General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Sep 23, 2019

Petronet To Invest $2.5 Billion In US Company For LNG Supply

Prime Minister Narendra Modi gave a big push to securing India's energy interests when he met CEOs of 17 global energy companies in Houston and the two sides signed an MoU for Indian investment of $ 2.5-billion LNG supply from the US for four decades.
Hours after landing in Houston, Modi headed straight into his maiden engagement of his first US trip in his second term.
CEO of 17 global energy companies participated in the Roundtable addressed by the PM.
The combined net net worth of companies present in the meet was $1 trillion with a presence in 150 countries.
All companies have some engagement with, and presence in India The round table focussed on working together for energy security and expanding mutual investment opportunities between India and the United States.
The PM is understood to have responded to the queries of each and every CEO present on the occasion.

178-Yr-Old Company, Thomas Cook Files For Bankruptcy As Bailout Talks Fail

Thomas Cook Group Plc, the 178-year travel company that became one of the U.K.'s best-known brands, has collapsed under a pile of debt, leaving tens of thousands of British tourists stranded across Europe.
The company filed for administration at the High Court in London after talks to raise additional funding failed.
AlixPartners LLP was named an adviser and will work with the country's Civil Aviation Authority to get holidaymakers back home, in the coming days. The government called it the "largest repatriation in peacetime history.''

GI Tag Validity Of Kamalapur Red Banana Lapses

In a major embarrassment for the Horticulture Department, the Geographical Indication (GI) tag accorded to 'Kamalapur red banana' of Kalaburagi district in 2009 has lapsed as the department failed to renew the certification.
Kamalapur red banana got GI tag on September 4, 2009, and the certification was valid till September 3, 2018. The Office of GI Registry, Chennai, had issued a notice of expiration of GI registration in January 2018 and asked the applicant to get the tag renewed.
Six varieties of banana across the country have GI tag. The certifications of five of them — all except Kamalapur red banana — have been renewed.
Nanjangud banana of Karnataka got GI tag in 2005 and has validity till 2025. Two varieties of banana in Tamil Nadu — Virupakshi Hill banana and Sirumalai Hill banana — got GI tags in 2008 and have validity (post-renewal) until 2028.
The Chengalikodan Nendran banana grown in Kerala and Jalgaon banana of Maharashtra got GI tag in 2014; both certifications are valid till 2024.
Mizo banana (Long Cavendish) of Assam filed application for GI tag in 2018, and is yet to be certified.

Sep 22, 2019

CBDT Issues Order To Set-Up National Centre For I-T e-Assessment

A National e-Assessment centre (NeAC) will be setup in the national capital as part of the government's ambitious plan to launch faceless and nameless assessment for income tax payers from October 2019.
The Central Board of Direct Taxes (CBDT), that frames policy for the Income-tax department, has issued an order for the creation of the Centre.
The Centre will have 16 officials and will be headed by a Principal Chief Commissioner of Income-tax (PCCIT) as its chief.

Postal Accounts To Be Linked With Aadhaar For Transparency

IT and Communications Minister Ravi Shankar Prasad has said postal accounts will be linked with Aadhaar for greater transparency.
He was speaking after inaugurating Bihar's first and the country's tenth Aadhaar Seva Kendra in Patna.
One thousand Aadhaar cards will be made at this centre and other facilities will be also available. Mr Prasad said 114 such Kendra will soon be operational in 53 cities in the country.

GST Council Meet Key Takeaways

After hours of deliberation, the GST Council announced rate cut on a number of items, amid a chorus of demands for measures to address the slowing economy. All GST rates will be effective from October 1, 2019.

Key takeaways from the meeting:

GST Council approves proposal to hike rates on caffeinated drinks from 18% to 28%, plus additional 12 % compensation cess. Aerated drinks shall no longer be under compensation scheme.
Council approves proposal to cut rates on hotel tariffs. Rooms with tariff Rs 7,500 and above will now be taxed at 18%. Prior to the cut, the GST rate on this category was 28%. GST on rooms with tariff between Rs 1001 and Rs 7,500 now stands at 12%. No GST on tariffs upto Rs 1,000.
GST on cups, plates made from flower, leaves and bio-friendly material has been reduced to zero from 5%.
GST on goods under Chapter 12 which includes supplies to railways has been hiked to 12% from 5%. This is without refund on the accumulated input tax credit (ITC).
Compensation cess on petrol motor vehicles with 10-13 person capacity reduced to 1%, while on diesel vehicles it has been reduced to 3%. Before the cut, the compensation cess was at 15 per cent.
GST on marine fuel cut to 5% vs 18% earlier.
Uniform rate of 12% on woven / non-woven polyethylene bags.
Exemption from GST/iGST is being given on import of specified defence goods not being manufactured indigenously. It is being extended only up to 2024. Supply of goods and services to FIFA & other specified persons are also exempted for Under-17 Women's World Cup in India.

Sep 21, 2019

In Liquidity Push, PSBs Plan 'Loan Melas' In 400 Districts

In a bid to dispel the notion that only the banks have liquidity and it is not flowing to the NBFCs and the customers, Finance Minister Nirmala Sitharaman announced that all scheduled banks will hold large gatherings in a total of 400 districts, where customers can come and take any type of loan they want from the banks and the NBFCs partnering with them.
The Finance Ministry, in a release, added that banks had already entered into 14 tie-ups with NBFCs for co-originating loans, with another 36 such tie-ups in the pipeline.

Telecom Body Okays ₹8,500 Cr For Mobile Towers, Optical Fibre Laying

The Digital Communication Commission, the highest decision making body in the Department of Telecom, approved multiple projects worth over ₹8,500 crore for setting up mobile towers and laying of optical fibre, with an aim to provide improved connectivity.
The commission also approved a special scheme to cover close to 12,000 uncovered villages in aspirational districts.
The approved infra projects include laying of BharatNet fibre in Tamil Nadu and Telangana, at an estimated cost of ₹1,815 crore and ₹2,065 crore, respectively.
Additionally, approval was given for setting up 1,917 mobile towers for uncovered villages in the North East.

SEBI Sets Up Panel to Suggest Norms for Social Stock Exchanges

The Securities and Exchange Board of India (SEBI) has constituted a working group on Social Stock Exchanges (SSE) under the chairmanship of Ishaat Hussain, Director, SBI Foundation.
The other members of the working group are TV Mohandas Pai, Chairman of Manipal Global Education; Roopa Kudva, MD, Omidyar Network India; Amit Chandra, Chairman, Bain Capital; Saurabh Garg, Principal Secretary to Government of Odisha; Shamika Ravi, Director of Research, Brookings India; Vineet Rai, Founder and MD; and Aavishkaar Venture Management Services among others.

Tata Motors Rolls Out New EV Powertrain Tech

In a bid to speed up adoption of electrical vehicles, Tata Motors unveiled a new technology platform aimed at finding solutions to concerns such as range, power, durability, safety and charging infrastructure.
Called 'ZIPTRON', this soon-to-be-introduced EV powertrain technology will power a range of Tata electric cars, starting with a new launch in Q4 of FY20.
The ZIPTRON technology will primarily serve the personal segment. Currently, Tata Motors does not cater to the personal segment as far as EVs are concerned.

Govt. Cuts Corporate Tax To Spur Investment

In its boldest gambit yet to stir up the economy, the government issued an ordinance to reduce the corporate tax rate for domestic firms and new manufacturing units by 10 to 12 percentage points, effectively bringing India's tax rates on par with its competing Asian peers.
Finance Minister Nirmala Sitharaman said that the effective tax rate for domestic corporates, inclusive of surcharges, will fall from 34.94% to 25.17% if they stop availing any other tax sops.
For new manufacturing firms set up after October 1, 2019 and commencing operations by March 31, 2023, the effective tax rate will fall from 29.1% to 17%.

RBI Tightens Norms for Banks

The Reserve Bank prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints.
The financial compensation should be done suo motu by the bank, without waiting for a complaint or a claim by a customer, the RBI said.

Sep 20, 2019

Government Notifies 8.65 % Interest Rate For Over 6 Crore EPFO Members For 2018-19

The Central Government has approved 8.65 per cent interest rate on employees provident fund for 2018-19, which will now be credited into the accounts of over 6 crore subscribers of the Employees' Provident Fund Organisation (EPFO).
The EPFO has been settling EPF withdrawal claims at 8.55 per cent interest rate, approved for 2017-18. Now, the EPFO will settle accounts on higher rate of 8.65 per cent for 2018-19.

Factory Investment At 3-Year Low Of Rs 3.31 Lakh Cr In 2017-18: Survey

Factory investment in 2017-18 hit a three-year low of Rs 3.31 lakh crore in actual terms, according to the annual survey of industries by the Statistics and Programme Implementation Ministry.
Factory investment measured in terms of gross fixed capital formation (GFCF) was Rs 3.79 lakh crore and Rs 3.69 lakh crore in 2015-16 and 2016-17, respectively, provisional estimates of the survey for 2017-18 showed.

DSCI, MeitY and Google India join hands for 'Digital Payment Abhiyan'

Nasscom's Data Security Council of India (DSCI) has collaborated with the electronics and IT ministry (MeitY) and Google India to launch a nationwide awareness campaign 'Digital Payment Abhiyan'.
Communications and Electronics & IT Minister Ravi Shankar Prasad launched the campaign that will educate end-users on the benefits of making digital payments and urge them to adopt security and safety best practices.
The campaign was launched at the Google for India event.
To drive the campaign objectives and amplify outreach to users across all states, DSCI has onboarded various digital payments ecosystem partners.

No Stressed Asset Of MSME To Be Declared NPA Till Mar 31, 2020: Sitharaman

State-owned banks will not declare stressed assets of MSMEs as non-performing assets (NPAs) till March 31, 2020, said Finance Minister Nirmala Sitharaman , listing more measures to lift up the economy by ensuring credit.
State-owned lenders will hold meetings with Non-Banking Financial Companies, or shadow banks and new retail customers in 200 districts till September 29, 2019 to explore giving credit.

Sep 19, 2019

T-Hub Inks MoU With Choose New Jersey

T-Hub signed a tripartite MoU with 'Choose New Jersey', an economic development organisation and 'VentureLink', a community hub for technology companies at the New Jersey Institute of Technology (NJIT) for Northern New Jersey.
T-Hub will provide Indian growth-stage startups with business opportunities, market understanding and access to clients in New Jersey.
The three entities will collaborate in the areas of startup innovation, funding and entrepreneurship.

Kishore Biyani-Backed Future Style Lab To Add 70 Stores Over 3 Years

Kishore Biyani-backed Future Style Lab that operates the Cover Story and Ancestry brands is planning to expand its presence by adding about 70 stores in the next three years, investing Rs 50-60 crore.
While the fashion brands are currently positioned as metro and top city products, next on the company's list for expansion are Jaipur, Chandigarh and Ahmedabad.
Future Style Lab makes a pre-store investment of Rs 60 lakh to Rs 1 crore on each of its Cover Story stores, inspired by London high-street fashion.

Govt Scraps Import Duty On Open Cell TV Panel To Boost Manufacturing

The government has scrapped import duty on open cell TV panel used to make television sets, as it aims to boost local manufacturing by lowering input costs for TV makers who have been complaining about a slump in demand.
The decision to remove 5 percent customs duty will help reduce manufacturing cost by around 3 percent but it wasn't immediately clear if all TV makers will pass on the benefit to consumers.
Panasonic said it will pass on the benefit of 3-4 percent reduction to consumers.
Finance Ministry in a notification said customs duty on "open-cell (15.6-inch and above), for use in the manufacture of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels" will be nil as against 5 percent import duty previously.

Hero Cycles Ties Up With Yamaha Motor To Launch Lectro e-Cycle Series

Hero Cycles has partnered with Japan's Yamaha Motor Co to launch Lectro e-cycle series.
Priced at Rs 1.30 lakh, Lectro EHX20 is a high performance e-cycle powered by Yamaha.
The cycle plans this product mainly for the metro markets, and target the high disposable income group, which are spending on healthy lifestyle and physical fitness.
Hero Cycles plans to add more models in 'Lectro e-cycle powered by Yamaha' series and will adopt multi-channel retail strategy to reach the customers through its own sales network, multi-brand stores and the online sales channels.

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