SECTOR News Today – 19.08.2016
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* AGRICULTURE: The Centre has decided to constitute two committees to look into issues related to feed and fodder development in the country. Karnataka could be in the midst of a third successive drought if it does not rain enough in next four days, state's law and parliamentary affairs minister said.
* AVIATION: The Navi Mumbai international airport project could miss the earlier December 2019 target for completion of its first phase, with an extension in the period allowed for bids and delays in various clearances. The United Nations' aviation watchdog International Civil Aviation Organization has decided to conduct another safety audit of India's air safety readiness. State-owned Air India has invited offers from banks and financial institutions to arrange bridge financing of as much as $225 mln to purchase Boeing B787-8 Dreamliner planes.
* BANKING: India Post Payments Bank has come into existence after it received certificate of
incorporation from the Registrar of Companies, setting the stage for the new bank to begin operations in 2017. Around 500,000 bank employees and officers will join the nationwide general strike on Sep 2 to protest against the central government's anti-people economic policies and anti-worker labour
reforms. Citibank India is focussing on instant disbursal of loans to cross-sell at a fast pace and grow its retail book.
* ECONOMY: The Centre has proposed a steep 60-95% hike in the minimum wages for its
contract/temporary workers in 45 scheduled employment categories. The government cannot give
exemptions to sectors from the ambit of Goods and Services Tax, Revenue Secretary Hasmukh Adhia
said.
* FINANCE: The government has decided to give a special assistance package of 19.76 bln rupees to
Andhra Pradesh during the current financial year ending March. State governments will now be required to obtain the central government's nod for open market borrowings thrice a year--in April, December, and March--instead of the quarterly consent taken currently. The Securities and Exchange Board of India has released the suggestions and recommendations made by the working group committee to develop the corporate bond market. The committee led by former Reserve Bank of India deputy governor H.R. Khan suggested allowing insurance companies and provident fund investments in such bonds. Department of Industrial Policy & Promotion will frame guidelines for a credit guarantee fund for startups to facilitate them to borrow more money.
* FMCG: Indian wines will find a place on the shelves of supermarket chain Tesco in London as the
Indian government plans to promote some local wines in the UK.
* INSURANCE: Insurance Regulatory and Development Authority of India has proposed outsourcing norms for insurance companies under which they can take services of individuals for activities like medical examination, claim investigation and recovery.
* MINING: The government launched a mandatory star-based rating system for the mining industry with an objective of bringing all mines to a minimum standard to adopt sustainable practices. The mining ministry is awaiting the steel ministry's response on a proposal to remove 30% export duty on highgrade iron ore, Mines Minister Piyush Goyal said.
India has expressed interest in jointly developing coal fields and iron ore mines in Russia to bolster
bilateral trade and economic ties.
* PHARMACEUTICALS: National Pharmaceutical Pricing Authority fixed ceiling for 123 medicines last month while 118 cases of overcharging by companies were detected during the period.
* ROADS: The road transport and highways ministry will soon issue a notification asking states to
remove legal hurdles in the way of running e-rickshaws.
* TAXATION: The government amended rules under the Income Declaration Scheme, 2016, by allowing the option to value immoveable property on basis of registered value.
* TELECOMMUNICATION: To deal with intense competition, Vodafone India is offering more data at lower tariff for postpaid customers.
Click Here & Register To Get 2 days Trial Tips
Free Intraday Tips : Join Our Whatsapp No : 9841986753
* AGRICULTURE: The Centre has decided to constitute two committees to look into issues related to feed and fodder development in the country. Karnataka could be in the midst of a third successive drought if it does not rain enough in next four days, state's law and parliamentary affairs minister said.
* AVIATION: The Navi Mumbai international airport project could miss the earlier December 2019 target for completion of its first phase, with an extension in the period allowed for bids and delays in various clearances. The United Nations' aviation watchdog International Civil Aviation Organization has decided to conduct another safety audit of India's air safety readiness. State-owned Air India has invited offers from banks and financial institutions to arrange bridge financing of as much as $225 mln to purchase Boeing B787-8 Dreamliner planes.
* BANKING: India Post Payments Bank has come into existence after it received certificate of
incorporation from the Registrar of Companies, setting the stage for the new bank to begin operations in 2017. Around 500,000 bank employees and officers will join the nationwide general strike on Sep 2 to protest against the central government's anti-people economic policies and anti-worker labour
reforms. Citibank India is focussing on instant disbursal of loans to cross-sell at a fast pace and grow its retail book.
* ECONOMY: The Centre has proposed a steep 60-95% hike in the minimum wages for its
contract/temporary workers in 45 scheduled employment categories. The government cannot give
exemptions to sectors from the ambit of Goods and Services Tax, Revenue Secretary Hasmukh Adhia
said.
* FINANCE: The government has decided to give a special assistance package of 19.76 bln rupees to
Andhra Pradesh during the current financial year ending March. State governments will now be required to obtain the central government's nod for open market borrowings thrice a year--in April, December, and March--instead of the quarterly consent taken currently. The Securities and Exchange Board of India has released the suggestions and recommendations made by the working group committee to develop the corporate bond market. The committee led by former Reserve Bank of India deputy governor H.R. Khan suggested allowing insurance companies and provident fund investments in such bonds. Department of Industrial Policy & Promotion will frame guidelines for a credit guarantee fund for startups to facilitate them to borrow more money.
* FMCG: Indian wines will find a place on the shelves of supermarket chain Tesco in London as the
Indian government plans to promote some local wines in the UK.
* INSURANCE: Insurance Regulatory and Development Authority of India has proposed outsourcing norms for insurance companies under which they can take services of individuals for activities like medical examination, claim investigation and recovery.
* MINING: The government launched a mandatory star-based rating system for the mining industry with an objective of bringing all mines to a minimum standard to adopt sustainable practices. The mining ministry is awaiting the steel ministry's response on a proposal to remove 30% export duty on highgrade iron ore, Mines Minister Piyush Goyal said.
India has expressed interest in jointly developing coal fields and iron ore mines in Russia to bolster
bilateral trade and economic ties.
* PHARMACEUTICALS: National Pharmaceutical Pricing Authority fixed ceiling for 123 medicines last month while 118 cases of overcharging by companies were detected during the period.
* ROADS: The road transport and highways ministry will soon issue a notification asking states to
remove legal hurdles in the way of running e-rickshaws.
* TAXATION: The government amended rules under the Income Declaration Scheme, 2016, by allowing the option to value immoveable property on basis of registered value.
* TELECOMMUNICATION: To deal with intense competition, Vodafone India is offering more data at lower tariff for postpaid customers.
