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BUSINESS AND ECONOMY - October 2018

Oct 2018

Dec 23, 2019

Govt. Approved Projects Worth Rs. 7000 cr under Nirbhaya Fund

  • The NIRBHAYA Fund projects of Rs. 7,000 crore, including setting up of 1,023 fast-track courts approved by the Modi government, Women and Child Development Minister Smriti Irani.
  • The 23-year-old Delhi gangrape victim, then Congress-led government had announced setting up Nirbhaya Fund of Rs. 1,000 crore for safety and empowerment of women in the Budget presented in February 2013.
  • The NDA government came into the picture was zero utilisation of the NIRBHAYA Fund since this government came into play its okayed projects worth Rs. 7,000 crore.The financial approval for setting up of 1,023 fast track courts across the country after looking at density of court cases per district. Secondly we have just funded women help desks across all police stations in the country.

No Possibility of Any Change in GST Slabs, Rates

  • Sushil Kumar Modi, Deputy Chief Minister of Bihar and Convenor of Group of Ministers on Integrated Goods and Service Tax (IGST) stated that the states are not in favour of raising GST rates until the revenue stabilises.
  • He was speaking at the Federation of Indian Chambers of Commerce and Industry's (FICCI) 92nd annual convention "India: Roadmap to a $5 Trillion Economy.
  • He also dismissed rumours of a hike in GST rate and said that the media reports have been wrong.
  • As per Modi, at a time when the economy is in a slowdown, if you cannot cut the tax rate to boost consumption, do not increase the rates too. At these times you cut the duties and tax rates, and not increase them.

UltraTech Leads the Race to buy Emami Group's Cement Business

  • UltraTech Cement Ltd, India's largest producer of the building material, emerged as the front-runner to buy the cement business of Emami Group in an all-cash deal worth Rs. 6,500-7,000 crore, according to three people with direct knowledge of the discussions.
  • The sale of Emami Cement Ltd entered the final binding bid round, with Ambuja Cements Ltd, part of the LafargeHolcim Group, as the only other contender.

In a Big Relief to Exporters, SBI Withdrew e-BRC Charges

  • In what can be termed as a major relief to exporters, the State Bank of India (SBI) decided to withdraw charges levied on the issuance of Bank Realisation Certificate (e-BRC) for the export of shipments. Banks charge Rs. 1000 as e-BRC fee for every shipment exported from the country. SBI decision to withdraw e-BRC charges came after the intervention of Commerce and Industry Minister Piyush Goyal. A source from Commerce and Industry Ministry told ANI that," SBI informed that e-BRC charge was reduced to nil for all Export Credit Customer. SBI further agreed to reverse the charges if wrongly levied by its field formation."

Kerala Sets 2024 Deadline for Semi-High Speed Rail Project

  • Thiruvananthapuram–Kasargode Semi-High Speed Rail Corridor (SHSR) a high-speed rail corridor in India connects Thiruvananthapuram with Kasaragod in Kerala expected to be completed by 2024. The central government in-principle approval to the Rs. 56,000 crore Thiruvananthapuram-Kasaragod SHSR corridor project.
  • Kerala government and the Ministry of Railways. SHSR, named Silver Line, is envisaged to cut travel time between Thiruvananthapuram and Kasaragod from 12 hours to 4 hours.
  • Kerala Rail Development Corporation (KRDCL) implementing agency for the 540-km double-line project submitted the proposal to the Ministry of Railways for building third and fourth lines between Thiruvananthapuram and Kasaragod.V. Ajith Kumar, Managing Director, KRDCL approval was a milestone in the project implementation.

Dec 22, 2019

Tata Companies in a Quandary over Re-appointing Cyrus Mistry as Director

  • Tata Sons and three of its group companies, i.e, Tata Consultancy Services (TCS), Tata Industries Ltd. and Tata Teleservices Ltd. are in a quandry over the re-appointment of former Tata Sons chairman Cyrus Mistry as director on their boards, to comply with the order of the National Company Law Appellate Tribunal.
  • The tribunal, while suspending a part of the judgment relating to the replacement of the present executive chairman and reinstatement of Mr. Mistry as executive chairman for four weeks, including the direction to reinstate Mr. Cyrus Mistry as director of the company and directors of three Tata companies shall be complied forthwith.

Can't Cut Deposit Rates Beyond Threshold: SBI

  • According to SBI Chairman Rajnish Kumar, banks cannot go beyond a threshold to bring down interest rates on deposits as India lacks social security schemes and likewise cannot lend at lower rates to corporates as the risk of default is too high.

No Possibility of Any Change in GST Slabs, Rates

  • Sushil Kumar Modi, Deputy Chief Minister of Bihar and Convenor of Group of Ministers on Integrated Goods and Service Tax (IGST) stated that the states are not in favour of raising GST rates until the revenue stabilises.
  • He was speaking at the Federation of Indian Chambers of Commerce and Industry's (FICCI) 92nd annual convention "India: Roadmap to a $5 Trillion Economy.
  • He also dismissed rumours of a hike in GST rate and said that the media reports have been wrong.
  • As per Modi, at a time when the economy is in a slowdown, if you cannot cut the tax rate to boost consumption, do not increase the rates too. At these times you cut the duties and tax rates, and not increase them.
  •  

Dec 21, 2019

Flag Countries Placing Non-tariff Barriers: Goyal

  • Union minister Piyush Goyal asked the industry to flag the countries that are placing non-tariff barriers on Indian exports and promised to take retaliatory actions against those countries.
  • Speaking at the 92nd Annual Convention of FICCI, the Commerce and Industry Minister also said that India needs to get more competitive, and stressed on addressing the problems of the entire value chain, be it inverted duties, dumping, or unfair subsidies.
  • He further said that the stakeholders need to tell the government, which country is using any trade remedial measures or non-tariff barriers which impact their exports to that country.

Panel Okays Spectrum Auction Plan

  • The apex decision body of telecom department, Digital Communication Commission, approved the most-awaited Rs. 5.22 lakh crore spectrum auction plan, which is expected to pave the way for 5G services in the country.
  • As per Telecom Secretary Anshu Prakash, the auction will entail sale of over 8300 MHz of spectrum spread over all 22 telecom circles, the reserve price of which comes to Rs. 5,22,850 crore.

Reliance, Shell India to Transfer Stake in Panna-Mukta oil Fields

  • Reliance Industries Ltd (RIL) and Shell India-owned BG Exploration and Production India Ltd (BGEPIL) will transfer their entire stake in Panna-Mukta oil and gas fields to state-owned Oil and Natural Gas Corp Ltd (ONGC). RIL, BG Exploration and ONGC have been operating the Panna-Mukta fields in a joint venture for the past 25 years.
  • In the Panna-Mukta and Tapti (PMT) joint venture, ONGC held 40% stake, while RIL and BG Exploration owned 30% stake each. BG Exploration is a subsidiary of Shell India.
  • The production sharing contracts (PSC) for the Panna-Mukta and Tapti fields, which were executed by the PMT JV with the government of India in 1994, expired on 21 December 2019.

Accenture Reaches Global Headcount Landmark

  • Accenture Plc, the Dublin-based digital technology and consulting major, emerged as the single largest tech employer in the world.
  • In its first quarter earnings call, the company said that its employee strength had surpassed 500,000, a significant people milestone, as on November 30, 2019.
  • TCS is the second largest tech employer with 450,738 people, followed by IBM at 350,600, Cognizant 256,000, Infosys 228,123 and Wipro at 171,425.
  • India is the single largest geography for Accenture in terms of people, with a headcount of 150,000. The firm employs over 50,000 in the Philippines and about 17,000 in China.

Tata Chem. Buys Balance Stake in TCSAP

  • Tata Chemicals acquired the remaining 25 per cent stake in Tata Chemicals (Soda Ash) Partners Holdings for $195 million or Rs. 1,387.2 crore. Following the transaction, Tata Chemicals ownership in Tata Chemicals (Soda Ash) Partners increased to 100 per cent.
  • TCSAPH owns 100 per cent interest in Tata Chemicals (Soda Ash) Partners (TCSAP), the soda ash operating entity in the United States. The turnover of TCSAP for the year ended March 2019 was $465.5 million compared to $491 million in March 2018.

Import Cover Rises to 10 Months: RBI

  • India's import cover improved to 10 months at the end of June 2019, from 9.6 months at end-March, as the country's foreign exchange reserves increased to $429.84 billion, from $412.87 billion in the same period, the Reserve Bank of India (RBI) said in its half yearly report on foreign exchange reserves.
  • On a balance of payments basis, the foreign exchange reserves increased by $14.0 billion during April-June 2019 as against a decrease of $ 11.3 billion during April-June 2018.
  • The import cover has likely improved even more by now, as the country's reserves stood at $454.5 billion by December 13. In the same period, the ratio of short-term debt to reserves, which was 26.3 per cent at end-March 2019, declined to 25.5 per cent at end-June 2019.

Dec 20, 2019

Yamaha Rides into 125cc Scooter Market, to Exit 110cc Segment

  • Japanese two wheeler company India Yamaha Motor announced its foray into the 125cc scooter segment with two models (drum and disc brakes) and also launched a BS-VI emission norm compliant MT-15, a 155 cc motorcycle.
  • According to Chairman Yamaha Motor India Group of Companies, the company will expand its Blue Square retail outlet to 100 numbers in 2020.
  • Yamaha will exit the 110cc scooter market.

Mistry Free to Sell $17 bn Stake in Tata Sons

  • The National Company Law Appellate Tribunal (NCLAT) set aside the Registrar of Companies' (RoC) decision to change Tata Sons Limited from a public company to a private company, terming it illegal and ordered the RoC to make a correction in its records showing Tata Sons as public company.
  • The company cannot exercise its powers under Article 75, under which the board can transfer anyone's shares by passing a special resolution.
  • Seen together, this means that former Tata Sons chairman Cyrus Mistry, who owns 18.4% stake in Tata Sons valued at over $17 billion, is free to sell his stake.

China Announced New Tariff Exemptions for US Chemical, Oil Products

  • China unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies.
  • The exemptions will be for one year from 26 December.
  • Duties already imposed on US products would not be refunded.
  • The tariff waivers will apply to four chemical products, such as metallocene high-density polyethylene (HDPE) and a special grade of linear low-density polyethylene (LLDPE), and refined oil products that include white oil and food-grade petroleum wax.
  • The exemptions could see China resume buying more HDPE and LLDPE from the US, reversing the trade flow, as the US supplies have been diverted to Latin America and Europe while China has been importing mostly from the Middle East.

Jet Airway's Lenders May Invite EoI Afresh

  • The committee of creditors (CoC) of beleaguered Jet Airways decided to call fresh expressions of interest (EoI) from prospective investors after two new entities expressed an interest in reviving the airline. South America-based airline company Synergy Group was the sole bidder for the defunct airline, but it had submitted only a draft resolution plan.

RBI Plans Indian Version of Operation Twist

  • The Reserve Bank of India (RBI) will conduct a simultaneous sale and purchase of bonds in a move seen by market participants as an attempt to bring longer-term yields lower.
  • It is the first time the RBI conducted a special open market operation (OMO) of this kind, similar to the 'Operation Twist' carried out in the US near the start of the decade.
  • Bond yields have been rising since the RBI unexpectedly left its key repo rate unchanged earlier this month, even as it slashed its forecast for economic growth to its lowest in over a decade.
  • RBI will buy Rs. 10,000 crore worth of the current benchmark 10-year bond while selling four bonds maturing in 2020 for an equivalent amount.

Dec 19, 2019

World Bank's Ease of Doing Business Report 2020

  • In the World Bank's Ease of Doing Business Report 2020, India made a remarkable jump ranking 63rd among 190 countries. It improved by 14 ranks from its rank of 77 in 2019.
  • India improved its rank in 7 out of 10 indicators and moved closer to international best practices. The 2020 edition of the report acknowledges India as one of the top 10 improvers, the third time in a row, with an improvement of 67 ranks in 3 years.

Mazagon Dock Gets SEBI's Go-ahead to Float IPO

  • State-owned Mazagon Dock Shipbuilders received SEBI's go-ahead to float an initial public offering (IPO).
  • Going by the draft papers, Mazagon Dock, a leading shipyard of India serving the nation's strategic requirements, will see sale of over 2.8 crore equity shares by the government.
  • The issue is being managed by Yes Securities, IDFC Securities, Axis Capital, JM Financial and Edelweiss Financial Services.

NCLAT Reinstates Cyrus Mistry as Executive Chairman of Tata Sons

  • The National Company Law Appellate Tribunal (NCLAT) restored Cyrus Mistry as Executive Chairperson of Tata Sons, and held the appointment of Natarajan Chandrasekaran as illegal.
  • A two-member NCLAT bench headed by Chairperson Justice S. J. Mukhopadhaya pronounced the judgement following a petition moved by Mistry. Mistry is a member of the Shapoorji Pallonji family that owns a minority stake in Tata Sons.
  • He got involve in the legal battle after being removed as the Chairman in October 2016.

Pact on Ore Supply to Kadapa Steel Plant

  • The Andhra Pradesh Government signed a memorandum of understanding (MoU) with the National Mineral Development Corporation (NMDC) for the supply of iron ore to the Kadapa Steel Plant for which the Chief Minister Y. S. Jagan Mohan Reddy will be laying the foundation stone.
  • Kadapa steel plant would come up between Sunnapuralla Palli and Pedha Nandaluru villages in Jammalamadugu mandal of YSR Kadapa district.

Fiat Chrysler and Peugeot Sign Merger Deal

  • The Boards of Fiat Chrysler Automobiles and PSA Peugeot signed a binding merger deal creating the world's fourth-largest auto company with the scale to confront the challenges of stricter emissions regulations and the transition to new driving technologies.
  • The companies new group will be led by PSA's cost-cutting CEO Carlo Tavares, with Fiat Chrysler's Chairman John Elkann as Chairman of the merged company. Fiat Chrysler CEO Mike Manley will stay on, but it was not announced in what capacity.

Infosys Settles Visa Case with California

  • Global software major Infosys reached an out-of-court settlement for $800,000 (Rs. 5.7 crore) with the California Attorney General on charges related to the alleged violation of B-1 visa rules by it to its techies.
  • California Attorney General Xavier Becerra said that Infosys would pay the western state $800,000 to resolve the charges that the Indian IT firm and its subsidiary (Infosys BPM Ltd) had employed about 500 techies in California on B-1 visas rather than H-1B visas between 2006 and 2017.
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