Today's Sector News – 26.06.2019
* AVIATION: The government has decided to more than double the passenger traffic threshold for airports to be categorised as "major airports", effectively reducing the ambit of the Airports Economic Regulatory Authority.
* COMMODITY: Farmers in the country should be encouraged to grow more oilseeds to achieve selfsufficiency in edible oils, Prime Minister Narendra Modi said.
* E-COMMERCE: The government has decided to form a committee to address grievances and provide necessary clarifications on issues related to foreign direct investment in e-commerce.
* ECONOMY: The report of the expert committee reviewing Reserve Bank of India's economic capital framework is almost done and requires only some minor cleaning up. Rakesh Mohan, former deputy governor of Reserve Bank of India, on Tuesday questioned the government's GDP data and called it inconsistent.
* ENERGY: New and renewable energy ministry Secretary Anand Kumar said India plans to establish 500 GW of renewable energy capacity by 2030.
* FINANCE: Creation of a 50-bln-rupee Distressed Asset Fund to assist small businesses that have turned nonperforming assets for banks, along with a review of the MUDRA scheme, as well as a plan to double the maximum loan size to 2 mln rupees, were among the key recommendations made by an expert committee set up by the Reserve Bank of India. The government has paid 250 mln rupees to Asian Development Bank and German development bank KfW on sovereign guarantees issued on behalf of the Infrastructure Leasing & Financial Services and is staring at another 2.5-bln-rupee payout towards guaranteed IL&FS loans. Housing finance companies will have to raise their capital adequacy to 15% of their risk-weighted assets by March 2022, from 12% now, the National Housing Bank has notified.
* INFORMATION TECHNOLOGY: Cognizant's plea challenging a 29.12-bln-rupee tax claim by the income tax department has been dismissed by the Madras High Court.
* INFRASTRUCTURE: Eight cities have raised 34 bln rupees through municipal bonds for implementing various projects under the Atal Mission for Rejuvenation and Urban Transformation or AMRUT scheme.
* MINING: Andhra Pradesh, which contains about of 600 mln tn or nearly 22% of India's bauxite reserves, has decided against bauxite mining permissions granted to the state-owned AP Mineral Development Corp in the contentious tribal areas of Eastern Ghats.
The government has deducted 8.33 bln rupees from the performance security of captive coal mine-owning companies, which did not meet efficiency parameters.
* REALTY: The government is contemplating measures to boost the housing sector in the budget.
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* COMMODITY: Farmers in the country should be encouraged to grow more oilseeds to achieve selfsufficiency in edible oils, Prime Minister Narendra Modi said.
* E-COMMERCE: The government has decided to form a committee to address grievances and provide necessary clarifications on issues related to foreign direct investment in e-commerce.
* ECONOMY: The report of the expert committee reviewing Reserve Bank of India's economic capital framework is almost done and requires only some minor cleaning up. Rakesh Mohan, former deputy governor of Reserve Bank of India, on Tuesday questioned the government's GDP data and called it inconsistent.
* ENERGY: New and renewable energy ministry Secretary Anand Kumar said India plans to establish 500 GW of renewable energy capacity by 2030.
* FINANCE: Creation of a 50-bln-rupee Distressed Asset Fund to assist small businesses that have turned nonperforming assets for banks, along with a review of the MUDRA scheme, as well as a plan to double the maximum loan size to 2 mln rupees, were among the key recommendations made by an expert committee set up by the Reserve Bank of India. The government has paid 250 mln rupees to Asian Development Bank and German development bank KfW on sovereign guarantees issued on behalf of the Infrastructure Leasing & Financial Services and is staring at another 2.5-bln-rupee payout towards guaranteed IL&FS loans. Housing finance companies will have to raise their capital adequacy to 15% of their risk-weighted assets by March 2022, from 12% now, the National Housing Bank has notified.
* INFORMATION TECHNOLOGY: Cognizant's plea challenging a 29.12-bln-rupee tax claim by the income tax department has been dismissed by the Madras High Court.
* INFRASTRUCTURE: Eight cities have raised 34 bln rupees through municipal bonds for implementing various projects under the Atal Mission for Rejuvenation and Urban Transformation or AMRUT scheme.
* MINING: Andhra Pradesh, which contains about of 600 mln tn or nearly 22% of India's bauxite reserves, has decided against bauxite mining permissions granted to the state-owned AP Mineral Development Corp in the contentious tribal areas of Eastern Ghats.
The government has deducted 8.33 bln rupees from the performance security of captive coal mine-owning companies, which did not meet efficiency parameters.
* REALTY: The government is contemplating measures to boost the housing sector in the budget.
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