Daily Sector News Today – 28.08.2017
* AVIATION: The Directorate General of Civil Aviation is likely to notify draft rules on the regulation of drones by Tuesday. The Directorate General of Civil Aviation has asked Pratt & Whitney to expedite the supply of engines to India, as many of the A320 neo planes operated by INTERGLOBE AVIATION and GoAir have been grounded due to issues Related to its engines.
- The Indian Pilots Guild--one of the unions representing the pilots of Air India--has filed a writ petition in the Delhi High Court against the Directorate General of Civil Aviation's decision to increase the notice period of pilots to 12 months before joining another airline.
* BANKING: A Reserve Bank of India committee headed by Tarun Ramadorai suggested linking banks' lending rates directly to the repo rate.
- The government might shortly start printing 1,000 rupee-denominated notes, which were demonetised on Nov 8 last year.
* COAL: Adani Group plans to start work on its $16.5-bln Carmichael coal project in Australia in October, Chairman Gautam Adani said.
* COMMODITY: The government gave refiners time till May 31 to get a valid licence from Bureau of Indian Standards for import of gold Dore bars.
- The government restricted duty-free import of gold and silver from South Korea.
* ECONOMY: The Reserve Bank of India released the report of a committee on Indian household finance that seeks to encourage household investment in financial markets through ease of transaction and better financial advice.
- The NITI Aayog's three-year action agenda released by Finance Minister Arun Jaitley has proposed a sharp rise in expenditure on social sectors such as health and education over the next three years.
- The government has approved 10 foreign direct investment proposals worth around 50 bln rupees, and rejected four others.
* INFORMATION TECHNOLOGY: A committee headed by former Supreme Court judge B.N. Srikrishna framing data protection laws will soon submit its report to the government, Union Law Minister Ravi Shankar Prasad said.
* MUTUAL FUNDS: The Securities and Exchange Board of India intends to introduce rules that will force mutual funds to merge schemes in the same investment categories.
* POWER: Acme Group and Inox Group that bid for the country's lowest solar and wind tariffs, respectively, this year now plan to exit the projects.
* STEEL: Global production of crude steel rose 6.3% on year to 143.2 mln tn in July, according to the World Steel Association, which compiles data from 67 steel-producing countries.
* TELECOMMUNICATION: Any cut in interconnect usage charges will destroy telecom companies, defeat the government's rural coverage plans and cause huge inconvenience to citizens, Vodafone Group Chief Executive Officer Vittorio Colao wrote to Telecom Minister Manoj Sinha.
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- The Indian Pilots Guild--one of the unions representing the pilots of Air India--has filed a writ petition in the Delhi High Court against the Directorate General of Civil Aviation's decision to increase the notice period of pilots to 12 months before joining another airline.
* BANKING: A Reserve Bank of India committee headed by Tarun Ramadorai suggested linking banks' lending rates directly to the repo rate.
- The government might shortly start printing 1,000 rupee-denominated notes, which were demonetised on Nov 8 last year.
* COAL: Adani Group plans to start work on its $16.5-bln Carmichael coal project in Australia in October, Chairman Gautam Adani said.
* COMMODITY: The government gave refiners time till May 31 to get a valid licence from Bureau of Indian Standards for import of gold Dore bars.
- The government restricted duty-free import of gold and silver from South Korea.
* ECONOMY: The Reserve Bank of India released the report of a committee on Indian household finance that seeks to encourage household investment in financial markets through ease of transaction and better financial advice.
- The NITI Aayog's three-year action agenda released by Finance Minister Arun Jaitley has proposed a sharp rise in expenditure on social sectors such as health and education over the next three years.
- The government has approved 10 foreign direct investment proposals worth around 50 bln rupees, and rejected four others.
* INFORMATION TECHNOLOGY: A committee headed by former Supreme Court judge B.N. Srikrishna framing data protection laws will soon submit its report to the government, Union Law Minister Ravi Shankar Prasad said.
* MUTUAL FUNDS: The Securities and Exchange Board of India intends to introduce rules that will force mutual funds to merge schemes in the same investment categories.
* POWER: Acme Group and Inox Group that bid for the country's lowest solar and wind tariffs, respectively, this year now plan to exit the projects.
* STEEL: Global production of crude steel rose 6.3% on year to 143.2 mln tn in July, according to the World Steel Association, which compiles data from 67 steel-producing countries.
* TELECOMMUNICATION: Any cut in interconnect usage charges will destroy telecom companies, defeat the government's rural coverage plans and cause huge inconvenience to citizens, Vodafone Group Chief Executive Officer Vittorio Colao wrote to Telecom Minister Manoj Sinha.
