Today Sector News – 27.03.2018
* AUTOMOBILE: Hyundai Motor India has no plan to set up new production facility out of Tamil Nadu for at least next three years.
* AVIATION: Expression of interest for sale of national carrier Air India will be ready in a couple of weeks, Civil Aviation Secretary Rajiv Nayan Choubey said. The civil aviation ministry has asked airlines to remove within 30 days the directors on their boards who have been appointed without prior security clearance, failing which their aviation operations would be suspended.
* BANKING: The Reserve Bank of India has kept the ways and means advances limit on state governments (Apr-Mar) unchanged at the current level of 322.25 bln rupees till the next review in 2020-21 (Apr-Mar), it said in a release. The revenue department's intelligence unit has launched an investigation into alleged collusion between select banks and ATM service providers to avoid payment of value added tax and wrongful claim of tax credit. Banks Board Bureau Chairman Vinod Rai said the board was given a "free hand" in appointment process and dismissed any lack of coordination with the government as rapport was "total".
* COMMODITIES: A NITI Aayog panel suggested lowering of import duty on gold, setting up of jewellery parks to encourage local manufacturing, making mining viable and "financialisation" of the metal's holding among steps totransform India's gold market.
* ECONOMY: The government expects dividend from the Reserve Bank of India sometime this week, Economic Affairs Secretary Subhash Garg said. China, on Monday, promised to address India's concerns about the trade deficit between the two countries, the Indian trade ministry said, adding that New Delhi has also sought greater market access for products like rapeseed, soyabean, rice and sugar. Commerce and Industry Minister Suresh Prabhu indicated the resumption of negotiations of the long-stalled free trade pact between India and the European Union.
* FINANCE: Gujarat International Finance Tec-City has signed a memorandum of understanding with Deloitte Touche Tohmatsu India LLP to promote operations at International Financial Services Centre. The government has extended sovereign guarantee to bonds worth 50 bln rupees to be issued by Indian Railway Finance Corp to Life Insurance Corp of India in the current financial year ending Mar 31, according to a release.
* GOVERNMENT: In a move that could give a fresh lease of life to the government bond market, the Centre said it will borrow 2.88 trln rupees through dated securities in Apr-Sep, sharply lower than last year.
* INSURANCE: Shriram General Insurance Co is issuing over 40,000 motor insurance policies a month through mobile application 'M-Nova'. The finance ministry will soon hold a performance review meeting of all state-run insurers, including Life Insurance Corp of India.
* OIL & GAS: From Sunday, Delhi will be getting Bharat Stage VI grade fuel, which will then, in phases, be expanded tothe rest of the country.
* PHARMACEUTICALS: In a move aimed at promoting unbranded drugs and reducing the cost of healthcare, the government has asked all pharmaceutical companies to print generic names of medicines more prominently than their own brand names.
* REALTY: The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors, while deeming the amount raised from them for real estate projects as financial debt.
* STEEL: The production of crude steel for February was 131.8 mln tn, up 3.5% on year, the World Steel Association said. ArcelorMittal has moved the Ahmedabad Bench of the National Company Law Tribunal, challenging the decision to declare its bid ineligible and protect its "rights" in the face of the legal move by Numetal, the other bidder for Essar Steel.
* TRANSPORT: The government is likely to extend financial support of 87.3 bln rupees for the second phase of the FAME India spanning five years, but the incentives will be restricted to new energy vehicles used for public transport, commercial purposes and high-speed two-wheelers.
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* AVIATION: Expression of interest for sale of national carrier Air India will be ready in a couple of weeks, Civil Aviation Secretary Rajiv Nayan Choubey said. The civil aviation ministry has asked airlines to remove within 30 days the directors on their boards who have been appointed without prior security clearance, failing which their aviation operations would be suspended.
* BANKING: The Reserve Bank of India has kept the ways and means advances limit on state governments (Apr-Mar) unchanged at the current level of 322.25 bln rupees till the next review in 2020-21 (Apr-Mar), it said in a release. The revenue department's intelligence unit has launched an investigation into alleged collusion between select banks and ATM service providers to avoid payment of value added tax and wrongful claim of tax credit. Banks Board Bureau Chairman Vinod Rai said the board was given a "free hand" in appointment process and dismissed any lack of coordination with the government as rapport was "total".
* COMMODITIES: A NITI Aayog panel suggested lowering of import duty on gold, setting up of jewellery parks to encourage local manufacturing, making mining viable and "financialisation" of the metal's holding among steps totransform India's gold market.
* ECONOMY: The government expects dividend from the Reserve Bank of India sometime this week, Economic Affairs Secretary Subhash Garg said. China, on Monday, promised to address India's concerns about the trade deficit between the two countries, the Indian trade ministry said, adding that New Delhi has also sought greater market access for products like rapeseed, soyabean, rice and sugar. Commerce and Industry Minister Suresh Prabhu indicated the resumption of negotiations of the long-stalled free trade pact between India and the European Union.
* FINANCE: Gujarat International Finance Tec-City has signed a memorandum of understanding with Deloitte Touche Tohmatsu India LLP to promote operations at International Financial Services Centre. The government has extended sovereign guarantee to bonds worth 50 bln rupees to be issued by Indian Railway Finance Corp to Life Insurance Corp of India in the current financial year ending Mar 31, according to a release.
* GOVERNMENT: In a move that could give a fresh lease of life to the government bond market, the Centre said it will borrow 2.88 trln rupees through dated securities in Apr-Sep, sharply lower than last year.
* INSURANCE: Shriram General Insurance Co is issuing over 40,000 motor insurance policies a month through mobile application 'M-Nova'. The finance ministry will soon hold a performance review meeting of all state-run insurers, including Life Insurance Corp of India.
* OIL & GAS: From Sunday, Delhi will be getting Bharat Stage VI grade fuel, which will then, in phases, be expanded tothe rest of the country.
* PHARMACEUTICALS: In a move aimed at promoting unbranded drugs and reducing the cost of healthcare, the government has asked all pharmaceutical companies to print generic names of medicines more prominently than their own brand names.
* REALTY: The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors, while deeming the amount raised from them for real estate projects as financial debt.
* STEEL: The production of crude steel for February was 131.8 mln tn, up 3.5% on year, the World Steel Association said. ArcelorMittal has moved the Ahmedabad Bench of the National Company Law Tribunal, challenging the decision to declare its bid ineligible and protect its "rights" in the face of the legal move by Numetal, the other bidder for Essar Steel.
* TRANSPORT: The government is likely to extend financial support of 87.3 bln rupees for the second phase of the FAME India spanning five years, but the incentives will be restricted to new energy vehicles used for public transport, commercial purposes and high-speed two-wheelers.
