courtesy:r b kishore
Dear all,
Dear all,
courtesy:r b kishoreINDUSTRIAL GROWTH
Double whammy: factory output shrinks, inflation inches up
The heart of India's economy skipped a beat on Tuesday, as reflected in two macro-economic data points — factory output and retail inflation — which presented an unexpectedly downbeat picture and put the RBI's interest rate reduction efforts in a spot.All indications are that the central bank willwait to see the shape of the Union Budget and not tinker with policy rates in its upcoming monetary policy review on February 2.
http://www.thehindubusinessline.com/todays-paper/double-whammy-factory-output-shrinks-inflation-inches-up/article8099365.ece
SKILL DEVELOPMENT
Centre calls for public-private partnership in skill development
In a bid to create employment opportunities at the grass-root level, the Centre has called for a public-private partnership that will work towards creating Skill Development Centres across the country.Addressing a press conference at the National Industry Conclave on Skills' organised by the Union Ministry of Skill Development & Entrepreneurship, Union Minister of State for Skill Development and Entrepreneurship Rajiv Pratap Rudy said that the Centre has sought interest from several industry captains including Tata Group, Reliance Industries, JSW Steel and Essar to join Prime Minister Narendra Modi's Skill India Mission.
http://www.thehindubusinessline.com/todays-paper/tp-news/centre-calls-for-publicprivate-partnership-in-skill-development/article8099377.ece
Industry must better connect to skilling
Industry must recognise the role of skilling India to ensure better work quality and better wages – this is Rajiv Pratap Rudy's mantra. The Skill Development Minister told Bloomberg TV India that skilling India is the first step towards job creation and economic recovery.
http://www.thehindubusinessline.com/todays-paper/tp-news/industry-must-better-connect-to-skilling/article8099399.ece
TRADE
CLMV region provides huge opportunity for India: Sitharaman
Indian banks have to establish networks in Cambodia, Laos, Myanmar and Vietnam to enable companies here to expand businesses in the region, said Commerce Minister Nirmala Sitharaman. The CLMV countries within the ASEAN present a huge opportunity for Indian investors and business. Indian banks will have to set up a branch network to facilitate trade and provide business comfort, she said.To drive Indian investments in the region, the Government will establish a project development fund focussed on CLMV countries. Special purpose vehicles will be set up to carry forward projects identified through feasibility studies.
http://www.thehindubusinessline.com/todays-paper/tp-news/clmv-region-provides-huge-opportunity-for-india-sitharaman/article8099383.ece
EXPORTS
Four chemical and plastic industry export promotion bodies to hold expo
As part of measures to boost sagging exports, the Centre, for the first time, is getting together four export promotion organisations from the chemical and plastic industry to hold a mega event to showcase the sector and help foreign buyers tap the potential in the industry.The Ministry of Commerce and Industry has granted Rs. 3.6 crore for the three-day event CapIndia, to be organised from March 20 in Mumbai by the Plastics Export Promotion Council, Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council (Chemexcil), Chemical and Allied Export Promotion Council of India (Capexil) and Shellac & Forest Products Export Promotion Council (Shefexil).
http://www.thehindubusinessline.com/todays-paper/tp-news/four-chemical-and-plastic-industry-export-promotion-bodies-to-hold-expo/article8099384.ece
India's exports may dip 13 per cent to $ 270 billion in 2015-16
India's exports are expected to decline about 13 per cent to USD 270 billion in the current financial year due to global demand slowdown and fall in crude oil prices, a top official said on January 7. The country's merchandise exports had aggregated USD 310.5 billion last fiscal.According to an official, Commerce Secretary Rita Teaotia in her presentation during an interaction with the industry chambers including CII and Ficci stated that it would be difficult for India's exports to exceed USD 270 billion. In 2008-09, the country's outbound shipments were less than USD 270 billion, according to exporters body Federation of Indian Export Organisations (FIEO). It was around USD 210 billion in 2008-09.
http://www.deccanchronicle.com/160107/business-economics/article/indias-exports-may-dip-13-cent-270-billion-2015-16
EPFO
EPFO to withdraw five-day grace period for employers
Retirement fund body, EPFO, has withdrawn grace period of five days for employers to deposit the dues, with effect from February.In a communication to employers, the Employees Provident Fund Organisation (EPFO) has informed employers that dues for January 2016 are to be paid by February 15."In view of availability of technological tools to the employers, the concession of five days has outlived its basic purpose and utility," said an EPFO statement.
http://www.thehindubusinessline.com/todays-paper/tp-news/epfo-to-withdraw-fiveday-grace-period-for-employers/article8099385.ece
INTERNATIONAL
Sushma Swaraj to visit Israel, Palestine on January 17, 18
Minister for External Affairs Sushma Swaraj will visit Israel and Palestine during January 17-18 in an effort to boost ties with the West Asian countries.This will be Swaraj's first visit to the region. Her trip comes within months of President Pranab Mukherjee's visit in October."During the visit, the Minister will hold discussions with the Israeli leadership and review the entire gamut of India-Israel bilateral relations. The two sides share firm belief in the values of democracy and free market economy. India and Israel also share close relation in the fields of agriculture, science and technology and education … The visit will augment India's bilateral relations with Israel and further strengthen the linkages between the two sides," said a statement from the Ministry.
http://www.thehindubusinessline.com/todays-paper/tp-news/sushma-swaraj-to-visit-israel-palestine-on-january-17-18/article8099388.ece
BANKING
SBI to set up trade receivables platform
State Bank of India will partner with SIDBI and National Stock Exchange (NSE) to set up a trade receivables platform to facilitate better credit flow to small and medium enterprises (SMEs).This was stated by SBI Chairman Arundhati Bhattacharya in her lecture 'Indian Banking Sector: The Changing Landscape' to mark the 96{+t}{+h}Foundation Day of apex industry chamber Assocham.This platform, which will be among the three-four such platforms expected to come up in the country, will go live in the next one year, she said.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/sbi-to-set-up-trade-receivables-platform/article8099352.ece
MUDRA refinancing touches Rs. 1,500 cr so far this fiscal
The Micro Units Development and Refinance Agency (MUDRA), set up to provide credit to micro and small units, has so far refinanced Rs.1,500 crore, mostly to public sector banks and micro-finance institutions (MFIs).Loans were disbursed by banks and MFIs under the Pradhan Mantri MUDRA Yojana (PMMY).According to Jiji Mammen, CEO, MUDRA, around Rs. 800 crore has been refinanced to public sector banks.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/mudra-refinancing-touches-rs-1500-cr-so-far-this-fiscal/article8099348.ece
Ensure RBI is not seen as paper tiger: Raghuram Rajan
As RBI chides banks to act tough onbad debts, Governor Raghuram Rajan has asked his colleagues to ensure that the central bank is not seen as mere "paper tiger" and even rich and powerful wrongdoers are not spared.He also wondered whether there was a need to be "more intolerant of sloppy practices at regulated entities, so that these do not result in massive scams years later."
http://www.deccanchronicle.com/economics/120116/ensure-rbi-is-not-seen-as-paper-tiger-raghuram-rajan-to-staff.html
India faces double whammy
The growth-inflation mix worsened for India. The country's industrial production contracted to its lowest level in over four years at 3.2 per cent in November, while retail inflation (consumer price inflation) picked up for the fifth straight month, to 5.6 per cent in December.However, the rise in inflation was much slower than in the previous months as the low base effect wore out. This could make it difficult for RBI governor Raghuram Rajan to slash interest rates once again.
http://www.deccanchronicle.com/market/130116/india-faces-double-whammy.html
Budget: banks call for higher tax exemption limit for individuals
Banks have called for a hike in the investment limit in Public Provident Fund and continued focus on public spending by the government in 2016-17.At the pre-Budget consultation with Finance Minister Arun Jaitley on Tuesday, banks and financial institutions sought further relaxation in Section 80 (C) of the Income Tax Act. The section provides for tax deduction up to Rs. 1.5 lakh annually for long-term investments such as Public Provident Fund, life insurance and equity-linked saving schemes.
http://www.thehindubusinessline.com/todays-paper/tp-news/budget-banks-call-for-higher-tax-exemption-limit-for-individuals/article8099389.ece
Don't see China making a hard landing: SBI chief
State Bank of India Chairman Arundhati Bhattacharya said on Tuesday that she does not believe China's economy will make a hard landing despite the recent yuan devaluation and stock market slump in the world's second-largest economy."They (China) have enough resources to tackle the situation. Also, their speed of response is fast," she said, responding to queries on China's economy at an Assocham Foundation event in the Capital.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/dont-see-china-making-a-hard-landing-sbi-chief/article8099351.ece
COAL
Underground coal mining the best option: UK expert
A UK expert on coal mining feels India will be better off going in for underground mining of coal rather than restricting itself to surface mining.This will not only help it meets its growing coal demand for power generation, but also enable greater mechanisation and reduce environmental degradation caused by surface mining.
http://www.thehindubusinessline.com/todays-paper/tp-news/underground-coal-mining-the-best-option-uk-expert/article8099390.ece
SOLAR POWER
GMR commissions 5 MW solar unit at Hyderabad airport
GMR Hyderabad International Airport Limited has commissioned a 5 MW solar power plant for its captive consumption and plans to gradually scale the capacity up to 30 MW within the next three years.Located close to the Greenfield airport, the solar plant set up with an outlay of Rs. 25 crore has started generating around 25,000 units per day to meet the airport's peak power demand during the day time.
http://www.thehindubusinessline.com/todays-paper/tp-news/gmr-commissions-5-mw-solar-unit-at-hyderabad-airport/article8099392.ece
TOURISM
AP govt signs 27 MoUs for tourism projects worthRs. 5,200 crore
The Andhra Pradesh Government has signed 27 MoUs for tourism projects, with an investment potential of Rs. 5,200 crore, with several companies on Tuesday, the concluding day of the three-day summit jointly held by the Confederation of Indian Industry and the State government.Chief Minister N Chandrababu Naidu said the tourism potential of the State has to be fully tapped, as it had a long coast line and several ancient temples, Buddhist sites and heritage structures, besides picturesque places like Konaseema area in East Godavari and Araku valley in Visakhapatnam district.
http://www.thehindubusinessline.com/todays-paper/tp-news/ap-govt-signs-27-mous-for-tourism-projects-worth-rs-5200-crore/article8099393.ece
CEMENT SECTOR
Cement sector M&As lie stalled over valuation
A spate of merger and acquisition deals in the beleaguered cement sector hangs in the balance over disagreements in valuation and because of the difficulty in transfer of captive mines during the sale.The new Mines and Minerals (Development and Regulation) Act, 2015 does not allow transfer of captive limestone mining when assets are sold to prospective buyers.
http://www.thehindubusinessline.com/todays-paper/tp-news/cement-sector-mas-lie-stalled-over-valuation/article8099401.ece
AGRICULTURE
Record imports may hurt palm oil prices in early 2016
India's edible oil import has sharply increased in recent years due to higher availability in the world market at lower prices and limited domestic oilseeds crushing. During the Oil Year 2014-15 (November 2014-October 2015), overall edible oil import increased by 23.64 per cent or 27.9 lakh tonnes (lt) over the previous year, according to data compiled by Solvent Extractors Association of India (SEA).Due to higher supplies, prices of Crude Palm Oil (CPO) touched a multi-year low of Rs. 352/10 kg during August 2015.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/record-imports-may-hurt-palm-oil-prices-in-early-2016/article8099356.ece
Huge rise in Kharif paddy procurement, says Ministry
Paddy procurement by Food Corporation of India (FCI) and State agencies till date has jumped to 208.10 lakh million tonne (mt), against 157.41 lakh mt in the same period last year during the Kharif Marketing Season (which began on October 1, 2015), the Agriculture Ministry said in a statement on Tuesday. It said as of now, there was "more than adequate" foodgrain stock under Central pool, adding that as on January 1, 2016, there was 237.88 lakh mt of issuable wheat stock and 126.89 lakh mt of rice, which is 50.79 lakh mt more than stocking norms, and "will help in meeting any contingencies arising due to monsoon deficit or natural calamities in the near future."
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/huge-rise-in-kharif-paddy-procurement-says-ministry/article8099340.ece
EU's extension of import ban on veggies upsets India
The European Union (EU) has extended the ban on import of four vegetables – bitter gourd, eggplant, taro plant (arbi) and snake gourd – from India by another year despite efforts made by the country to put in place stringent quality control and packaging measures.New Delhi, which had been lobbying with the EU authorities and Parliament for allowing the ban to lapse on December 31, 2015, will now step up efforts for its revocation, a Commerce Ministry official told BusinessLine .
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/eus-extension-of-import-ban-on-veggies-upsets-india/article8099332.ece
Kissed by the mist, Nilgiris speciality green teas get export orders
Misty tea plantations are a mixed blessing. They not only make for a good sight, but also for some great green teas. But, the incessant mist since the beginning of this year in the Nilgiris has triggered concerns over production shortfall among the growers in the region.However, it has come as a boon for those engaged in manufacturing speciality teas as mist-kissed tea bushes are producing high-quality leaves.
http://www.thehindubusinessline.com/todays-paper/tp-agri-biz-and-commodity/kissed-by-the-mist-nilgiris-speciality-green-teas-get-export-orders/article8099337.ece
STATE
Telangana government recovers land worth Rs 1,000 crore
The scheme to regularise encroached government land has brought to light several instances of illegal occupation of state land. Officials at Secunderabad have recovered land worth Rs 1,000 crore. Shaikpet tahsildar C. Chandrakala said about 15 acres in several parcels, measuring between 200 and 1,000 square yards had been recovered.
http://www.deccanchronicle.com/current-affairs/130116/telangana-government-recovers-land-worth-rs-1-000-crore.html
Centre sanctions Rs. 50,000-cr petrochem complex for AP
A petrochemical complex has been sanctioned for Andhra Pradesh and will be undertaken by HPCL and GAIL, according to Union Fertiliser, Chemical and Petrochemical Minister Ananth Kumar.He was speaking at the valedictory session of the CII Partnership Summit, which concluded here on Tuesday. The minister said in-principle approval had been given by the Centre. He had discussed the issue with Petroleum Minister Dharmendra Pradhan but details have to be worked out, for which there will be a meeting in New Delhi, along with Chief Minister N Chandrababu Naidu.
http://www.thehindubusinessline.com/todays-paper/tp-news/centre-sanctions-rs-50000cr-petrochem-complex-for-ap/article8099394.ece
Natural stones park proposed near Krishnapatnam port
VG Natural Stones Industries Park, a Bengaluru-based company, on Tuesday signed a pact with the Andhra Pradesh government during the summit, for setting up a park for natural stones, in the vicinity of Krishnapatnam port in Nellore district.According to a press release, the park will be promoted by VG Natural Stones Industries Park, in a special economic zone within 100 km of the port, across an area of 1,000 acres.
http://www.thehindubusinessline.com/todays-paper/tp-news/natural-stones-park-proposed-near-krishnapatnam-port/article8099395.ece
Logistics cost must be reduced: Vizag Port chief
The logistics cost in India is too high at 18-19 per cent of the product cost, and has to be brought down to the international average of 7-8 per cent for Indian goods to be competitive in the international markets, according to Visakhapatnam port Chairman MT Krishna Babu.He was speaking at the CII Partnership Summit. He said the Andhra Pradesh government was planning to establish a number of new ports along the coast to stimulate economic growth, but connectivity with the hinterland also needs to be improved.
http://www.thehindubusinessline.com/todays-paper/tp-news/logistics-cost-must-be-reduced-vizag-port-chief/article8099397.ece
Centre keen on setting up fertiliser plant in Karnataka: Deshpande
The Centre has expressed interest in set up a fertiliser plant, pharma park and a research centre of the Central Institute of Plastics Engineering and Technology's (CIPET) in Karnataka."Union Minister Ananth Kumar has urged me to find 500 acres for the fertiliser plant," State Industries Minister RV Deshpande told Business Line .The announcement is expected to be made at the global investor meet 'Invest Karnataka, 2016' next month.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/centre-keen-on-setting-up-fertiliser-plant-in-karnataka-deshpande/article8099438.ece
Smart cities: Scottish cos offer expertise
Scottish companies are keen to contribute technologies that can help in creating 'Smart cities' in India, said Mark Newlands, International Sector Head of the Scottish Development International.Based on the experiences of 'Glasgow' as an established global smart city and the needs in India, "We can offer expertise and relevant technologies. These include sensors, data analytics, healthcare etc", he told newspersons here on Tuesday.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/smart-cities-scottish-cos-offer-expertise/article8099443.ece
PwC India to open centre of excellence for forensic
PwC India has announced the setting up of a centre of excellence (CoE) for forensics in Hyderabad which entails an outlay of $1.5 million.The centre, with a trained team of over 100 professionals in India, plans to hire 150 more due diligence and anti-money laundering professionals in the next one year. This facility will provide clients with solutions related to anti-money laundering compliance, third-party due diligence, email and document review, and investigation support.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/pwc-india-to-open-centre-of-excellence-for-forensics/article8099415.ece
SIDBI Venture Capital sets up Rs. 400-crore State-specific funds for Bengal, Maharashtra
SIDBI Venture Capital Ltd (SVCL), the wholly-owned asset management company and a subsidiary of Small Industries Development Bank of India (SIDBI), has set up two State-specific funds - one each for West Bengal and Maharashtra – to the tune of Rs. 400 crore for funding start-ups and micro, small and medium enterprises.Each State will have a corpus of Rs. 200 crore, part of which will be raised (first close) from the respective State governments while the remaining will be raised by SIDBI and other investors.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/sidbi-venture-capital-sets-up-rs-400crore-statespecific-funds-for-bengal-maharashtra/article8099412.ece
Investment proposals for Dakshina Kannada
Various companies made investment proposals worth Rs. 11,946 crore in 'Invest Dakshina Kannada 2016' meet in Mangaluru on Tuesday.'Invest Dakshina Kannada 2016' was conducted as part of the 'Invest Karnataka 2016 Global Investors Meet', which is scheduled to be held in Bengaluru from February 4-6.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/investment-proposals-for-dakshina-kannada/article8099439.ece
Road mishaps: Rs. 11,000 cr to fix 'black spots'
Expressing concern over the number of road accidents, Road Transport Minister Nitin Gadkari has announced that Rs. 11,000 crore was being earmarked in the next five years to fix black spots across the country.Black spots are points in roads where most of the accidents happen.Additionally, the Ministry is also putting in place a system where people can point out high accident areas.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/road-mishaps-rs-11000-cr-to-fix-black-spots/article8099442.ece
