Today's News in Media - 17-08-2016

[Ftapcci Hyd]

Dear all,

VISA

IT blues: US says hike in H-1B, L1 visa fees to stay
The Indian information technology industry is unlikely to get any early respite from the steep selective increase in short-term visa fees for professionals instituted by the US last December.Washington has informed New Delhi that reversing a decision that is part of its Omnibus Bill is not possible.According to a Commerce Ministry official, Deputy US Trade Representative Robert Holleyman, during his recent visit to India, told the Ministry that once a policy is part of the appropriation bill (or Omnibus Bill), it has to run its full course and the decision cannot be terminated mid-way.
http://www.thehindubusinessline.com/todays-paper/it-blues-us-says-hike-in-h1b-l1-visa-fees-to-stay/article8996035.ece

GST

State Finance Ministers to meet industry associations on GST
The Centre and States are initiating outreach programmes with industry associations to get their inputs on the Goods and Services Tax (GST).“The Empowered Committee of State Finance Ministers will meet industry and trade representatives on August 30 to get their inputs on the model GST law,” said a person close to the development.Industry associations, including the Confederation of Indian Industry, will attend the meeting, sources said. Meanwhile, the Union Finance Ministry and the Central Board of Excise and Customs (CBEC) will also hold similar meetings with trade and business associations.“The Finance Ministry has called for a series of meetings with trade and industry representatives this week to get their suggestions on the model law and also discuss their concerns on the new tax system,” said another official, adding that more discussions at field level will take place over the next few months.
http://www.thehindubusinessline.com/todays-paper/tp-news/state-finance-ministers-to-meet-industry-associations-on-gst/article8996057.ece

INTERNATIONAL

Ratification of India, Japan civil nuclear deal may face further delay
The ratification of India-Japan Civil Nuclear deal is likely to be delayed further.“It is unlikely that the Diet (Japan’s national legislature, which is likely to meet for a special session end of next month) will take up the India-Japan Civil Nuclear deal for ratification. There are still some issues that need to be discussed,” a top official, involved in the talks, toldBusinessLine .
http://www.thehindubusinessline.com/todays-paper/tp-news/ratification-of-india-japan-civil-nuclear-deal-may-face-further-delay/article8996056.ece

AGRICULTURE

Centre to set up kiosks at stations for e-auction of agri products
The Centre is planning to develop Kiosks at railway stations for farmers to facilitate e-auctions of agriculture products, the Union Minister of State for agriculture and farmers welfare, Parshottam Rupala said here at the 9th International Summit on Food Processing, Agribusiness and Dairy.Speaking at the summit, Rupala informed that Central government is planning to develop Kiosks for farmers, which will be made available soon at Railway stations for e-auctions of agriculture products.Speaking on the Rail Cold Chain facilities on Super Fast trains to reduce wastage, Sadhvi Niranjan Jyoti, Union Minister of State for food processing stated that loss due to Food wastage is on the biggest priority of the Ministry. “We are planning to developed cold chain facilities on super fast trains to reduce the wastage of food.”
http://www.thehindubusinessline.com/todays-paper/tp-news/centre-to-set-up-kiosks-at-stations-for-eauction-of-agri-products/article8996070.ece

BANKING

Hope bankers will not exhibit irrational exuberance in lending: Raghuram Rajan
Harking back to the period of irrational exuberance in 2007-08 when bankers lent without asking too many questions, Reserve Bank of India Governor Raghuram Rajan on Tuesday hoped that this time it will be different. His comments come in the context of the asset quality challenges banks are facing.Speaking at the FICCI-IBA Annual Global Banking Conference, Rajan observed that India will have enormous project financing needs in the days ahead.“Even though bankers are very risk averse today, and few projects are coming up for financing, this will change soon. What is in the pipeline is truly enormous — airports, railway lines, power plants, roads, manufacturing plants, etc.“Bankers will remember the period of irrational exuberance in 2007-08 when they lent without asking too many questions. I am hopeful that this time will be different,” said Rajan.Fitch Ratings, in a recent report, cautioned that the outlook for the banking sector’s asset quality will remain challenging over the next 12-18 months, given exposure to stressed sectors and the difficult resolution process for stressed assets in the near term.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/hope-bankers-will-not-exhibit-irrational-exuberance-in-lending-raghuram-rajan/article8996021.ece

Soon, pay foreign merchants online via PayU Biz or e-wallets 
You may soon be able to use Net banking or even e-wallets to make online purchases from foreign merchants.In the next few months, PayU Biz will channel payments to foreign merchants, Rahul Kothari, Business Head, PayU Biz, said.Currently, none of the Indian payment gateways has cross-border arrangements whereby they can accept payments to foreign merchants.Hence, most Indian customers can only use their credit cards or, at best, some top-end debit cards for their online purchases with foreign merchants.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/soon-pay-foreign-merchants-online-via-payu-biz-or-ewallets/article8996020.ece

An interest-free gold loan that’s catching the eye
Three years back when the Centre had strict regulations on import of gold and the metal was in short supply in the country, jewellers offered ‘cash-for-gold’ schemes. To incentivise people to trade in their ‘old’ gold, jewellers were even offering Rs. 50-100 per gram higher on the old gold.Today, even as most restrictions on importing gold stand removed, jewellers are still in trouble. The domestic market price of gold is 2.5-3 per cent lower than international prices as demand remains lacklustre.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/an-interestfree-gold-loan-thats-catching-the-eye/article8996019.ece

TAX

Indirect tax collections rise 30% in June quarter
The tax department is hopeful of meeting the revenue collection target for FY 2016-17, a top official said on Tuesday. Indirect tax collection rose by about 30.8 per cent during April-June to Rs.1,99,970 crore, from Rs.1,52,740 crore collected in the year-ago period. The collection up to June indicate that 25.7 per cent of the annual budget target of indirect taxes has been achieved in the first three months of the fiscal. “We have done very well so far. Collection in the June quarter from central excise, customs and service tax put together are 30 per cent more from the year-ago period,” Central Board of Excise and Customs Chairman Najib Shah said. 
http://www.thehindu.com/todays-paper/tp-business/indirect-tax-collections-rise-30-in-june-quarter/article8996173.ece

INFRASTRUCTURE

Government initiates move to fix black spots on highways; target to halve road deaths in 4 years 
The road transport and highways ministry has prepared a list of black spots on national highways to be fixed on priority basis to reduce the number of road deaths. India has the highest number of road fatalities in the world with road accidents claiming more than 1.4 lakh lives every year, according to a government report. The ministry targets to reduce the number of road accident deaths by half in next four years. "We have found that in most of the cases accidents occur due to bad  .. 
http://economictimes.indiatimes.com/articleshow/53731560.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

STATE

Pact with Maharashtra likely to speed up work on Kaleshwaram project
The formal signing of an agreement with the Government of Maharashtra on the construction of Medigadda, Tummidihatti and three other barrages, scheduled in Mumbai on August 23, is likely to be a shot in the arm for Telangana Government at a time when all the Opposition parties are up in arms against it on the issue of land acquisition for projects.Acquisition of land for Kaleshwaram Project, one part of the Pranahita-Chevella project conceived by the then Congress Government in 2007, is mired in controversies following stiff resistance from people of a few villages in Medak district, where a huge reservoir for storing 50 TMC ft water is planned in the name of Mallannasagar. However, the government is in the process of convincing people as the reservoir holds key for supply of the project water to Medak, Nalgonda and Nizamabad districts.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/pact-with-maharashtra-likely-to-speed-up-work-on-kaleshwaram-project/article8996841.ece

Jobs would be given as per TS industrial policy: Government
Last week, K. Rama Krishna Reddy, Advocate General of Telangana, produced a copy of GO 190. Counsel for the agricultural labours pointed out that the offer of employment and annuity policies with appropriate indexation to the Consumer Price Index (CPI) were not found. The concept of joint family was introduced and the GO was vague.The Bench asked the Advocate General to explain this. On Tuesday, the government produced GO 191, which conceded the demand of linkage of annuity with the CPI. The government claimed that jobs would be given as per the Telangana Industrial Policy.The counsel for the agricultural labourers said that the Act 30 of 2013 gives a status of a separate family for widow and major children but the new GO takes away this benefit. The counsel for the labourers said that the national manufacturing policy as declared by the Union of India under which the present NIMZ got approval, the local affected people must be offered jobs first.The bench recorded the contentions and made it clear that the government should place a comprehensive scheme before the court. In view of the undertaking by the government that immediate dispossession of the sellers would not take place, the court said registration could take place but the policy, in conformity with the 2013 Act, would have to be submitted to court. The appeal will come up after four weeks.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/jobs-would-be-given-as-per-ts-industrial-policy-government/article8996849.ece

Mallannasagar has no alternative: Harish Rao
To provide water for cultivation in Nizamabad district, there is no alternative to Mallannasagar reservoir as inflows into Singur and in turn, into Nizamsagar has almost stopped, said T. Harish Rao, Minister for Irrigation and Marketing.“Manjeera river is seldom getting water resulting in severe drought in its catchment area. To combat this situation, diversion of the Godavari water into Nizamsagar through the proposed Mallannasagar project is the only option. Thus, the Mallannasagar has no substitute,” said the Minister.Addressing a well-attended public meeting here in Jakranpally mandal after laying the foundation to Guthpa Lift Irrigation Scheme expansion works on Tuesday, he said that with these works undertaken with an outlay of Rs. 23.80 crore, an additional 2,642 acres could be given water.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/mallannasagar-has-no-alternative-harish-rao/article8997263.ece

Eclat to open facility in Karimnagar
US-based Eclat Health Solutions will inaugurate its new facility in Karimnagar on Wednesday, the company’s senior officials announced here on Tuesday.Eclat provides medical coding and analytics solutions to US-based hospitals through its three facilities located in Chennai, Hyderabad and Karimnagar. The Karimnagar facility was part of the MoU the company inked with the State government when IT Minister K.T. Rama Rao was visiting the US earlier this year.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/eclat-to-open-facility-in-karimnagar/article8996833.ece

New Mangalore Port Trust initiatives to boost exim trade
Various measures initiated by New Mangalore Port Trust (NMPT) for maritime infrastructure development will help boost the growth of export-import trade, according to PC Parida, Chairman of NMPT.Speaking after unfurling the national flag on Monday, he said the mechanisation of cargo handling and container handling facilities at New Mangalore Port will bring investment of Rs. 750 crore in public-private partnership mode.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/new-mangalore-port-trust-initiatives-to-boost-exim-trade/article8996099.ece

ICL Fincorp plans to expand in Telangana, AP
Kerala-based non-banking finance company ICL Fincorp has opened its first branch in Telangana.Announcing this at a press conference here on Tuesday, its Managing Director and Chief Executive Officer KG Anilkumar said plans were afoot to open 25 branches across Telangana and Andhra Pradesh by December.Incorporated in 1991, ICL has about Rs. 100 crore outstanding loan portfolio spread across different segments such as gold loans, home loans, business loans, among others.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/icl-fincorp-plans-to-expand-in-telangana-ap/article8996076.ece

A.P. seeks relook at Krishna water allocation
The Andhra Pradesh government has reiterated its appeal for allocation of the Krishna water among the four riparian States.A.P. argued that unlike States which had political boundaries, the river should be treated as a single unit from the place of its birth to its confluence in the sea. Accordingly, the needs of all the riparian States should be taken into consideration while making project-wise allocations among them.
http://www.thehindu.com/todays-paper/ap-seeks-relook-at-krishna-water-allocation/article8996298.ece

Centre promises roadmap on commitments to State
The Central government has promised to come up with a roadmap on the pending promises made to Andhra Pradesh very soon. Union Home Minister Rajnath Singh gave the assurance following an appeal made by his Cabinet colleagues M. Venkaiah Naidu and Y. Satyanarayana (Sujana) Chowdary. Intensifying their efforts for fulfilment of promises made to the State at the time of bifurcation, Mr. Venkaiah Naidu and Mr. Chowdary called on the Home Minister, Finance Minister Arun Jaitley and Petroleum Minister Dharmendra Pradhan in New Delhi on Tuesday. Top officials of the Home and Finance Ministries were present during the meetings wherein deliberations were also held on delimitation of Assembly constituencies to enhance the number of seats.
http://www.thehindu.com/todays-paper/centre-promises-roadmap-on-commitments-to-state/article8996299.ece

NIMZ: HC allows TS to buy land from willing landowners
A division Bench of the Hyderabad High Court comprising Acting Chief Justice Ramesh Ranganathan and Justice U. Durga Prasad Rao on Tuesday permitted the Telangana State government to purchase land from willing landowners for National Investment and Manufacturing Zone (NIMZ) in Medak district. The sellers shall not be dispossessed till the benefits under the second schedule of the 2013 Act are filed in the court to the satisfaction of the Bench.The Bench was dealing with a writ petition filed by Telangana Government challenging the judgment of the single judge. The single judge had quashed the GO123 in a writ petition filed by A.Tukkamma and 21other agricultural labourers of Bardipur, Jarasnagham Mandal, Medak district. These people were affected by land acquisition for NIMZ. The government had offered to give all the benefits under second schedule of Act 30 of 2013 and the Bench wanted the government to place the GO issued in this regard.
http://www.thehindu.com/todays-paper/nimz-hc-allows-ts-to-buy-land-from-willing-landowners/article8996790.ece

Jaitley likely to skip SAARC meet
Union Finance Minister Arun Jaitley will most likely skip the SAARC Finance Ministers’ conference in Islamabad on August 25 and 26 as some of his counterparts are also not likely to participate owing to their domestic pre- occupations.According to official sources, a senior Finance Ministry official is likely to represent the country instead. Mr. Jaitley is expected to send a formal note to Prime Minister Narendra Modi and External Affairs Minister Sushma Swaraj in this regard.
http://www.thehindu.com/todays-paper/jaitley-likely-to-skip-saarc-meet/article8996201.ece

Transforming India
The Modi government has been accused in the past of being big on slogans, but not so big on delivery. While slogans do play an important role in conveying a message to the masses, there is a risk of rhetoric overwhelming reality. This is why Prime Minister Narendra Modi’s Independence Day speech came as a refreshing departure from the past. While Modi’s wonted oratorial skills were very much in evidence, the thrust of the speech was less about slogans and more about implementation. This focus on outcomes rather than intentions is welcome. Indeed, outcomes should be the focus of this, or any government. If at all another slogan is needed, it should be ‘Implementation, Implementation, Implementation’. For, this administration, more than any that preceded it, will be judged on its implementation record.
http://www.thehindubusinessline.com/todays-paper/tp-opinion/transforming-india/article8996083.ece

How India banked on reforms
Reforms were a response to the acute economic crisis that India faced in 1991. There is a common thread running through the various measures introduced since July 1991 and that is to improve the productivity and efficiency of the system by injecting a greater element of competition. There has thus been a paradigm shift in India’s approach to economic policy.Even as reforms were introduced in the real sector, it became obvious that without corresponding reforms in the financial sector, the expected results would not be achieved. It may be worthwhile to recall the key changes in the monetary and banking sectors that were brought about in the first few years after the reforms. The difficulties faced were no less challenging than what they were in the real sector.
http://www.thehindubusinessline.com/todays-paper/tp-opinion/how-india-banked-on-reforms/article8996086.ece

Rajan asks banks to improve cybersecurity
In the wake of increased instances of cyber attacks, Governor Raghuram Rajan on Tuesday said RBI is improving its capabilities and also urged the lenders to strengthen their systems. “There have been cyber incidents in the recent past. I think it would be overly complacent for anyone of us to say we are well prepared to meet all cyber threats,” he said at the annual Fibac event. “Too many access points are left unmonitored, too many people share passwords or have easily penetrated passwords, and too little surveillance is maintained of vendors and the software they create,” Mr. Rajan said. He urged the lenders to take a “fresh look” at their security architecture. The Governor said at RBI, the process of setting up an IT subsidiary is on and after hiring a Chief Executive, the second rung is being hired directly from the market. 
http://www.thehindu.com/todays-paper/tp-business/rajan-asks-banks-to-improve-cybersecurity/article8996168.ece

BBB should appoint top executives at state-owned banks, says Rajan
Outgoing Reserve Bank of India (RBI) governor Raghuram Rajan has stressed the need to improve governance at public sector banks and said the task of appointing top executives and non-official directors in these entities should be left to the Bank Board Bureau (BBB).At present, the Centre appoints the chief executive, executive directors and other board members.Mr. Rajan’s suggestion is in line with the proposals of the P.J. Nayak committee set up by the RBI to look into the issue of governance in Indian banks.
http://www.thehindu.com/todays-paper/tp-business/bbb-should-appoint-top-executives-at-stateowned-banks-says-rajan/article8996160.ece

Food lifts WPI inflation to 23-month high
Wholesale price inflation accelerated to a 23-month high of 3.6 per cent in July, driven mainly by higher food prices, according to official data.The pace of price gains as measured by the wholesale price index more than doubled in July from 1.62 per cent in June, leaving the Reserve Bank of India even less elbow room to cut benchmark interest rates at its next meeting, according to experts.Food inflation came in at a blistering 11.8 per cent, the fastest in 31 months and compared with June’s 8.2 per cent. “The spike in the WPI seems to be driven by food inflation which itself has been driven by inflation in the foodgrain and vegetable categories,” said D.K. Srivastava, Chief Policy Advisor, EY India. “One expects that after the beneficial effects of the monsoon are factored in, then this will trend down.”
http://www.thehindu.com/todays-paper/tp-business/food-lifts-wpi-inflation-to-23month-high/article8996163.ece

GLOBAL

China is highly concerned with increasing steel trade protectionism from Europe 
China is highly concerned with increasing steel trade protectionism from Europe and will seek to protect the rights of Chinese steel export companies using legal measures, commerce ministry spokesman Shen Danyang said on Wednesday. Commerce ministry is entitled to conduct a probe if the merger deal between Chinese ride-hailing firm Didi Chuxing and the China unit of US rival Uber suggest a potential monopoly in the making, Shen said. 
http://economictimes.indiatimes.com/articleshow/53733714.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

UK companies see costs rise as result of vote to exit EU 
he pound's sharp drop following Britain's vote to leave the European Union is starting to affect companies, particularly manufacturers, by increasing the cost of the imported raw materials and goods they require to do business. Official figures released on Tuesday showed that producer prices rose 4.3% in the year through July, compared with a 0.5% drop in the year through June as the cost of raw materials increased due to the pound's decline in the wake of the EU referendum. 
http://economictimes.indiatimes.com/articleshow/53731779.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

China joins world's 25 most innovative economies 
The United Nations' intellectual property organization says China has joined the world's top 25 most innovative economies for the first time. The finding is part of an annual report - the Global Innovation Index - jointly sponsored by the World Intellectual Property Organization (WIPO), Cornell University, and INSEAD, a leading international graduate business school. 
http://economictimes.indiatimes.com/articleshow/53728446.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

World economy ready for Fed rate hike, says RBA's Stevens: Reports 
The chief of Australia's central bank said the world is ready for the US Federal Reserve to raise interest rates for a second time in this tightening cycle, according to an interview published online by the Wall Street Journal. "I can't see why the global economy is really any less ready for No. 2 than it was for No. 1," Reserve Bank of Australia Governor Glenn Stevens was quoted as saying. "It's as ready as it has ever been in any of the other episodes." 
http://economictimes.indiatimes.com/articleshow/53729005.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

This is for the information of the members.


R. KULKARNI
Joint Director