Daily Sector News Today – 06.12.2017
* AVIATION: Civil Aviation Minister Ashok Gajapathi Raju said the Central government wants to make national carrier Air India a vibrant airline and the work is going on for this purpose. Airlines in India are expected to post better profits this financial year as they could raise fares because of limited capacity addition in the domestic market.
* BANKING: Led by the spurt in valuation of virtual currencies, including bitcoins, and the consequent growth in initial coin offerings, the Reserve Bank of India has reiterated concerns regarding the risk pertaining to trade in such unregulated currencies.
* CORPORATE: The Ruias of Essar Steel will have to arrange at least 70 bln rupees in interest and principle which could be due to lenders, before they attempt to regain control of Essar Steel-their trophy asset which is now run by a resolution professional.
* ECONOMY: India's capital formation may have risen to a five-quarter high in Jul-Sep, but the country's chief statistician, T.C.A. Anant, is not sure if domestic investment activity has revived.
* FERTILISERS: Fertiliser Minister Ananth Kumar has urged the finance ministry to clear the subsidy backlog of 230 bln rupees by end of the financial year, by when the direct benefit transfer system for the subsidy payment will be completely rolled out.
* INSURANCE: Life Insurance Corp of India's total premium income grew 11.95% on year to 1.48 trln rupees in the six months ended September, led by new policies.
* REGULATORY: There is a need to distinguish the roles of chief executive officer and chairman to ensure corporate governance, said Arun Kumar, member of Corporate Governance Committee of the Securities and Exchange Board of India. The National Stock Exchange has begun tapping start-ups to list on its platform, offering them the opportunity to allow private equity and venture capital firms to exit and raise funds from local investors.
* TAXATION: A key committee set up by the government to simplify the goods and services tax has
proposed a wide-ranging revamp of the reform that was put in place on Jul 1 to make compliance easier.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is working on a consultation paper to streamline the process of providing licences to television channels, said S.K. Gupta, secretary, TRAI.
* TRADE: The government increased the export incentives for some sectors, eased documentation procedures and announced additional benefits worth 85 bln rupees per year for exporters in the mid-term review of the Foreign Trade policy 2015-20.
-The government has doubled the duty credit on most apparels and clothing accessories to 4% under the Merchandise Exports from India scheme. This will be effective retrospectively from Nov 1.
-In a pre-Budget meeting with Finance Minister Arun Jaitley, trade unions demanded a hike in minimum wages and linking it to the retail inflation, apart from measures to boost social security cover.
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* BANKING: Led by the spurt in valuation of virtual currencies, including bitcoins, and the consequent growth in initial coin offerings, the Reserve Bank of India has reiterated concerns regarding the risk pertaining to trade in such unregulated currencies.
* CORPORATE: The Ruias of Essar Steel will have to arrange at least 70 bln rupees in interest and principle which could be due to lenders, before they attempt to regain control of Essar Steel-their trophy asset which is now run by a resolution professional.
* ECONOMY: India's capital formation may have risen to a five-quarter high in Jul-Sep, but the country's chief statistician, T.C.A. Anant, is not sure if domestic investment activity has revived.
* FERTILISERS: Fertiliser Minister Ananth Kumar has urged the finance ministry to clear the subsidy backlog of 230 bln rupees by end of the financial year, by when the direct benefit transfer system for the subsidy payment will be completely rolled out.
* INSURANCE: Life Insurance Corp of India's total premium income grew 11.95% on year to 1.48 trln rupees in the six months ended September, led by new policies.
* REGULATORY: There is a need to distinguish the roles of chief executive officer and chairman to ensure corporate governance, said Arun Kumar, member of Corporate Governance Committee of the Securities and Exchange Board of India. The National Stock Exchange has begun tapping start-ups to list on its platform, offering them the opportunity to allow private equity and venture capital firms to exit and raise funds from local investors.
* TAXATION: A key committee set up by the government to simplify the goods and services tax has
proposed a wide-ranging revamp of the reform that was put in place on Jul 1 to make compliance easier.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is working on a consultation paper to streamline the process of providing licences to television channels, said S.K. Gupta, secretary, TRAI.
* TRADE: The government increased the export incentives for some sectors, eased documentation procedures and announced additional benefits worth 85 bln rupees per year for exporters in the mid-term review of the Foreign Trade policy 2015-20.
-The government has doubled the duty credit on most apparels and clothing accessories to 4% under the Merchandise Exports from India scheme. This will be effective retrospectively from Nov 1.
-In a pre-Budget meeting with Finance Minister Arun Jaitley, trade unions demanded a hike in minimum wages and linking it to the retail inflation, apart from measures to boost social security cover.
