Today Sector News – 23.04.2018
* AGRICULTURE: Micro-fertiliser companies have asked the government to relax active ingredients usage norms, under the Fertilizer Control Order, to help them manufacture products that fulfil changing requirement of crops.
* AVIATION: A new owner of Air India will be allowed to operate the airline under a holding company. About 15 profitable airports, including the facilities at Chennai and Ahmedabad, could be put under private management in the first such privatisation initiative by the National Democratic Alliance as part of the broader government move to enhance India's aviation infrastructure.
* BANKING: The cash availability in the banking system has dramatically improved in the last 72 hours on account of redeployment of currency across states.
-Basing its revised norms on a June 2017 amendment, but subject to the final verdict in the ongoing Aadhaar cases in the Supreme Court, the Reserve Bank of India has made the biometric identification the centre piece of the new know-your-customer rules effective Friday.
-Pension Fund Regulatory and Development Authority has made it mandatory that bank account details and mobile number should be furnished by national pension scheme subscribers.
-The All India Bank Employees' Association has blamed the Reserve Bank of India for negligence in
ensuring adequate supply of small denomination notes.
-Unocoin, a crypto currency exchange in India, is considering challenging the RBI's notification asking banks and other regulated entities to disassociate with cryptocurrency service providers, including exchanges.
-The Delhi High Court has asked the Reserve Bank of India to take instruction on a company's plea against their circular which prohibits banks and financial institutions from providing any service in relation to virtual currencies such as cryptocurrencies.
* COAL: Ruling out any possibility of dry coal shortage in the upcoming monsoon season, the coal ministry said it has sufficient stocks to meet the demand of power plants.
* COMMODITY: The anti-dumping duty by China on synthetic rubber imported from the US, the European Union and Singapore may end up making imports costlier for India.
* DEFENCE: The Defence Ministry plans to fast-track the $12-bln future infantry combat vehicle programme of the Indian Army, in an effort to set in motion the long-pending project.
* ECONOMY: The Union Cabinet gave its approval to promulgate the Fugitive Economic Offenders Ordinance that seeks to empower government to attach and confiscate proceeds of crime associated with economic offenders and their properties.
-The government is formulating a strategy to increase the contribution of the services sector in the GDP of the country to $3 trln from around $1.4 trln currently.
-Total deposits in Jan Dhan accounts crossed 800 bln rupees mark with more people joining the flagship financial inclusion programme, according to official data.
-Spot commodity exchanges for gold, metals and even energy products like natural gas could see the light of day under the Securities and Exchange Board of India as the regulator.
* INFORMATION TECHNOLOGY: A mega special economic zone is likely to be set up in every state, according to the new electronics manufacturing policy being prepared by the information technology and electronics ministry.
* INFRASTRUCTURE: Krishnapatnam Port Co, the developer of greenfield Krishnapatnam port in Andhra Pradesh is aiming to handle 55 mln tn cargo in 2018-19 (Apr-Mar), said Anil Yendluri, chief executive officer.
* METALS: The recent rally in metal prices would prove expensive for India Inc, which is still recovering from the demand shock and economic disruption caused by demonetisation and the rollout of the goods and services tax.
* MUTUAL FUNDS: Sahara Group said the Securities Appellate Tribunal has stayed an order from Securities and Exchange Board of India, which directed Sahara Mutual Fund to wind up its schemes.
* PHARMACEUTICALS: India is a step closer to putting in place laws to ensure that patients are able to buy medicines from authentic e-pharmacies, with a new draft of rules circulated among states for their opinion.
* REGULATORY: The Securities and Exchange Board of India has proposed reducing the time taken for public listing of debt securities to six days from the current 12 days, bringing it on a par with the timeframe for listing of shares through an initial public offering. Securities and Exchange Board of India has proposed biometric authentication for traders and investors when they access mobile applications to buy and sell stocks.
* STEEL: The committee of creditors of Essar Steel will decide whether Numetal's consortium, which has Rewant Ruia's Aurora Investments as one of its investors, will remain in contention after the National Company Law Tribunal directed the lenders to consider the first set of bidders for the debt-laden steelmaker.
-Going by the observation made by the Ahmedabad bench of National Company Law Tribunal in its order on Numetal India and ArcelorMittal India case, the latter would not be eligible for acquiring Essar Steel just by selling its stake in UTTAM GALVA STEEL and KSS Petron.
-The government will roll out a red carpet for big foreign players who want to set up greenfield steel projects, and the country's steel manufacturing capacity is expected to rise to 150 mln tn by 2020, Steel Secretary Aruna
Sharma said.
* TAXATION: Finance Secretary Hasmukh Adhia said the proposed new single page goods and services tax return filing system will be in place over the next three to six months that will ease the present problems.
* TELECOMMUNICATION: The Delhi High Court issued notice to the Essar-Loop promoters on a Central Bureau of Investigation plea challenging a trial court judgment that acquitted them in the 2G spectrum allocation case.
-India is in discussions with South Korea, a global leader in telecom technologies, for jointly setting up 5G test laboratories.
-Telecom Regulatory Authority of India will finalise its recommendation on privacy, security and ownership of data in telecom sector by the month-end, Chairman R.S. Sharma has said asserting that the regulator intends to give the issue its due importance.
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* AVIATION: A new owner of Air India will be allowed to operate the airline under a holding company. About 15 profitable airports, including the facilities at Chennai and Ahmedabad, could be put under private management in the first such privatisation initiative by the National Democratic Alliance as part of the broader government move to enhance India's aviation infrastructure.
* BANKING: The cash availability in the banking system has dramatically improved in the last 72 hours on account of redeployment of currency across states.
-Basing its revised norms on a June 2017 amendment, but subject to the final verdict in the ongoing Aadhaar cases in the Supreme Court, the Reserve Bank of India has made the biometric identification the centre piece of the new know-your-customer rules effective Friday.
-Pension Fund Regulatory and Development Authority has made it mandatory that bank account details and mobile number should be furnished by national pension scheme subscribers.
-The All India Bank Employees' Association has blamed the Reserve Bank of India for negligence in
ensuring adequate supply of small denomination notes.
-Unocoin, a crypto currency exchange in India, is considering challenging the RBI's notification asking banks and other regulated entities to disassociate with cryptocurrency service providers, including exchanges.
-The Delhi High Court has asked the Reserve Bank of India to take instruction on a company's plea against their circular which prohibits banks and financial institutions from providing any service in relation to virtual currencies such as cryptocurrencies.
* COAL: Ruling out any possibility of dry coal shortage in the upcoming monsoon season, the coal ministry said it has sufficient stocks to meet the demand of power plants.
* COMMODITY: The anti-dumping duty by China on synthetic rubber imported from the US, the European Union and Singapore may end up making imports costlier for India.
* DEFENCE: The Defence Ministry plans to fast-track the $12-bln future infantry combat vehicle programme of the Indian Army, in an effort to set in motion the long-pending project.
* ECONOMY: The Union Cabinet gave its approval to promulgate the Fugitive Economic Offenders Ordinance that seeks to empower government to attach and confiscate proceeds of crime associated with economic offenders and their properties.
-The government is formulating a strategy to increase the contribution of the services sector in the GDP of the country to $3 trln from around $1.4 trln currently.
-Total deposits in Jan Dhan accounts crossed 800 bln rupees mark with more people joining the flagship financial inclusion programme, according to official data.
-Spot commodity exchanges for gold, metals and even energy products like natural gas could see the light of day under the Securities and Exchange Board of India as the regulator.
* INFORMATION TECHNOLOGY: A mega special economic zone is likely to be set up in every state, according to the new electronics manufacturing policy being prepared by the information technology and electronics ministry.
* INFRASTRUCTURE: Krishnapatnam Port Co, the developer of greenfield Krishnapatnam port in Andhra Pradesh is aiming to handle 55 mln tn cargo in 2018-19 (Apr-Mar), said Anil Yendluri, chief executive officer.
* METALS: The recent rally in metal prices would prove expensive for India Inc, which is still recovering from the demand shock and economic disruption caused by demonetisation and the rollout of the goods and services tax.
* MUTUAL FUNDS: Sahara Group said the Securities Appellate Tribunal has stayed an order from Securities and Exchange Board of India, which directed Sahara Mutual Fund to wind up its schemes.
* PHARMACEUTICALS: India is a step closer to putting in place laws to ensure that patients are able to buy medicines from authentic e-pharmacies, with a new draft of rules circulated among states for their opinion.
* REGULATORY: The Securities and Exchange Board of India has proposed reducing the time taken for public listing of debt securities to six days from the current 12 days, bringing it on a par with the timeframe for listing of shares through an initial public offering. Securities and Exchange Board of India has proposed biometric authentication for traders and investors when they access mobile applications to buy and sell stocks.
* STEEL: The committee of creditors of Essar Steel will decide whether Numetal's consortium, which has Rewant Ruia's Aurora Investments as one of its investors, will remain in contention after the National Company Law Tribunal directed the lenders to consider the first set of bidders for the debt-laden steelmaker.
-Going by the observation made by the Ahmedabad bench of National Company Law Tribunal in its order on Numetal India and ArcelorMittal India case, the latter would not be eligible for acquiring Essar Steel just by selling its stake in UTTAM GALVA STEEL and KSS Petron.
-The government will roll out a red carpet for big foreign players who want to set up greenfield steel projects, and the country's steel manufacturing capacity is expected to rise to 150 mln tn by 2020, Steel Secretary Aruna
Sharma said.
* TAXATION: Finance Secretary Hasmukh Adhia said the proposed new single page goods and services tax return filing system will be in place over the next three to six months that will ease the present problems.
* TELECOMMUNICATION: The Delhi High Court issued notice to the Essar-Loop promoters on a Central Bureau of Investigation plea challenging a trial court judgment that acquitted them in the 2G spectrum allocation case.
-India is in discussions with South Korea, a global leader in telecom technologies, for jointly setting up 5G test laboratories.
-Telecom Regulatory Authority of India will finalise its recommendation on privacy, security and ownership of data in telecom sector by the month-end, Chairman R.S. Sharma has said asserting that the regulator intends to give the issue its due importance.
