SECTORS NEWS TODAY – 01.09.2016
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* AGRICULTURE: A total of 34.3% of the 12.42 mln ha under the kharif crop in Madhya Pradesh has been hit by recent floods.
* AVIATION: The aviation ministry is discussing a Railways-kind of model to provide relief to flyers from higher fares during the festival season and long weekends. It is considering allowing airlines to add more capacity for such short periods to bridge the demand-capacity mismatch. A key proposal of the aviation ministry to levy a cess that would be used to fund air connectivity to smaller towns and cities has got the law ministry's approval.
* ECONOMY: Goa became the fifteenth state to ratify the Constitution amendment Bill on the goods and services tax, with the state Assembly unanimously passing the crucial legislation at a special one-day session. Prime Minister Narendra Modi held a meeting on Budget 2017-18 with key ministers and officials, amid talk of advancing the traditional end-February presentation date to Parliament.
* FINANCE: The Reserve Bank of India is working towards harmonising regulations between large nonbanking financial institutions and banks.
* POWER: Power Minister Piyush Goyal expects prices to fall further in the next round of subsidy-based auction of gas for power projects, given the softening of global rates and muted electricity demand in the country.
* METALS: The government cut the base import price of gold by $12 to $428 per 10 gm and of silver by $46 to $612 per kg.
* TAXATION: The government has permitted Indian financial institutions to not close those accounts for which they have been unable to obtain self-certification as required by the Foreign Account Tax
Compliance Act. The Central Board of Direct Taxes has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration
Scheme. The government has hiked the base import prices of all edible oils by $54-$82 per tn.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is unlikely to issue the Interconnect Usage Charge order, paid to carriers on whose networks calls are received before the year-end with enforcement set to spill into the next fiscal year. Reliance Jio has signed a lease agreement for base stations, with tower companies such as Indus Towers, American Tower and GTL Infrastructure to plug gaps in its networks, which are likely to be key to its plans. The Telecom Regulatory Authority of India is unlikely to issue its order before the year-end on the controversial interconnection usage charge, with enforcement set to spill over well into the new year.
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* AGRICULTURE: A total of 34.3% of the 12.42 mln ha under the kharif crop in Madhya Pradesh has been hit by recent floods.
* AVIATION: The aviation ministry is discussing a Railways-kind of model to provide relief to flyers from higher fares during the festival season and long weekends. It is considering allowing airlines to add more capacity for such short periods to bridge the demand-capacity mismatch. A key proposal of the aviation ministry to levy a cess that would be used to fund air connectivity to smaller towns and cities has got the law ministry's approval.
* ECONOMY: Goa became the fifteenth state to ratify the Constitution amendment Bill on the goods and services tax, with the state Assembly unanimously passing the crucial legislation at a special one-day session. Prime Minister Narendra Modi held a meeting on Budget 2017-18 with key ministers and officials, amid talk of advancing the traditional end-February presentation date to Parliament.
* FINANCE: The Reserve Bank of India is working towards harmonising regulations between large nonbanking financial institutions and banks.
* POWER: Power Minister Piyush Goyal expects prices to fall further in the next round of subsidy-based auction of gas for power projects, given the softening of global rates and muted electricity demand in the country.
* METALS: The government cut the base import price of gold by $12 to $428 per 10 gm and of silver by $46 to $612 per kg.
* TAXATION: The government has permitted Indian financial institutions to not close those accounts for which they have been unable to obtain self-certification as required by the Foreign Account Tax
Compliance Act. The Central Board of Direct Taxes has issued an order endorsing the legal validity of the e-declarations made under the ongoing domestic black money window, known as the Income Declaration
Scheme. The government has hiked the base import prices of all edible oils by $54-$82 per tn.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is unlikely to issue the Interconnect Usage Charge order, paid to carriers on whose networks calls are received before the year-end with enforcement set to spill into the next fiscal year. Reliance Jio has signed a lease agreement for base stations, with tower companies such as Indus Towers, American Tower and GTL Infrastructure to plug gaps in its networks, which are likely to be key to its plans. The Telecom Regulatory Authority of India is unlikely to issue its order before the year-end on the controversial interconnection usage charge, with enforcement set to spill over well into the new year.
