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BUSINESS AND ECONOMY - October 2018

Oct 2018

Jan 12, 2020

Govt Approves Ordinance To Remove End User Restrictions, Boost FDI In Coal Mining

  •  India has opened up the coal sector completely for commercial mining for all local and global firms after easing restrictions on end-use and prior experience in auctions via an ordinance, but the mining minister said the move will not hurt state-monopoly Coal India.
  • The Union Cabinet approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend the Coal Mines (Special Provisions) Act, 2015, as well as the Mines and Minerals (Development and Regulation) Act, 1957. The amendment to the latter was required to begin auctions of iron ore mining leases before they expire in March 2020.

Jan 11, 2020

PayU Acquires Paysense At An Equity Value Of $185 Million, To Merge It With LazyPay

  •  Digital payments gateway provider PayU has acquired a controlling stake in Mumbai-based consumer lending platform PaySense and all its assets at a valuation of $185 million. PayU, which is backed by South African internet and media giant Naspers, also said it will merge its existing pre-approved credit platform LazyPay with PaySense.
  • Additionally, PayU will inject up to $200 million in the newly created entity as equity capital. Around $65 million of the total amount will be immediately invested, while the balance corpus will be infused over the next 24 months to grow its loan book, PayU said.

RBI Launches Video-Based Identification Process For KYC

  •  The Reserve Bank of India (RBI)  launched Aadhaar-based Video Customer Identification Process (V-CIP) to allow banks and other lenders to remotely complete KYC of customers on videos. The central bank has allowed video-based KYC (Know Your Customer) as an option to establish a customer's identity.
  • The V-CIP, which will be consent-based, will make it easier for banks and other regulated entities to adhere to the RBI's KYC norms by leveraging the digital technology.

In a First, HDFC Bank Launches Myapps To Boost Digital Payments

  •  HDFC Bank launched myApps application to boost digital payments in India. myApps is a unique customised suite of banking products to benefit urban local bodies, housing societies, local clubs and gymkhanas and religious institutions. 
  • In a first, HDFC bank is helping organisations to entirely digitise their ecosystem through myApps. 
  • At present HDFC Bank is offering four types of applications — mySociety, myClub, myPrayer and myCity.

Odisha Approves Rs 8000-Crore New Alumina Project By Hindalco

  •  The High Level Clearance Authority (HLCA), the apex body to clear investment projects in Odisha, approved a new greenfield alumina refinery unit, proposed by Aditya Birla Group-owned Hindalco Industries.
  •  It is estimated to cost Rs 8,000 crore, is proposed to come up at Kansariguda near Rayagada in Odisha. With an envisaged nameplate capacity of two million tonnes per annum, the project is expected to spawn employment for 4,250 people. 
  • Hindalco will bank on the Odisha government on raw material for feeding the refinery. This project is scheduled to go on stream in four to five years. Bauxite from any of the leases of Odisha Mining Corporation is likely to feed the planned refinery of Hindalco.

Forex Reserves Touch Record $461.16 Billion

  •  The country's foreign exchange reserves touched a record high of $461.157 billion, after it surged by $3.689 billion in the week to January 3, 2020 baccording to the Reserve Bank of India (RBI) data.
  • The rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by $3.013 billion to $427.949 billion.

Govt. Inks Pact With KfW on Zero Budget Natural Farming

  •  The State government signed a Memorandum of Understanding (MoU) with German firm KfW regarding Zero Budget Natural Farming (ZBNF).
  • The MoU is aimed at encouraging natural farming in the State. As part it, the government has taken a loan of ₹711 crore out of the estimated amount of ₹1,015 crore earmarked for ZBNF.

Jan 10, 2020

HDFC Completes Acquisition Of Controlling Stake In Apollo Munich

  •  Mortgage lender Housing Development Finance Corporation (HDFC) on 9 January 2020, has completed the purchase of a majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore. The company has acquired 51.16 per cent equity share capital of Apollo Munich Health Insurance Company after receiving all requisite approvals from competition commission of India (CCI), Reserve Bank of India and Insurance Regulatory and Development Authority of India (IRDAI) by January 1,2020.
  • HDFC purchased 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.
  • Earlier on 2 January 2020, HDFC had said in an exchange filing that the company and its subsidiary HDFC ERGO had received all requisite approvals to acquire 51.2 per cent stake in Apollo Munich Health Insurance.

Cabinet nod for ordinance enabling FDI in coal mining

At a Cabinet meeting chaired by Prime Minister Narendra Modi, the ordinance to amend the Mines and Minerals (Development and Regulation) Act, 1957 and the Coal Mines (Special Provisions) Act, 2015 was approved, Parliamentary Affairs and Coal Minister Pralhad Joshi said at a press conference. He said the 'historic' decision would boost the ease of doing business and increase the growth avenues. He said the Coal India would be strengthened and the government was aiming at achieving production of one billion tonnes by 2023-2024.
  •  The Union Cabinet on Wednesday approved an ordinance to amend two laws to ease mining rules, enabling foreign direct investment in coal mining.
  • Mr. Joshi said "end-use restrictions" had been done away with allowing "anyone to participate in the auction of coal blocks". The ordinance would strengthen the auction process of those mines whose leases were expiring on March 31, 2020. Seamless transfer of clearances would also be facilitated, he said.

India Set for Slow Recovery Next Year: World Bank

  •  As per the World Bank's Global Economic Prospects, after growing at 5% in 2019-20, the slowest pace in a decade, India's GDP growth will start increasing from the next fiscal year, downgrading its previous estimate for the fiscal year from 5.4%.
  • However, the recovery is likely to be slow and GDP growth will be just above 6% until 2022-23. This means that annual economic growth for the next three years will be less than what it has been between 2013-14 and 2018-19.
  • The latest projections involve a significant downgrade from the June 2019 forecasts, which expected the Indian economy to grow at 7.5% or more in the next three years.

China Mobile in Tie-up Talks with Vodafone Idea, Airtel

  •  China's largest mobile operator, China Mobile, is keen to enter the Indian market and has held early stage talks with telecom service providers Bharti Airtel Ltd and Vodafone Idea Ltd to jointly develop a cloud network here.
  • The top executives of China Mobile met senior managements of Bharti Airtel and Vodafone Idea separately in December. China Mobile is interested in the Indian market and wants to come as a holding company with either of these two companies or even both.
  • A holding company owns sufficient voting stock in another company to enable it to control the latter's policies and oversee management decisions. Though it owns the assets of other firms, it does not actively participate in day-to-day business operations.

India Set for Slow Recovery Next Year: World Bank

  •  As per the World Bank's Global Economic Prospects, after growing at 5% in 2019-20, the slowest pace in a decade, India's GDP growth will start increasing from the next fiscal year, downgrading its previous estimate for the fiscal year from 5.4%.
  • However, the recovery is likely to be slow and GDP growth will be just above 6% until 2022-23. This means that annual economic growth for the next three years will be less than what it has been between 2013-14 and 2018-19.
  • The latest projections involve a significant downgrade from the June 2019 forecasts, which expected the Indian economy to grow at 7.5% or more in the next three years.

Tiger Global to Invest $200 mn in Byju's

  •  New York-based hedge fund Tiger Global Management will invest $200 million in Think and Learn Pvt. Ltd, the education technology firm that owns and operates learning app Byju's, the startup.
  • As per reports, the investment will raise the valuation of India's third-largest startup by around 45% to about $8 billion.
  • Tiger Global's latest investment is a standalone funding, unlike previous rounds when multiple investors had together bought into Byju's. Its last round of funding saw a $150 million infusion led by Qatar Investment Authority in July last year, the person cited above said on condition of anonymity.
  • Since its founding in 2011, Byju's has raised around $995 million from investors such as Naspers, Tencent, Verlinvest, Chan-Zuckerberg Initiative, Sequoia Capital, Lightspeed Venture Partners and Aarin Capital.

Tax Dept Eases Norms for Filing Tax Forms 1 and 4

  •  The government lifted the bar on taxpayers having joint property ownership from filing income tax return in forms 1 and 4 meant for people with income up to Rs. 50 lakh. An official statement from the Central Board of Direct Taxes (CBDT) said the eligibility norms for filing tax returns in forms 1 (called Sahaj) and form 4 (called Sugam) have been eased. The move comes after taxpayers expressed concerns about the conditions regarding use of these forms that were notified on January 3,2020. The earlier notification had said a person who owns a property in joint ownership was not eligible to file tax returns in these two forms.

Jan 09, 2020

Govt Approves Over Rs 5000 Cr Project For Natural Gas Supplies In Northeast

 The Government has approved the Viability Gap Funding, VGF of 5 thousand, 559 crore rupees to Indradhanush Gas Grid Limited  to build Natural Gas Pipeline Grid covering 8 North Eastern states.
Cabinet Committee on Economic Affairs, CCEA approved the capital grant in New Delhi. This is second such funding by the government for gas pipeline project.
The total cost of the grid is 9 thousand 256 crore rupees and sanctioned VGF amount will cover 60 per cent cost of the project. The 1,656-km pipeline will connect Guwahati in Assam to major cities in the region such as Itanagar, Dimapur, Kohima, Imphal, Aizawl and Agartala.

Cabinet Approves 'In Principle' Strategic Disinvestment Of Equity Shareholding Of 4 PSUs In Neela...

 The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Narendra Modi has given 'in principle' approval for strategic disinvestment of equity shareholding of Minerals & Metals Trading Corporation (MMTC) (49.78%), National Mineral Development Corporation (NMDC) (10.10%), MECON (0.68%) and Bharat Heavy Electricals (BHEL) (0.68%) and two Odisha State Government PSUs namely; Industrial Promotion and Investment Corporation of Odisha (IPICOL) (12.00%) and Odisha Mining Corporation (OMC) (20.47%) in Neelachal Ispat Nigam (NINL) to a strategic buyer, identified through a two-stage auction procedure.
NINL is a Joint Venture company, in which four CPSEs namely MMTC, NMDC, BHEL and MECON and 2 State PSUs of Odisha Government, namely IPICOL and OMC are shareholders.
The proposed strategic disinvestment of NINL would unlock resources to be used to finance the social sector/developmental programmes of the Government benefiting the public.

Govt. Approves capital grant to north east gas grid project

 As part of government's focus on India's northeast, the Union government will provide ₹5,559 crore towards the construction of the North East Gas Grid project across the states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura.
The Cabinet Committee on Economic Affairs approved the marquee project of Indradhanush Gas Grid Limited "with viability Gap Funding/ Capital Grant at 60% of the estimated cost of ₹9,265 crore (Including interest during construction)."
Currently, the country's northeast region is in turmoil because of protests against the government's contentious Citizenship (Amendment) Act, 2019.

Cabinet Approves MoU Between India And United Kingdom For Enabling Energy Self Sufficiency For In...

  •  The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for signing a Memorandum of Understanding (MoU) with the Department for International Development (Government of United Kingdom) for Enabling Energy Self-Sufficiency for Indian Railways. The parties agree for Energy planning for Indian Railways i.e. Solar & Wind Energy sector, Adopting energy efficiency practices, Enabling Fuel efficiency, Electric Vehicle charging infrastructure deployment, Battery operated Shunting Locomotives. Capacity development like training programmes, industrial visits, field visits etc. or any other form co-operation may be approved in writing by the Participants.

SBI Announces 'Residential Builder Finance With Buyer Guarantee' Scheme

  •  Country's largest public sector bank, State Bank of India has announced a 'residential builder finance with buyer guarantee' (RBBG) scheme. It aims at giving a push to residential sales and improve homebuyers' confidence
  • Under this scheme, the SBI will issue a guarantee for completion of select residential projects to customers who have availed home loans from it. The scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities initially. SBI Chairman said that this will be a win-win situation for homebuyers, builders and the bank. Under RBBG, the guarantee would be given by the bank till the project gets the occupation certificate (OC)
  • The guarantee will be available for RERA registered projects and a project will be considered stuck after it crosses the RERA deadline.    

Jan 08, 2020

IBBI Amends The Insolvency And Bankruptcy Board Of India (Liquidation Process) Regulations, 2016

  •  The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020.
  • The amendment clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 of the Companies Act, 2013. It also clarifies that a secured creditor cannot sell or transfer an asset, which is subject to security interest, to any person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor.
  • The amendment provides that a secured creditor, who proceeds to realise its security interest, shall contribute its share of the insolvency resolution process cost, liquidation process cost and workmen's dues, within 90 days of the liquidation commencement date.

Exim Bank Raises $1 Bn Via Overseas Bond Sale To Execute Regular Activities

  •  The Export Import Bank of India (Exim Bank) has raised $1 billion (over Rs 7,000 crore) through an overseas bond sale which will be used for its regular activities.
  • The bank has raised the money at the lowest ever coupon for any Indian issuer in history and added this is the first time in nearly two years that an Indian company has raised $1 billion in a single tranche.
  • It has raised the money from 184 global investors by issuing ten-year bonds and expressed satisfaction with the final pricing.
  • The money was raised at a pricing of 1.50 per cent over the US Treasury rate as against a guidance of 1.75 per cent on the back of an over-subscription, with the total order book touching $2.7 billion.

₹104.34 Crore Refund To Rcom Upheld

  •  In a relief to Reliance Communications (RCom), the Supreme Court upheld an order by the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to the government to refund ₹104.34 crore to the telecom company.
  • A Bench led by Justice Rohinton Nariman confirmed the tribunal's decision of December 21, 2018, while rejecting the contention of the Department of Telecom (DoT) that RCom is under liquidation and continuously defaulting on spectrum deferred payments.

Air India Disinvestment

  •  A Group of Ministers (GoM) headed, by Union Home Minister Amit Shah, approved the Expression of Interest (EoI) as well as the share purchase agreement for Air India's privatisation, a senior government official said.
  • The EoI and the share-purchase agreement would be issued in January 2020 itself. The last GoM meeting took place in September 2019.

India's Per-Capita Income Rises 6.8% To Rs 11,254 A Month In Fy20

  •  The country's per-capita monthly income is estimated to have risen by 6.8 per cent to Rs 11,254 during 2019-20, government data on national income.
  • In 2018-19, the monthly per-capita income had stood at Rs 10,534.
  • "The per-capita net national income during 2019-20 is estimated to be Rs 1,35,050 showing a rise of 6.8 per cent as compared to Rs 1,26,406 during 2018-19 with the growth rate of 10.0 per cent," according to the annual national income and GDP 2019-20 data released by the Ministry of Statistics and Programme Implementation (MoSPI).
  • The per-capita income is a crude indicator of the prosperity of a country.

RBI Allows 24x7 Forex Mkt Ops Via Select Banks

  •  The Reserve Bank of India (RBI) selected banks in India that can offer forex rates to Indian clients beyond the inter-bank market hours, which now run from 9am to 5pm. In effect, this opens up the forex market in India round the clock, allowing Indians to hedge their foreign exchange risks at any time of the day. This will also make the offshore currency markets in Dubai and Singapore less attractive for Indian investors.
  • It has been decided to accept the recommendation of the task force on offshore rupee market to permit authorised dealers category-I banks to offer foreign exchange prices to users at all times, out of their Indian books, either by a domestic sales team or through their overseas branches.
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