Today's News in Media - 12-08-2016
Ftapcci Hyd
Dear all,
INTERNATIONAL
India to face pressure on tariff cuts at RCEP meet in Vietnam today
Close on the heels of the meeting of trade ministers from the 16
countries negotiating the regional comprehensive economic partnership,
officials are meeting this week in Vietnam where pressure will be high on India
to spell out the tariff cuts in goods it proposes to offer.“While India has
recently changed tracks emphasising that it doesn’t want to bring down tariffs
to zero, members would want it to reveal the tariff cuts it has in mind and try
to push the country to pare them as low as possible,” a government official
told BusinessLine .
http://www.thehindubusinessline.com/todays-paper/tp-news/india-to-face-pressure-on-tariff-cuts-at-rcep-meet-in-vietnam-today/article8976051.ece
India, US fated to be strategic partners: think tank
India and the US are fated to be strategic partners because of the
ever shifting dynamics and inherent tensions involved in the US-China-India triangle,
Ashley J Tellis, Senior Associate, Carnegie Endowment for International Peace,
told the Asia Society in Mumbai recently.Analysing the aims, strategies and
consequences of the three powers, Tellis said the US will remain a power in
Asia and will not go away.It will seek to preserve its pre-eminent position to
strengthen the liberal order in Asia, by forging stronger alliances, expanding
them, and deepening economic integration.China will try to maintain its
long-term growth record and use trade to re-establish its hegemony.
http://www.thehindubusinessline.com/todays-paper/tp-news/india-us-fated-to-be-strategic-partners-think-tank/article8976072.ece
A new agenda for India and Singapore
India’s diplomatic ties with Singapore date back a little over 50
years. This also coincides with the celebration of 50 years of Singapore as an
independent nation.It has been a remarkable partnership: India and Indians are
deeply lodged in Singapore’s DNA. And over this period Singapore has become
India’s “best friend” in the South East Asian region. The level of
collaboration has steadily grown. Common economic and security interests are
just two key examples. The question is: Where to, next? Is bilateral
partnership on a plateau or is there a new agenda ahead?
http://www.thehindubusinessline.com/todays-paper/tp-opinion/a-new-agenda-for-india-and-singapore/article8976092.ece
Make in India, Finance in the UK
In the words of the IMF, India is the “bright spot” in the global
economy: the fastest growing G20 country, with a reforming Prime Minister who
is determined that India will fulfil its potential. But what are the raw
ingredients needed for this growth and does India have them?Writing in 1776, in
his seminal work, An Inquiry
into the Nature and Causes of the Wealth of Nations , Adam Smith identified three basic
factors of production: land, labour and capital. Some 240 years later, these
three factors are still central elements to any growth story. Bringing in the
necessary land reforms and technology to exploit India’s natural resources is
firmly on Prime Minister Narendra Modi’s radar, likewise the focus on Skills
India to improve labour productivity and manufacturing. The UK, of course, is
working extensively with India on both these agendas but it is the third area,
capital, that is essential to really propel growth. Where is the money going to
come from to invest in technology, skills and infrastructure?
http://www.thehindubusinessline.com/todays-paper/tp-opinion/make-in-india-finance-in-the-uk/article8976093.ece
Indo-Bangla power project faces environmentalists’ ire
A genuine concern for environment, mixed with a generous dose of
emotion and misinformation fanned by interest groups, has gripped the proposed
1,320 MW Indo-Bangla joint venture for coal-fired power generation in
Bangladesh.Timed with the award of the turnkey contract in July, the protests
are mostly restricted in social media and do not pose any immediate threat to
the estimated $2 billion NTPC-operated project, backed by easy (Libor plus one
per cent) finance from India.But the general aversion of the Bangladeshi
government to participate in debates is giving the protesters a free run. At
the heart of the debate is an imported coal-based 2 x 660MW super-critical
project, taken up by a 50:50 JV of State-owned NTPC and the Bangladesh Power
Development Board (BPDB) at Rampal, some 14 km north of the outer periphery of
the Sunderbans mangrove forests.
http://www.thehindubusinessline.com/todays-paper/tp-others/tp-states/indobangla-power-project-faces-environmentalists-ire/article8976106.ece
INDIAN TEXTILES
TPP threat looms over Indian textiles
Textile and clothing sector accounts for roughly 5 per cent of
India’s GDP, 15 per cent of its industrial output and export earnings and
provides livelihood support to 55-60 million people directly or
indirectly.India is not a party to the Transpacific Partnership Pact (TPP)
comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New
Zealand, Peru, Singapore, Vietnam, and the US. However, it has serious
implications for India’s textile and clothing sector as the US is a key export
destination. Post-Brexit turmoil in Europe will further increase India’s
dependency on US markets.
http://www.thehindubusinessline.com/todays-paper/tp-opinion/tpp-threat-looms-over-indian-textiles/article8976100.ece
BANKING
Customer not liable if fraud is due to bank’s fault: RBI
In view of the recent surge in customer grievances relating to
unauthorised transactions resulting in erroneous debits to their
accounts/cards, the Reserve Bank of India, in a draft circular, said the burden
of proving customer liability in case of unauthorised electronic banking
transactions will lie with the banks.Further, banks must provide customers with
24x7 access through multiple channels (at a minimum, via Web site, phone
banking, SMS, IVR, a dedicated toll-free helpline, reporting to home branch,
etc.) for reporting fraudulent transactions that have taken place and/or loss
or theft of payment instrument such as card, etc.
http://www.thehindubusinessline.com/todays-paper/tp-money-banking/customer-not-liable-if-fraud-is-due-to-banks-fault-rbi/article8976024.ece
GAS
Only Coal India can extract CBM from its blocks: Oil Ministry to
Parliament panel
The Ministry of Petroleum and Natural Gas has clarified to a
Parliamentary committee that only Coal India is allowed to exploit coal bed
methane (CBM) from its existing coal blocks.Private companies such as Essar and
Hindalco, operating coal blocks, will have to seek fresh permission under the
Hydrocarbon Exploration Licensing Policy (HELP) to be able to produce CBM. The
government is still in the process of working out the nuances of HELP
contracts, and a fresh round of hydrocarbons auctions — convention as well as
unconventional — will be conducted under this regime.
http://www.thehindubusinessline.com/todays-paper/tp-news/only-coal-india-can-extract-cbm-from-its-blocks-oil-ministry-to-parliament-panel/article8976052.ece
INFRASTRUCTURE
Parliamentary panel calls for variable rail fare structure
To compete with airlines and boost earnings of the Railways, the
Parliamentary Railway Convention Committee has recommended a rationalised
variable fare structure.In its report tabled in Parliament on Thursday, the
panel however cautioned the Railway Ministry that the fare structure “should
not be at the cost of passengers”.The committee, headed by BJD leader
Bhartruhari Mahtab also expressed concern over the gradual decrease in the
passenger share of Railways. “The number of passengers in Railways in 2012-13
was 8,421 million, which has come down to 8,151.90 million in 2015-16,” the
report noted.
http://www.thehindubusinessline.com/todays-paper/tp-news/parliamentary-panel-calls-for-variable-rail-fare-structure/article8976070.ece
MARKET
Assocham-Crisil study pitches for raising EPF’s equity exposure
There is a need to increase equity exposure of retirement funds,
says a study by industry chamber Assocham and analytics firm Crisil. At
present, 5-15 per cent of funds with the Employees’ Provident Fund Organisation
(EPFO) are allowed to be invested in equity, but the tripartite body of
trustees has given the go-ahead for only 5 per cent investments.“The global
exposure level is much higher – in OECD countries, for instance, the average is
near 30 per cent, it is imperative, therefore, to increase this exposure
level,” said the study.
http://www.thehindubusinessline.com/todays-paper/tp-markets/assochamcrisil-study-pitches-for-raising-epfs-equity-exposure/article8975995.ece
SEZs TAX
Ministry wants SEZs’ tax sops to continue
The Commerce Ministry has raised with the Finance Ministry the
Special Economic Zone (SEZ) sector’s concerns about the lack of clarity in the
proposed Goods & Services Tax (GST) regime on the continuation of tax &
duty exemptions, official sources said.According to the Commerce Ministry, many
tax and duty incentives have been offered to SEZ units and developers in the
current SEZ policy to help them attract investments, and in turn, generate
employment and boost exports. Pointing out that the proposed GST regime does
not provide clarity on these SEZ-related incentives, the Commerce Ministry
sought continuation of the tax and duty exemptions, the sources said.
http://www.thehindu.com/todays-paper/tp-business/ministry-wants-sezs-tax-sops-to-continue/article8976514.ece
INFORMATION TECHNOLOGY
COAI seeks PMO’s intervention in Jio spat
The Cellular Operators Association of India (COAI) has written to
the Prime Minister’s Office “expressing deep concern” over regulator TRAI
allegedly favouring new entrants such as Reliance Jio at the cost of existing
operators such as Bharti Airtel, Idea and Vodafone. In the letter, addressed to
Principal Secretary of PMO Nripendra Misra, COAI sought to bring attention to
some recent consultation papers by TRAI such as the one on mobile termination
charges. These papers, the COAI said, seen along with other recent TRAI
decisions such as on call drop regulations, point to a pattern of
discrimination against the existing operators.
http://www.thehindu.com/todays-paper/tp-business/coai-seeks-pmos-intervention-in-jio-spat/article8976504.ece
Digital projects to get Rs.10,000 cr from USOF
About Rs.10,000 crore will be spent in the current financial year
from the Universal Service Obligation Fund (USOF) to execute various digital
infrastructure projects to boost connectivity in rural areas, a senior telecom
ministry official said.This amount “is the highest in the history of USOF,”
Telecom Secretary J. S. Deepak told delegates at a seminar on 'ICT emerging
technologies & USOF for Digital India.'The USO Fund is maintained by the
government. Under the New Telecom Policy, a provision was made to raise money
for this fund through a ‘Universal Access Levy’, charged from operators as a
percentage of various licenses fees being paid by them.
http://www.thehindu.com/todays-paper/tp-business/digital-projects-to-get-rs10000-cr-from-usof/article8976500.ece
GST
GST to improve ease of doing business: Jaitley
Union Finance and Corporate Affairs Minister Arun Jaitley said
that the Goods and Services Tax regime, once implemented, will improve the ease
of doing business in the country.Mr. Jaitley, who was speaking after launching
two new initiatives for entrepreneurs by the ministry of micro, small and
medium enterprises (MSME), said the NDA government is committed to making such
enterprises more competitive and providing them access to capital.Starting this
year, the census of MSME units in the country will be done online instead of
relying on physical surveys with the intention of creating a comprehensive
database with real-time information on different enterprises. This database
will eventually be used for public procurement purposes and would also be used
by public sector enterprises to scale up their purchases from small
enterprises.
http://www.thehindu.com/todays-paper/tp-business/gst-to-improve-ease-of-doing-business-jaitley/article8976506.ece
GST: property rates may shoot up
Property prices in the city and rest of Telangana are all set to
increase because of the introduction of GST (Goods and Service Tax), Real
Estate Sector leaders have predicted. The cost of every property might increase
by 20 per cent though the prices of construction material like cement is likely
to go up marginally, said S. Ram Reddy, president, CREDAI (Confederation of
Real Estate Developers Association of India), Hyderabad. He said that with
service tax not reaching the service providers or developers but only the
government, the prices might have to be increased by them. He also added that
the GST rates would be high when compared to just VAT or Service Tax, which may
lead to higher pricing of properties.However, other members of the association
felt that it was too early to know the impact of GST and differed on the exact
increase of prices.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/gst-property-rates-may-shoot-up/article8977593.ece
STATE
Apex court quashes TS review plea on APSCHE
The Supreme Court dismissed a plea by the State of Telangana to
review an apex court judgment directing the division of pre-bifurcation assets
of the Andhra Pradesh State Council of Higher Education (APSCHE) between the
two successor States in the population ratio of 58:42.A Bench of Justices V.
Gopala Gowda and Arun Mishra on Thursday refused to re-consider their March 18
verdict which condemned Telangana’s claim of ownership over the entire funds
and assets of the erstwhile APSCHE merely on the ground that they were located
in Hyderabad, which is now part of Telangana after the bifurcation.
http://www.thehindu.com/todays-paper/apex-court-quashes-ts-review-plea-on-apsche/article8976658.ece
‘Merger has nothing to do with fuelling the telecom business’
Aditya Birla Group Chairman Kumar Mangalam Birla said the
restructuring of businesses announced on Thursday was aimed at riding the India
growth story, which is seeing green shoots, thanks to positive changes in
policy by the Centre.Responding to a question from BusinessLine , Birla said that policy decisions
such as the GST are huge positives. “I do not see any headwinds in particular.
The government is doing the right things,” he said.
http://www.thehindubusinessline.com/todays-paper/merger-has-nothing-to-do-with-fuelling-the-telecom-business/article8976040.ece
Aditya Birla Nuvo, Grasim to merge, creating Rs. 60,000-crore behemoth
The Aditya Birla Group on Thursday announced a plan to merge
Aditya Birla Nuvo Ltd (ABNL) with Grasim Industries to create an entity with
combined revenue of Rs. 60,000
crore.Under this plan, the financial services business will be demerged into a
newly formed company — Aditya Birla Financial Services Ltd (ABFSL), which will
be listed separately.The transaction will be completed by the end of the
current fiscal; the financial services arm will be listed next year.
http://www.thehindubusinessline.com/todays-paper/aditya-birla-nuvo-grasim-to-merge-creating-rs-60000crore-behemoth/article8976039.ece
IKEA’s first store to open in autumn 2017
Swedish home furnishings major IKEA on Thursday formally began
work on its first store in India at Hyderabad, a 400,000 sq. ft. facility it
plans to open in autumn of 2017.The investment will be Rs.700 crore, IKEA India
CEO Juvencio Maeztu announced, adding that the company has acquired land for a
store in Mumbai and is in the process of doing so at Bengaluru and NCR
(National Capital Region).
http://www.thehindu.com/todays-paper/tp-business/ikeas-first-store-to-open-in-autumn-2017/article8976505.ece
Ministry unveils portal to check call drops
Telecom regulator TRAI introduced a portal that will allow mobile
phone users to check the call drop rate, network coverage and call quality on
their operators’ network. TRAI Chairman R S Sharma said this will bring in
transparency about the network performance as consumers will be able to see if
the call drop situation has changed. “It is a transparency portal where
consumers will get information on all parameters of quality of service (QoS)
including call drops, coverage or call quality,” Mr. Sharma said. Further, the
regulator is likely to come out with a consultation paper on net neutrality and
their final view on the issue of free data by the end of this month. “We are
working on both the things… most probably, we will be able to bring the final
thing of free data and consultation paper of net neutrality by the end of this
month,” Mr. Sharma said.
http://www.thehindu.com/todays-paper/tp-business/ministry-unveils-portal-to-check-call-drops/article8976512.ece
Karimnagar will soon boast of State’s first cable-stayed bridge
The Telangana State’s first high-level cable-stayed bridge across
the Manair river would come up on the outskirts of Karimnagar connecting
Sabhashpalli village of Manakondur mandal to Rajiv Rahadari to ease traffic
congestion on the road between Ramagundam and Hyderabad via
Karimnagar.Disclosing this to newsmen here on Thursday, Karimnagar legislator
G. Kamalakar said the State government issued GO 394 on August 9 sanctioning
the cable-stayed bridge across Manair at a cost of Rs. 147 crore, including Rs.
586.60 lakh for land acquisition.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/karimnagar-will-soon-boast-of-states-first-cablestayed-bridge/article8977161.ece
NGO comes forward to donate land to TS govt.
The
executive committee of Samskar, a social service organisation founded by late
Lavanam and his wife Hemalata, will donate the NGO’s property located at Varni
mandal headquarters, along with the infrastructure worth about Rs. 6 crore, to
the Government of Telangana at a function on August 14.The social reformer
couple led a spartan life and never had an eye on material wealth. Instead,
they had always favoured donating their properties to strengthen institutional
interventions into social and economic welfare of the socially-marginalised
communities.
http://www.thehindu.com/todays-paper/tp-national/tp-telangana/ngo-comes-forward-to-donate-land-to-ts-govt/article8977583.ece
SCR introduces hand-held terminals in Vijayawada
The South Central Railway (SCR) has introduced Hand Held Terminals
(HHTs) here on Thursday.The machine works with a mobile chip which is connected
to SCR server through Global Positioning System (GPS).Staff can carry the HHTs
to any place and issue tickets to the passengers.“Railway authorities had
launched HHTs at New Delhi and now we have introduced the terminals in
Vijayawada for the convenience of devotees attending for Krishna Pushkarams,”
said Chief Commercial Manager (Passenger Marketing) M. Sarjana Rao.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/scr-introduces-handheld-terminals-in-vijayawada/article8976664.ece
Nasscom begins startup warehouse
After inking an MoU with the A.P. government in March, apex IT
industry body National Association of Software and Services (Nasscom) has
launched operations of its startup warehouse at Sunrise Startup Village at
Rushikonda here. This is the first Nasscom Startup Warehouse in A.P. − the
ninth warehouse under its 10,000 startup initiative. The warehouses provide
affordable co-working space with incubation for six months. This is considered
a wonderful opportunity for technology startups with plug and play work
environment and regular community events for mentorship and bringing venture
capitalists and angel investors to spot viable startups with out-of-the-box
ideas.The warehouses help leverage new opportunities in emerging markets and
boost entrepreneurship, Vijay Bawra, Manager at Nasscom for startups in
Hyderabad, told The Hindu. The Startup Warehouse in Hyderabad was
inaugurated sometime ago at T-Hub, a PPP initiative in partnership with the Telangana
Government, IIIT-H, ISB, Nalsar and a few other premier institutes.
http://www.thehindu.com/todays-paper/tp-national/tp-andhrapradesh/nasscom-begins-startup-warehouse-in-vizag/article8976714.ece
PM Narendra Modi's 'Neel Kranti' for fishing needs
Rs 17,199 crore, government talks to World Bank
The Prime Minister's ambitious Neel Kranti (Blue
Revolution) plan to triple the country's earning from fish exports would
entitle an investment to the tune of a whopping Rs 17,199 crore as per an
Integrated National Fisheries Action Plan, 2020 prepared by the Centre, a
reason strong enough for the government to now rope in global consulting firm
Accenture for production management support.
http://economictimes.indiatimes.com/articleshow/53661676.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Parliamentary panel advocates variable fare
structure in railways
A parliamentary panel has recommended to the
railways introduction of a rationalised variable fare structure to compete with
airlines and boost earnings. The
Railway Convention Committee, in its latest report, has exhorted railways to
make concerted efforts to put in place a system of rationalised variable fare
structure to compete with the airlines pricing method and boost earnings.
http://economictimes.indiatimes.com/articleshow/53655026.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Future’s Paytm tie-up to help it ride with Alibaba
Kishore Biyani's recent partnership with Paytm
for selling Big Bazaar products on the latter's site is part of his broader strategy
to build an alliance with Alibaba, Paytm's largest shareholder. Alibaba plans to debut its
business-to-consumer (B2C) site Tmall in India in 6 months and one of the
options being considered is morphing the Paytm marketplace into Tmall, said two
people aware of the matter.
http://economictimes.indiatimes.com/articleshow/53660133.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Citizen advises PM Narendra Modi not to accept
bouquets
Mr Prime Minister, why do you accept flower
bouquets by the dozen? Can't you stop this practice for yourself and all
ministers as it may be costing Rs 1.5 crore a year just for you? Suggestions like these from citizens
are flooding the Prime Minister's App for his Independence Day speech after he
asked for them.
http://economictimes.indiatimes.com/articleshow/53660693.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
India to kick off trade talks with Mercosur Bloc
India has begun the process of expanding its
preferential trade agreement with the Mercosur trade bloc, opening its market
more to South America and negotiations are expected to start in a month or two. The number of products on which tariff
concessions is given is likely to increase to more than 3,000 from 450 at
present with more agricultural products getting covered in the pact. India, on
the other hand, wants to export processed foods and engineering goods to the
Mercosur bloc, ..
http://economictimes.indiatimes.com/articleshow/53661486.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
RBI will transfer Rs 65,876 crore surplus as
dividend to government
The Reserve Bank of India will transfer Rs 65,876
crore surplus as dividend to the government for 2015-16, Rs 20 crore less than
the previous year's Rs 65,896 crore, the central bank said in a release issued
on Thursday. The surplus approved
by the Reserve Bank of India board could be used to fund the Centre's fiscal
deficit. The Centre's first quarter fiscal deficit stood at 61.1 per cent of
the full year estimate, much higher than the previous year's 51.1 per cent.
http://economictimes.indiatimes.com/articleshow/53661068.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
This is for the information of the members.
R. KULKARNI
Joint Director