technology & services market to touch $350 billion by 2025
The Indian technology and services market is on track to reach its goal of $250 billion by 2020 and is likely to grow further to $350 billion by 2025, according to a report by Nasscom and McKinsey.The industry's size is currently pegged at $132 billion.
http://www.thehindu.com/todays-paper/tp-business/technology-services-market-to-touch-350-billion-by-2025/article7727907.ece
Gas price cut credit negative for upstream firms says Moody's
Reduction in gas price in India is credit negative for upstream producers Oil and Natural Gas Corporation (ONGC) and Oil India because it will lower their revenues and cash flows, which are already declining from low oil prices, said Moody's on Monday."The gas price reduction will have its greatest effect, in absolute terms, on ONGC. At present sales volumes, we expect ONGC revenues to decline by about $300 million (approximately Rs.2,000 crore of total revenues for fiscal 2015) for the six months between October and March," Moody's said.
http://www.thehindu.com/todays-paper/tp-business/gas-price-cut-credit-negative-for-upstream-firms-says-moodys/article7727910.ece
Import duty on ghee, butter and butter oil raised
To safeguard dairy producers, India on Monday raised import duty on ghee, butter and butter oil, by 10 per cent, to 40 per cent. The decision was taken after milk producers from across the country sought duty protection following a steep decline in the global prices of these dairy products.Revenue Secretary Hasmukh Adhia, addressing a press conference, assured that Government would take more such measures protect interest of domestic manufacturers, in wake of the glut in the global commodity markets.
http://www.thehindu.com/todays-paper/tp-business/import-duty-on-ghee-butter-and-butter-oil-raised/article7727903.ece
Road Safety Bill will give govt power to order recall of vehicles: Gadkari
In the wake of the Volkswagen emissions scandal, Road Transport Minister Nitin Gadkari on Monday underscored a clause in the pending Road Safety Bill that allows the government to direct a manufacturer to recall motor vehicles if a defect in that particular type of vehicle may cause harm to the driver or occupants or road users."The government is committed to removing faulty designing in road projects and is identifying black spots to prevent accidents. The Bill has provisions for automobile sector too in view of the safety concerns to prevent accidents," Mr. Gadkari said, while speaking at a conference on road safety organised by the International Road Federation.
http://www.thehindu.com/todays-paper/tp-business/road-safety-bill-will-give-govt-power-to-order-recall-of-vehicles-gadkari/article7727906.ece
GLOBAL
China pins faith on electric cars and high-speed trains to revive slowing economy
China has plans to accelerate the roll-out of electric vehicles as the vanguard of its innovation based 'new normal' economy to combat the slowdown in its low-tech manufacturing and drop in exports.China's State Council or Cabinet wants one million 'green cars' to hit the domestic market by 2020. Over the next five years after that, market share should jump to 80 per cent, when three million electric vehicles are produced, according to plans.
http://www.thehindu.com/todays-paper/tp-business/china-pins-faith-on-electric-cars-and-highspeed-trains-to-revive-slowing-economy/article7727912.ece
This is for your information.
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RB Kishore
VP,AIRIEF,
ED(Retd),LIC
Life Member,Probus Club
044-2815 5810 & 098 4034 0591
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