FORWARDED BY:
RB Kishore
VP,AIRIEF,
ED(Retd),LIC
Dear all,
GST
GST only a matter of time: FM
GST
GST only a matter of time: FM
Union Finance Minister Arun Jaitley, on Wednesday, said that the passage of the GST (Goods and Services Tax) Bill is only a matter of time and that he expects to table the Bankruptcy law in the winter session of Parliament.“Obstruction against the GST has been due to political reasons. Within months from now, the numbers (in the Rajya Sabha) are going to tilt even more. So it will become easier to pass. GST is only a matter of time. As and when it is put to a vote, it will be passed,” the Finance Minister said while addressing a session on ‘Delivering Growth in the New Context’ at an event organised by the Confederation of Indian Industry and the World Economic Forum.
http://www.thehindu.com/todays-paper/tp-business/gst-only-a-matter-of-time-fm/article7843528.ece
TAX
‘36.5% rise in indirect tax revenues, a huge positive’
India’s manufacturing sector is showing an uptick in growth and the current buoyancy in indirect tax collections validates this trend, Finance Minister Arun Jaitley said.More reforms in sectors such as power, railways and infrastructure will soon be rolled out to further boost economic growth and enhance investor confidence in India, Jaitley said at the opening session of the World Economic Forum’s ‘National Strategy Day on India’, jointly organised with Confederation of Indian Industry here on Wednesday.
http://www.thehindubusinessline.com/todays-paper/tp-news/365-rise-in-indirect-tax-revenues-a-huge-positive/article7843422.ece
Corporate tax reduction to begin next Budget: Arun Jaitley
The finance minister Arun Jaitley said on Wednesday that the Centre will come out with a list of exemptions in the next few days that would go as part of the plan to gradually reduce corporate tax to 25 per cent, the first tranche of which will be announced in the Budget in February.
http://www.deccanchronicle.com/151105/business-latest/article/corporate-tax-reduction-begin-next-budget-arun-jaitley
SERVICES SECTOR
Services sector PMI at eight-month high in Oct
India’s services sector expanded at its fastest pace in eight months in October, largely aided by a surge in new business, which hit its highest since February, a private survey showed.The Nikkei Services Purchasing Managers Index (PMI) rose to 53.2 in October from 51.3 per cent in September, the Survey conducted by Markit showed. This is the fourth month above the 50-level, which separates growth from contraction.
http://www.thehindubusinessline.com/todays-paper/tp-news/services-sector-pmi-at-eightmonth-high-in-oct/article7843423.ece
TEXTILE PARKS
States told to fast-track approvals for textile parks
The Centre will soon come out with a modified Technology Upgradation Fund Scheme (TUFS) to help the textile industry catalyse investments in sectors that generate employment and exports.“TUFS had earlier faced difficulties. We had appealed to the Prime Minister that the scheme should be continued in a more organised manner. Therefore, the Government is coming out with a modified TUFS scheme, which will be unveiled shortly,” Textile Minister Santosh Gangwar said at the State Textile Ministers’ conference on Wednesday.
http://www.thehindubusinessline.com/todays-paper/tp-news/states-told-to-fasttrack-approvals-for-textile-parks/article7843426.ece
COAL
Private metal firms see red over coal block allotment to PSUs
The discretionary allocation of coal mines to public sector metal companies such as Nalco and SAIL has upset some private companies, which paid a huge premium for coal blocks at the recent e-auction.These firms are set to write to the Centre complaining that allocation of mines to the unregulated sector would distort the playing field between public and private sector firms as the final product price is market driven.
http://www.thehindubusinessline.com/todays-paper/private-metal-firms-see-red-over-coal-block-allotment-to-psus/article7843392.ece
AGRICULTURE
Nestle: Maggi noodles clear tests, back on shelves in Nov
After being off the shelves for five months, Nestle India’s Maggi noodles is set to make a comeback with its popular ‘masala’ variant this month.In a statement issued on Wednesday, the company said that it has got a clean chit for its freshly manufactured samples of the ‘masala’ variant from the three National Accreditation Board for Testing and Calibration Laboratories (NABL)-accredited labs. It said the samples tested were found to have lead below the permissible limit.
http://www.thehindubusinessline.com/todays-paper/nestle-maggi-noodles-clear-tests-back-on-shelves-in-nov/article7843396.ece
Warehousing, food storage services companies keen on India
Global warehousing and food storage services companies are showing keen interest to invest in India.“An improving domestic economy and legislative reforms has encouraged foreign companies to set up their manufacturing base in India,” Anshuman Magazine, CMD of CBRE South Asia, told BusinessLine .
http://www.thehindubusinessline.com/todays-paper/tp-news/warehousing-food-storage-services-companies-keen-on-india/article7843428.ece
Dairy sector’s wait to milk Russia grows longer
Indian dairy companies will have to wait for sometime more to enter the lucrative Russian market as the country continues to dilly-dally over the procedure that the Centre seeks to follow to ensure that exports are free of contaminants.The Russian standards authority, Federal Service for Veterinary and Phytosanitary Surveillances (FSVPS), has asked the Commerce Ministry to send a team of experts to Moscow this month to personally explain to them how small dairies would ensure that their products were safe.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/dairy-sectors-wait-to-milk-russia-grows-longer/article7843377.ece
DestaGlobal looks to tap rural India with online platform
DestaGlobal, an online marketplace aimed at providing agri-input to farmers, has raised Rs. 13 crore from its US-based investor Ron Boehm.The socially conscious start-up said it will use to funding to expand its reach to improve the income and livelihood of farmers.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/destaglobal-looks-to-tap-rural-india-with-online-platform/article7843384.ece
POWER
SunEdison wins NTPC bid with all-time-low unit tariff of Rs. 4.63
Solar tariffs have dropped to an all-time low of Rs. 4.63 a kWhr. That was the price quoted by the winning bidder, SunEdison, in an e-auction by state-owned utility NTPC for 500 MW of solar power.SunEdison, a US renewable energy major, has won the entire 500 MW. The company will put up the plant in an NTPC-developed solar park in Andhra Pradesh’s Kurnool district.
http://www.thehindubusinessline.com/todays-paper/sunedison-wins-ntpc-bid-with-alltimelow-unit-tariff-of-rs-463/article7843394.ece
BANKING
Any move by US Fed to hike rate will impact India: Jaitley
Finance Minister Arun Jaitley on Wednesday said any move by the US Federal Reserve to hike interest rate in mid-December will impact India.“I can’t say that Indian economy won’t be impacted by any US Fed move. There are some crisis situations that impact us much less and some directly. Therefore, if US Fed rate hike happens certainly you will see turmoil for some period of time and then things will settle down,” Jaitley said, while addressing corporate leaders at an event organised by the World Economic Forum and Confederation of Indian Industry here.
http://www.thehindubusinessline.com/todays-paper/tp-news/any-move-by-us-fed-to-hike-rate-will-impact-india-jaitley/article7843421.ece
India moves towards long-awaited bankruptcy reform with draft bill
The government on Wednesday published long-awaited proposals to overhaul an outdated and overburdened bankruptcy process, calling for public comment on what could become the country's first unified bankruptcy code.The proposed bill aims to dramatically speed up decisions on whether to save or liquidate ailing companies, in a move to curb asset stripping and ensure higher recovery rates for creditors - both key to fostering a modern credit market and increased investment in India.
http://www.deccanchronicle.com/151105/business-latest/article/india-moves-towards-long-awaited-bankruptcy-reform-draft-bill
INFORMATION TECHNOLOGY
Too tired to reply to emails? Don’t worry, Google will do it
If you are someone who gets hundreds of emails everyday and find it a problem typing out replies on your smartphone, help is at hand.Google is launching a new feature that will predict the possible replies to an email and the user has to only select one of the options. Called Smart Reply, the automated application will read the content of your email and offer three basic responses at the bottom of the screen for a quick response.
http://www.thehindubusinessline.com/todays-paper/tp-news/too-tired-to-reply-to-emails-dont-worry-google-will-do-it/article7843448.ece
Government to expand FM coverage up to 65 per cent: I&B Minister
The coverage of private FM channels in the country will be expanded to 65 per cent in next two years from current level of 42 per cent, Union MoS for Information and Broadcasting Rajyavardhan Singh Rathore today said. The minister also informed that the government is planning to set up a campus of Indian Institute of Mass Communication (IIMC) at Jaipur.
http://www.deccanchronicle.com/151105/business-latest/article/government-expand-fm-coverage-65-cent-ib-minister
LEATHER EXPORTS
Leather exports decline
Exports of leather and leather products posted a fall for the sixth consecutive month of the current fiscal.M. Rafeeque Ahmed, Chairman, Council of Leather Exports (CLE), told The Hindu , “India’s global market share in leather and leather products is three per cent. We are suffering due to high tariff and weak euro currency. In the European market, we have to compete with Portugal, Romania and Slovakia on cost and logistic factors. While we have to adjust the cost price according to prevailing currency, European exporters have an advantage over us. We compete with Indonesia, Bangladesh, Vietnam and Thailand on tariff.”
http://www.thehindu.com/todays-paper/tp-business/leather-exports-decline/article7843515.ece
STATE
Governor sees bright future for TS, AP
On his 70th birthday, Governor of Telangana and Andhra Pradesh, E.S.L. Narasimhan is a content man. Receiving greetings from top politicians, officers and the general public in the stately Raj Bhavan with a smile, he says: “I certainly derive some satisfaction of the job done ever since I took over six years ago when there was a curfew-like atmosphere in the city.”“If you have professional and personal integrity, a clear conscience you can do anything. We have handled the pre- and post-bifurcation issues and the general elections. There were fears of migration in Cyberabad and when a delegation of techies met me, I told them in clear terms nothing is going to shift to Bengaluru or other places. Things have moved well and will get better,” he affirms, in an exclusive interview to The Hindu on Wednesday.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/governor-sees-bright-future-for-ts-ap/article7843807.ece
Telangana government meets deadlines, projects await funds
Barely five months of the launch of its new industrial policy in June 2015, the TS government is set to hit the century mark in according industrial approvals. However, execution of projects remains a concern. In line with its policy of giving industrial approvals within 15 days through an online single window system, the government is sticking to the deadlines it set for itself. However, execution of projects is expected to take at least two years with companies moving at their own pace, on the ground.
http://www.deccanchronicle.com/151105/nation-current-affairs/article/telangana-government-meets-deadlines-projects-await-funds
World Economic Forum to help State assess competitiveness
In a major boost to the State’s efforts to give accelerated push to the economy, the World Economic Forum (WEF) has agreed to help the government assess the State’s level of competitiveness.The WEF will, accordingly, utilise benchmarking methods, including the global competitiveness index (GCI), to identify the strengths and weaknesses of the State’s economy. The effort is to leverage the key role played by data-driven and evidence-based policy making in spurring economic growth.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/world-economic-forum-to-help-state-assess-competitiveness/article7843817.ece
CM for measures to face urbanisation challenges
Chief Minister N. Chandrababu Naidu has underscored the need for evolving measures to face serious challenges that are likely to be thrown up by the rapid pace of urbanisation.“Urbanisation is a reality, and it is unstoppable. Close to 80 per cent of the GDP is expected to come from urban areas in the near future,” he said, stressing the need for governments to gear up for meeting challenges. Mr. Naidu was delivering the keynote address at a meeting convened by the World Economic Forum (WEF) in New Delhi on Wednesday.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/cm-for-measures-to-face-urbanisation-challenges/article7843825.ece
Smart City: KMC devises novel concepts to reach out to people
As the last date for eliciting public opinion on developing Kakinada as ‘Smart City’ is approaching fast, the Kakinada Municipal Corporation (KMC) is coming out with different concepts to reach out to the citizens.The city is already in the top-100 potential cities list of the Union government, from which the Centre is going to pick 20 cities in the first phase and release funds for developing the city with all amenities. The KMC has already opened a Facebook page http://facebook.com/smartkakinada, which has gained over 10,000 likes and received over 1,000 essays from students of different education institution with their views on developing their city into a ‘Smart City.’
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/smart-city-kmc-devises-novel-concepts-to-reach-out-to-people/article7843801.ece
Seafood testing lab opens in Visakhapatnam
The German testing and certification major TUV SUD inaugurated a seafood, spices, and commodities testing lab here on Wednesday. It was inaugurated by Dirk Eilers, a member of the board of management, according to a press release.Vizag is a major seafood exporting centre in the country. The lab has ultra-modern testing facilities and specific ones for testing anti-biotic residues in seafood and commodities. Prior testing will decrease the risk of rejection of export consignments due to residues and it will enhance the reputation of local exporters in the markets abroad.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/seafood-testing-lab-opens-in-visakhapatnam/article7843496.ece
Trade union BMS flays proposed changes to the Factories Act
As the Centre gears up to usher in another round of labour law reforms, RSS-backed trade union, Bharatiya Mazdoor Sangh (BMS), has flayed the proposed changes in the Factories Act being brought about in the “guise of strengthening the manufacturing sector.”In a 14-page statement, the BMS cautioned the Narendra Modi government that the proposed amendments may lead to India facing the “risk of increased factory calamities, like the Bhopal gas tragedy.”
http://www.thehindubusinessline.com/todays-paper/tp-news/trade-union-bms-flays-proposed-changes-to-the-factories-act/article7843420.ece
NMDC charts Vision 2025 to raise iron ore capacity
Iron ore major NMDC Ltd has charted out ‘Vision 2025’ that seeks to reorient its business model and strategise to retain its market leadership in the domestic market.“The whole exercise is to ensure raw material security for Indian industry. The NMDC’s Vision 2025 aims to increase the iron ore mining capacity to 75 mtpa by 2018-19 and 100 mtpa by 2021-22,” said Narendra Kothari, Chairman and MD.
http://www.thehindubusinessline.com/todays-paper/tp-news/nmdc-charts-vision-2025-to-raise-iron-ore-capacity/article7843437.ece
Set up an ‘Insolvency Regulator’, says panel
The TK Viswanathan-headed committee on Bankruptcy Law Reforms has proposed an easy exit option for low-income individuals unable to repay debts.The comprehensive draft Insolvency and Bankruptcy Bill, part of a report on ‘Bankruptcy law reforms’ that was submitted to Finance Minister Arun Jaitley on Wednesday, envisages two distinct processes — Fresh Start and Insolvency Resolution — to deal with individual bankruptcy.
http://www.thehindubusinessline.com/todays-paper/set-up-an-insolvency-regulator-says-panel/article7843395.ece
Brands, apps go ‘native’ to sneak into your smartphone
When Micromax’s subsidiary Yu Televentures launches its much hyped Yu Yutopia phone some time soon, users will find mobile travel marketplace ixigo’s app ‘native integrated’ into it.Native integration means using the same application programming interface (API) as the device so that the app experience is seamless — almost like an Operating System, in fact. And, users won’t need to download the app from app stores.
http://www.thehindubusinessline.com/todays-paper/brands-apps-go-native-to-sneak-into-your-smartphone/article7843393.ece
This is for your information.
.RB Kishore
VP,AIRIEF,
ED(Retd),LIC
Life Member,Probus Club
044-2815 5810 & 098 4034 0591
