Today's News in Media - 10-08-2016
Ftapcci Hyd
Dear all,
TAX
Tax collections buoyant, surge 20% in April-July
The Centre’s tax revenues continued to show buoyancy with
direct and indirect tax collections recording a robust increase of over 20 per
cent in April-July. While net direct tax collections grew 24.01 per cent for
April-July 2016, indirect tax mop up rose a whopping 29.1 per cent in the same
period, official data released on Tuesday showed.Till July 2016, the Centre has
achieved 18.82 per cent of the Budget Estimate of direct taxes for 2016-17. In
the case of indirect taxes, till July, 34.9 per cent of the Budget Estimate for
2016-17 had been realised.
http://www.thehindubusinessline.com/todays-paper/tax-collections-buoyant-surge-20-in-apriljuly/article8965604.ece
Swelling tax kitty reflects upturn in economic activity
The Centre’s tax revenues continued to show buoyancy with
both direct and indirect taxes collections recording a robust increase of over
20 per cent during the April-July period, showing improved economic
activity.While net direct tax collections grew 24.01 per cent for April-July
2016, indirect tax collections grew a whopping 29.1 per cent for the same
period, official data released on Tuesday showed.Till July 2016, the Centre has
achieved 18.82 per cent of the Budget estimate of direct taxes for 2016-17.In
the case of indirect taxes, the Centre has achieved till July this fiscal, 34.9
per cent of the Budget estimate of indirect taxes for 2016-17.
http://www.thehindubusinessline.com/todays-paper/tp-news/swelling-tax-kitty-reflects-upturn-in-economic-activity/article8965623.ece
Will try to meet targeted date on GST: Meghwal
Minister of State for Finance Arjun Ram Meghwal on Tuesday
re-iterated the government’s intention to introduce the goods and
services tax (GST) from April 1, 2017.“The roadmap has been announced. We
will try to meet the targeted date,” he said on the sidelines of the
Indian Cost Accounts Service Day, adding that meetings will be held across the
country with industry and small traders to clarify their doubts on
GST.Meanwhile, addressing the event, Finance Secretary Ashok Lavasa said there
was need to improve the quality of government spending to meet development
goals.
http://www.thehindubusinessline.com/todays-paper/tp-news/will-try-to-meet-targeted-date-on-gst-meghwal/article8965625.ece
STEEL INDUSTRY
More protection for steel industry with dumping levy on products
from 6 nations
The domestic steel industry got further protection from cheap
imports after the Finance Ministry imposed a provisional anti-dumping duty on
hot-rolled flat steel products from six countries, including China and South
Korea, for a period of six months.The levy comes within a week of the
recommendation from the Directorate-General of Anti Dumping, under the Ministry
for Commerce and Industry. “The Department of Revenue’s action has
been swift and one of the fastest in recent times,” a Finance Ministry
official said.
http://www.thehindubusinessline.com/todays-paper/more-protection-for-steel-industry-with-dumping-levy-on-products-from-6-nations/article8965602.ece
INFORMATION TECHNOLOGY
Telcos cry foul over RJio’s test services
The battle between incumbent telecom operators and Reliance Jio
has intensified with the former terming as illegal the latter’s offerg of
services on a trial basis.The operators alleged that Reliance Jio was offering
full-fledged services under the garb of testing, thus violating rules governing
interconnection, pricing and competition. In a communication to the Department
of Telecom, they also said that traffic from users of Reliance Jio’s free
trial offer was not only clogging their network but also violating regulations
relating to pricing and competition.
http://www.thehindubusinessline.com/todays-paper/telcos-cry-foul-over-rjios-test-services/article8965601.ece
Use FDI in e-commerce infra upgrade, not discounts: DIPP
The foreign direct investment (FDI) in the e-commerce sector
should be used for the betterment of infrastructure and not be used to
subsidise their products, Sanjeev Gupta, Additional Secretary, Department of
Industrial Policy and Promotion (DIPP), said at a CII event on Tuesday.Stating
that for e-commerce to grow, high speed internet penetration in rural areas is
essential, Gupta said: “In a survey of three lakh farmers done by DIPP,
we found that only 2 per cent of the farmers had 3G connectivity.”While
there has been a global slowdown, the Indian retail sector is still growing at
a good pace, he said, adding that, however, in terms of internet connectivity,
the country might be No.2 in the world, but still lags behind in 3G and 4G
connectivity.
http://www.thehindubusinessline.com/todays-paper/tp-info-tech/use-fdi-in-ecommerce-infra-upgrade-not-discounts-dipp/article8965610.ece
INTERNATIONAL
India, US to sign key defence logistics deal
Defence Minister Manohar Parrikar is likely to visit the US later
this year, and both the countries are likely to sign the Logistics Exchange
Memorandum of Agreement (LEMOA), which was finalised by Prime Minister Narendra
Modi in June.The LEMOA is expected to be signed in the presence of Parrikar and
US Secretary of Defence Ashton Carter. The agreement was agreed in principle in
April this year. The dates for Parrikar’s visit are yet to be finalised.
http://www.thehindubusinessline.com/todays-paper/tp-news/india-us-to-sign-key-defence-logistics-deal/article8965631.ece
For the next 10 years, I would rather invest in
India than in US: Marc Faber, Editor, The Gloom, Boom & Doom Report
The valuations of emerging markets are more attractive than in the
US and if one were to take a 10-year horizon, investors are likely to make more
money here, said Marc Faber, editor and publisher of "The Gloom, Boom
& Doom Report". In an interview with Sanam Mirchandani , Faber said India could grow at 4-6 per cent
per annum but compared to lower growth elsewhere it is better. On the passage
of the GST bill, Faber said it is positive, but ho ..
http://economictimes.indiatimes.com/articleshow/53624848.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Last Modi-Obama meet to be in China
Prime Minister Narendra Modi is expected to meet
Barack Obama in Hangzhou, China, on the sidelines of the G20 summit on
September 4-5 in what will probably be the last meeting between them before the
US president leaves office early next year. This
will follow the next edition of the Indo-US Strategic and Commercial Dialogue
in Delhi on August 30-31 when the two sides are expected to sign a key cyber
relationship document that had been agreed during Modi's trip to Washington in
June ..
http://economictimes.indiatimes.com/articleshow/53626969.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
BANKING
RBI is comfortable with bad loans clean-up by banks: Rajan
Governor Raghuram Rajan on Tuesday said the Reserve Bank of India
is comfortable with the bad loans recognition process by banks and there would
be no backtracking on the same.“Banks have certainly taken a lot of steps
(to clean-up their balance sheets)….And so the culture of cleaning up
seems to be well embedded as well as the culture of recovery on some of the
loans,” said Rajan in a media interaction after announcing the third
bi-monthly monetary policy review.In a speech in June, the Governor had
observed that since October 2015, when the RBI completed the bank-wide Asset
Quality Review (AQR), banks have classified existing distressed loans
appropriately, and since March 2016 are looking at their weak-but-not-yet-distressed
portfolio for necessary actions.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/rbi-is-comfortable-with-bad-loans-cleanup-by-banks-rajan/article8965577.ece
RBI’s decision to hold rates on expected lines: bankers,
experts
The RBI’s decision to keep rates on hold was on expected
lines, according to bankers, economists and market experts.
Arundhati Bhattacharya, Chairman, SBI, said,
“The RBI decision to maintain status quo was as per market
expectations.“The decision to frontload liquidity provisions through an
announcement of OMO is a well thought out move as capital flows have been
relatively slow this year given the global uncertainties, resulting in lower
net foreign exchange acquisition. We believe transmission of rates will happen
gradually over the next few months as credit growth picks up pace.”
Chanda Kochhar, MD and CEO, ICICI Bank , said: “The RBI has ensured adequate
liquidity and brought the liquidity balance closer to neutrality, which is
indeed commendable. The favourable monsoons and the momentum in policy reforms
like the Goods & Services Tax augur well for the economy, going
forward.” Bankers also expected higher volatility in fixed income yields.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/rbis-decision-to-hold-rates-on-expected-lines-bankers-experts/article8965582.ece
Lending rates to fall gradually
With the RBI choosing to hold rates yet again, borrowers can
expect only modest cuts in lending rates from here on, mostly leftovers of the
pass through of the policy rate cut thus far.While the slew of measures
announced by the RBI in its April policy has improved the liquidity situation —
key for smooth transmission of rate cuts— weak investment activity and
the niggling bad loan concerns have reduced banks’ leeway to lower
lending rates.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/lending-rates-to-fall-gradually/article8965579.ece
STATE
Karnataka to give marketing push to handlooms
The Karnataka government has embarked on a plan to transform the
handloom industry into an organised profession.As part of this exercise, it
plans to revive the State-owned Karnataka Handloom Development Corporation
(KHDC) and Caurvery Handlooms.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/karnataka-to-give-marketing-push-to-handlooms/article8965646.ece
Soon, an international film institute in Telangana
The Telangana government will set up an international film
institute across 100 acres.“We are going to acquire a chunk of 100 acres
soon to set up the institute. Besides world-class training facilities, the
institute will also provide residential quarters for the faculty drawn from
other parts of the country and abroad,” T Sriniva Yadav, Minister for
Cinematography and Animal Husbandry, has said.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/soon-an-international-film-institute-in-telangana/article8965647.ece
Will promote Araku coffee internationally: AP Chief Minister
The organic coffee being grown in the picturesque Araku valley in
the eastern ghats of Visakhapatnam district will be promoted in domestic and
international markets by the AP government in a big way, and coffee cultivation
will transform the lives of Girijans in the area, Chief Minister N Chandrababu
Naidu has assured.He made the promise at a public meeting on Tuesday in the
Araku valley, on the occasion of International Day of the World’s
Indigenous People, after visiting Pedalabudu tribal village that he has
adopted.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/will-promote-araku-coffee-internationally-ap-chief-minister/article8965645.ece
HC stays single-judge order on GO 123
A division bench of the Hyderabad High Court comprising Acting
Chief Justice Ramesh Ranganathan and Justice U. Durga Prasad Rao on Tuesday
stayed the operation of judgment of the single judge who quashed the GO123
which is being used by the Telangana government to buy large chunks of land in
the name of projects.The bench said the government cannot resort to
registration of sale deeds even from willing land owners till the government
submits a GO to satisfy the court that the landless poor get all the benefits
enumerated under second schedule of Act 30 of 2013.
http://www.thehindu.com/todays-paper/hc-stays-singlejudge-order-on-go-123/article8966358.ece
Draft notification on new districts likely on Aug. 22
Giving further momentum to the exercise of reorganisation
districts in the State, Chief Minister K. Chandrasekhar Rao on Tuesday directed
the officials to issue draft notification on the new districts during the third
week of this month – possibly on August 22.He also appointed a Cabinet
Sub-Committee to speed up the process and to study various aspects pertaining
to formation of new districts. The committee would be headed by Deputy Chief
Minister Md. Mahamood Ali, who also holds the Revenue portfolio.
http://www.thehindu.com/todays-paper/draft-notification-on-new-districts-likely-on-aug-22/article8966422.ece
Ensure necessary flow of water in Krishna: CM
Chief Minister K. Chandrasekhar Rao on Tuesday directed the officials
to ensure availability of required flow of water at all bathing ghats along the
Krishna river in the State for problem-free holy dip for pilgrims during the
Krishna Pushakarams commencing on August 12.He told Irrigation Minister T.
Harish Rao to ensure the required flow of water, particularly at the bathing
ghats below the Srisailam reservoir since the water storage in the project had
gone beyond 112 TMC ft and steady inflow of 1.5 lakh to 1.6 lakh cusecs was
continuing through Jurala from reservoirs upstream in Karnataka.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/ensure-necessary-flow-of-water-in-krishna-cm/article8966414.ece
Centre to table Factories Bill in Lok Sabha today
Labour Minister Bandaru Dattatreya will introduce the Factories
(Amendment) Bill of 2016 in the Lok Sabha today.The Bill, which seeks to allow
women to work in night shifts in a factory with adequate safety measures such
as rest rooms, night crèches and cab services, will apply to factories with at
least 40 workers. The Bill also treats transgenders on a par with other workers
without any discrimination against them.
http://www.thehindu.com/todays-paper/tp-business/centre-to-table-factories-bill-in-lok-sabha-today/article8966008.ece
Top 100 borrowers owe PSBs Rs.13.71 lakh crore
The Central government said the top 100 borrowers of public sector
banks owe nearly Rs 14 lakh crore to them.“The amount outstanding for top
100 borrowers of public sector banks as on March 31, 2016 was Rs.13,71,885
crore,” Minister of State for Finance Santosh Kumar Gangwar said in a
written reply to Rajya Sabha. The gross non-performing assets (GNPAs) of the
public sector banks increased Rs.2.16 lakh crore in 2013-14 to Rs.4.76 lakh
crore in 2015-16, he said.
http://www.thehindu.com/todays-paper/tp-business/top-100-borrowers-owe-psbs-rs1371-lakh-crore/article8965740.ece
Bilateral investment agreements ‘restrictive’
India’s bilateral investment pacts happen to be
“restrictive” while China is emerging as a major force when it
comes to overseas investments, Niti Aayog Vice-Chairman Arvind Panagariya
said.“China is now emerging as a provider of outward investment. It is
looking out to set rules for outward investment...Our own bilateral investment
treaty happens to be rather restrictive,” Panagariya said addressing the
International G20 Conference organised by ICRIER here.
http://www.thehindu.com/todays-paper/tp-business/bilateral-investment-agreements-restrictive/article8965739.ece
Centre to permit fixed term for textile workers
The Centre has proposed an amendment to the labour rules to allow
the textiles industry to hire workers on a fixed-term contract. In a bid to
provide flexibility in hiring and firing, the government introduced
“fixed-term employment” of workers in the apparel manufacturing
sector in the proposed Industrial Employment (Standing Orders) Central Rules,
2016 published on August 4. This will apply to factories employing a minimum of
100 workers.Such fixed-term workers will get the same benefits and terms of
employment, including working hours, wages and allowances, as provided to
permanent employees in the same factory. A contract worker will be entitled to
the same statutory benefits passed on to a permanent worker “in a
proportionate manner.”
http://www.thehindu.com/todays-paper/tp-business/centre-to-permit-fixed-term-for-textile-workers/article8965737.ece
New Delhi convention centre faces delays
The NDA government’s project to build a world-class
Integrated Exhibition-cum-Convention Centre (IECC) at Pragati Maidan in New
Delhi is facing delays, despite being closely monitored by the Prime
Minister’s Office (PMO).Two crucial steps — the appointment of an
architectural consultant by state-owned construction firm NBCC and the approval
for the proposed project by the Cabinet Committee on Economic Affairs (CCEA) --
have missed the March deadline, official sources told The Hindu . The pre-CCEA body, called the Public
Investment Board, had already approved the IECC project.
http://www.thehindu.com/todays-paper/tp-business/new-delhi-convention-centre-faces-delays/article8965743.ece
We could have done better had we changed course earlier: C
Rangarajan
During his distinguished career in public service,C
Rangarajan has served in various
capacities — as RBI Governor during the momentous post-1991 reforms
phase, Finance Commission Chairman, Planning Commission member, Andhra Pradesh
Governor, and as Chairman of the Economic Advisory Council to Prime Minister
Manmohan Singh. With that breadth of perspective, Rangarajan, currently
Chairman of the Madras School of Economics, provides an up-close,
insider’s account of India’s economic journey in the 70 years since
Independence.
http://www.thehindubusinessline.com/todays-paper/tp-news/we-could-have-done-better-had-we-changed-course-earlier-c-rangarajan/article8965620.ece
Bill to improve road safety introduced in Lok Sabha
A new Motor Vehicles Bill proposing hefty penalties for violating
traffic rules and streamlining the vehicle registration process was introduced
in the Lok Sabha on Tuesday amid protests from the Opposition, which said its
copies were not circulated to them in advance, as per practice.As Road
Transport and Highways Minister Nitin Gadkari got up to to introduce the Motor
Vehicles (Amendment) Bill, members belonging to the Congress, Trinamool
Congress and Left rose up in protest and urged Speaker Sumitra Mahajan not to
allow its introduction saying it would set a “bad precedent”.The
Speaker overruled their objections, saying that the Bill was only being tabled
and a discussion would follow later.
http://www.thehindubusinessline.com/todays-paper/tp-news/bill-to-improve-road-safety-introduced-in-lok-sabha/article8965622.ece
Govt rolls up with e-kart for buying select goods
Government procurement of select goods and services is now
possible at a one-stop online marketplace — an arrangement aimed at
improving transparency and bringing down corruption.Commerce & Industry
Minister Nirmala Sitharaman on Tuesday launched the pilot phase of
‘Government e-Marketplace’ (GeM), an end-to-end procurement system
for common use goods and services by government buyers developed by Directorate
General of Supplies and Disposals (DGS&D).“It is a big step towards
meeting the dream of the Prime Minister to move to a system with greater
transparency and no corruption. Like GST will revolutionise the taxation
system, this marketplace will revolutionise government procurement,” said
Sitharaman.
http://www.thehindubusinessline.com/todays-paper/tp-news/govt-rolls-up-with-ekart-for-buying-select-goods/article8965626.ece
Irom Sharmila ends 16-yr. fast
Ending her 16-year fast on Tuesday when she took a few drops of
honey, Irom Chanu Sharmila could not hold back her tears. A few moments later
the frail woman, who had been force-fed all these years, regained composure and
announced that she wants to be the Chief Minister of Manipur, some
day.“There is no democracy in Manipur. I want to be Chief Minister of
Manipur and make positive changes,” she said calmly.
http://www.thehindu.com/todays-paper/irom-sharmila-ends-16yr-fast/article8965774.ece
Biggest spectrum sale coming soon, rational bidding
expected from Bharti Airtel, Vodafone, Idea Cellular
India's biggest spectrum sale, starting September
29, is expected to see rational bidding with market leader Bharti AirtelBSE
0.36 % likely to spend $700 million to $1 billion for plugging 3G/4G spectrum
gaps, said experts. Second-largest
carrier, Vodafone India and No 3 operator, Idea CellularBSE 0.05 %, they said,
are likely to bid a maximum $2 billion and $1.3 billion, respectively, to
cherry-pick 3G/4G airwaves amid slower data growth and profitability pressures
driven by high ..
http://economictimes.indiatimes.com/articleshow/53625008.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
NHAI may raise Rs 5,000 crore more from EPFO via
bonds
The National Highways Authority of India (NHAI) could soon
raise Rs 5,000 crore more from the Employees' Provident Fund Organisation
(EPFO) to fund construction of its greenfield highway projects. The EPFO has already subscribed to
NHAI bonds worth Rs 5,000 crore for a period of 25 years at 8.03% interest.
http://economictimes.indiatimes.com/articleshow/53626383.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Enough funds for NREGS, says Rural Development Secretary Amarjeet
Sinha
The prospects of a good monsoon and an allocation of Rs 5,000
crore in the supplementary budget has boosted the Mahatma Gandhi National Rural
Employment Guarantee Scheme (NREGS) that now has sufficient funds to sail
through the next few months, Rural Development Secretary Amarjeet Sinha said. "We are doing a continuous
assessment and funds have been given to the states till September-...we will
assess the demand situation again after that but as of now we have adequate
funds," Sinha ..
http://economictimes.indiatimes.com/articleshow/53626342.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Parliamentarians in shock & disbelief after
Kalikho Pul's demise
The news of former Arunachal Pradesh CM Kalikho Pul's
reported suicide was received with a deep sense of shock, disbelief and sorrow
by many parliamentarians, especially those from the northeast. While the reason for the untimely end
is still a matter of speculation, Pul's political friends and foes agree that
in his death northeast has lost one of its most-promising and boisterous
practitioners of politics, adept at power-play, organisational skills and
administrative prowess..
http://economictimes.indiatimes.com/articleshow/53625533.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
This is for the information of the members.
R. KULKARNI
Joint Director