SECTORS News Today – 29.08.2016
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* AGRICULTURE: The total acreage in 2016-17 kharif season so far has risen 4.7% on year to 101.91 mln ha. The battle within the 150-bln-rupee seed industry has heated up with 10 seed companies, most of them foreign multinationals, announcing formation of a splinter group Federation of Seed Industry of India.
* AVIATION: To incentivise airlines to fly to small airports being revived under the regional connectivity scheme, the government has slashed basic excise duty on aviation turbine fuel at these airports to 2% from 8% for a period of three years. The aviation regulator may soon ask airlines to strictly enforce a ban on taking pictures inside the cockpit and at other critical places, including by crew members. Air India will soon start flying over the Pacific Ocean region for its lucrative direct services to San Francisco from Delhi.
* BANKING: Qatar National Bank has been given approval to open a branch in India offering banking services.
* CORPORATE: Russia-based Roseneft might have to restructure its deal with Essar Oil, which was
banking on a stake sale to the state-owned company to retire a major chunk of its group debt of 880 bln rupees.
* ECONOMY: Commerce and Industry Minister Nirmala Sitharaman will meet her UK counterpart Liam Fox today to discuss ways to strengthen trade and economic ties between the two countries post Brexit.
* FAST-MOVING CONSUMER GOODS: The government won't include personal care products under the policy governing foreign direct investment in food retail. Food regulator FSSAI has proposed new standards for frozen vegetables and processed fruit products, including commonly used canned tomatoes, frozen peas and jams.
* FINANCE: The finance ministry has constituted a committee to review the framework related to digital payments. Centre wants public banks to aggressively reach out to asset reconstruction companies.
* INFRASTRUCTURE: The government is exploring the option of charging "betterment fee" on sale of land in areas where prices have risen due to infrastructure development projects such as expressways, high speed rail, industrial corridors or smart cities.
* INSURANCE: The Insurance Regulatory and Development Authority of India might push insurance companies towards mergers if they are not profitable enough to list on the exchanges. The Insurance regulator will release a discussion paper on premium financing in the insurance sector in about a month. The Insurance Regulatory and Development Authority of India is planning to tweak regulations on pension products to attract more investors.
* MINES: India expects to woo 1 trln rupees of investment over five years to double mining output and cut mineral imports.
* OIL & GAS: CAIRN INDIA and its joint venture partner OIL & NATURAL GAS CORP have drawn up a 10-year roadmap for development of their Barmer hydrocarbon block in Rajasthan.
* POWER: West Bengal is no longer a power surplus state with deficit projected to be 7,257 mln units in 2016-17 (Apr-Mar). The power ministry plans to set up two funds of $1 bln each to enable alternative financing options for stressed power assets and renewable energy projects.
* REAL ESTATE: Non-banking finance companies have started to offer moratorium on interest
repayments over and above moratorium on principal repayments to several builders. Securities and
Exchange Board of India has lined up wide-ranging relaxations to its norms for Real Estate Investment Trusts and Infrastructure Investment Trusts.
* REGULATORY: Reserve Bank of India Governor Raghuram Rajan has opposed the trade of Indian
securities on foreign platforms as it could hurt local exchanges through reduced liquidity.
* ROADS: The government is in the process of awarding 37 highway projects costing nearly 420 bln
rupees. The total length of the projects will be around 3,000 km.
* STEEL: India may cut its 2025-26 (Apr-Mar) steel production target to 200 mln tn from 300 mln tn
envisioned in the National Steel Policy.
* SUGAR: The Uttar Pradesh government has got first hand information reports registered under Section 3/7 of the Essential Commodity Act against six mill owners which includes SIMBHAOLI SUGARS.
* TAXATION: Keen to bring down the number of tax litigations, the income tax department will soon write to more than 259,000 tax payers asking them to avail the one-time dispute resolution scheme to settle their cases.
* TELECOMMUNICATIONS: The Supreme Court sought response from Vodafone on Aircel's appeal against fixation of SMS termination charges at the rate of 10 paise per SMS in respect of Interconnect Agreements by the sectoral tribunal. Smaller telecom operators within the Cellular Operators Association of India want call termination charges, currently paid to carriers on whose networks phone calls are received, to be brought down sharply.
* TRADE: Bullish on expanding economic ties with India, the US on Sunday said bilateral trade has
reached $109 bln and will get a further boost from new reforms, including goods and services tax.
* TRANSPORT: The Transport Ministry is setting up a high-level committee to look into various issues pertaining to taxi operators, including existing permits and surge pricing by app-based service providers like Ola and Uber.
* TOURISM: India and the US are set to announce a major initiative in the travel and tourism sector,
including an increase in quota for issuing US visa, in an effort to take the bilateral ties to a greater level.
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* AVIATION: To incentivise airlines to fly to small airports being revived under the regional connectivity scheme, the government has slashed basic excise duty on aviation turbine fuel at these airports to 2% from 8% for a period of three years. The aviation regulator may soon ask airlines to strictly enforce a ban on taking pictures inside the cockpit and at other critical places, including by crew members. Air India will soon start flying over the Pacific Ocean region for its lucrative direct services to San Francisco from Delhi.
* BANKING: Qatar National Bank has been given approval to open a branch in India offering banking services.
* CORPORATE: Russia-based Roseneft might have to restructure its deal with Essar Oil, which was
banking on a stake sale to the state-owned company to retire a major chunk of its group debt of 880 bln rupees.
* ECONOMY: Commerce and Industry Minister Nirmala Sitharaman will meet her UK counterpart Liam Fox today to discuss ways to strengthen trade and economic ties between the two countries post Brexit.
* FAST-MOVING CONSUMER GOODS: The government won't include personal care products under the policy governing foreign direct investment in food retail. Food regulator FSSAI has proposed new standards for frozen vegetables and processed fruit products, including commonly used canned tomatoes, frozen peas and jams.
* FINANCE: The finance ministry has constituted a committee to review the framework related to digital payments. Centre wants public banks to aggressively reach out to asset reconstruction companies.
* INFRASTRUCTURE: The government is exploring the option of charging "betterment fee" on sale of land in areas where prices have risen due to infrastructure development projects such as expressways, high speed rail, industrial corridors or smart cities.
* INSURANCE: The Insurance Regulatory and Development Authority of India might push insurance companies towards mergers if they are not profitable enough to list on the exchanges. The Insurance regulator will release a discussion paper on premium financing in the insurance sector in about a month. The Insurance Regulatory and Development Authority of India is planning to tweak regulations on pension products to attract more investors.
* MINES: India expects to woo 1 trln rupees of investment over five years to double mining output and cut mineral imports.
* OIL & GAS: CAIRN INDIA and its joint venture partner OIL & NATURAL GAS CORP have drawn up a 10-year roadmap for development of their Barmer hydrocarbon block in Rajasthan.
* POWER: West Bengal is no longer a power surplus state with deficit projected to be 7,257 mln units in 2016-17 (Apr-Mar). The power ministry plans to set up two funds of $1 bln each to enable alternative financing options for stressed power assets and renewable energy projects.
* REAL ESTATE: Non-banking finance companies have started to offer moratorium on interest
repayments over and above moratorium on principal repayments to several builders. Securities and
Exchange Board of India has lined up wide-ranging relaxations to its norms for Real Estate Investment Trusts and Infrastructure Investment Trusts.
* REGULATORY: Reserve Bank of India Governor Raghuram Rajan has opposed the trade of Indian
securities on foreign platforms as it could hurt local exchanges through reduced liquidity.
* ROADS: The government is in the process of awarding 37 highway projects costing nearly 420 bln
rupees. The total length of the projects will be around 3,000 km.
* STEEL: India may cut its 2025-26 (Apr-Mar) steel production target to 200 mln tn from 300 mln tn
envisioned in the National Steel Policy.
* SUGAR: The Uttar Pradesh government has got first hand information reports registered under Section 3/7 of the Essential Commodity Act against six mill owners which includes SIMBHAOLI SUGARS.
* TAXATION: Keen to bring down the number of tax litigations, the income tax department will soon write to more than 259,000 tax payers asking them to avail the one-time dispute resolution scheme to settle their cases.
* TELECOMMUNICATIONS: The Supreme Court sought response from Vodafone on Aircel's appeal against fixation of SMS termination charges at the rate of 10 paise per SMS in respect of Interconnect Agreements by the sectoral tribunal. Smaller telecom operators within the Cellular Operators Association of India want call termination charges, currently paid to carriers on whose networks phone calls are received, to be brought down sharply.
* TRADE: Bullish on expanding economic ties with India, the US on Sunday said bilateral trade has
reached $109 bln and will get a further boost from new reforms, including goods and services tax.
* TRANSPORT: The Transport Ministry is setting up a high-level committee to look into various issues pertaining to taxi operators, including existing permits and surge pricing by app-based service providers like Ola and Uber.
* TOURISM: India and the US are set to announce a major initiative in the travel and tourism sector,
including an increase in quota for issuing US visa, in an effort to take the bilateral ties to a greater level.
