Today's Sector News - 26.08.2019: 09.00 Am
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* AUTOMOBILES: The proposed scrappage policy for old vehicles has been sent to the Cabinet for approval.
- In a move seen to boost sentiment for the automobile sector, Finance Minister Nirmala Sitharaman
announced that an additional 15% depreciation rate will be applicable on all vehicles bought till March 2020 and the government will work with banks to pass on lower interest rates on retail loans.
* AVIATION: Oil marketing companies have suspended fuel supply to national carrier Air India and its subsidiary Alliance Air at six airports due to non-payment of dues totalling 50 bln rupees.
* BANKING: The government will very soon announce an upfront capital infusion of 700 bln rupees in public sector banks.
- Finance Minister Nirmala Sitharaman said that all banks have agreed to pass on the recent rate cuts by the monetary policy committee through marginal cost of funds-based lending rate mechanism.
* CORPORATE: The government has decided not to treat violation of corporate social responsibility norms by companies as a criminal offence and, instead, consider it a civil offence, Finance Minister Nirmala Sitharam said today, while announcing a slew of measures to boost economic growth.
* ECONOMY: Moody's Investors Service cut its GDP growth forecast for India by a massive 60 basis points each for 2019 and 2020 to 6.2% and 6.7%, respectively.
- Unperturbed by the Indian rupee's recent depreciation against the US dollar, Finance Minister
Nirmala Sitharaman today said the current exchange rate of the domestic currency was conducive for the country's exports.
- The government and the Reserve Bank of India are working on a plan to divert offshore trade of the
Indian rupee to domestic stock exchanges to increase capital flows and deepen the country's financial markets.
- Finance Minister Nirmala Sitharaman has said that all goods and services tax refunds for the micro, small and medium enterprises pending till date will be cleared within 30 days to ease the working capital burden on the sector.
- Finance Minister Nirmala Sitharaman said that the Budget targets for tax collection for the current
fiscal was not "unrealistic", adding that taking into account the current trend in revenue receipts, the Centre will be able to meet the fiscal deficit target of 3.3% of the GDP.
- After announcing a wide range of measures to stimulate various sectors of the economy, Finance
Minister Nirmala Sitharaman asserted that reforms are the government's top priority and promised more announcements in the next couple of weeks.
* FINANCE: In a move seen to boost sentiment for the automobile sector, Finance Minister Nirmala
Sitharaman announced that an additional 15% depreciation rate will be applicable on all vehicles bought till March 2020 and the government will work with banks to pass on lower interest rates on retail loans.
- To improve access to long-term finance for infrastructure and housing, Finance Minister Nirmala
Sitharaman proposed setting up of an organisation to provide credit enhancement for these sectors.
* INFRASTRUCTURE: The government will set up an inter-ministerial task force to finalise the pipeline of infrastructure projects.
* OIL AND GAS: The government is set to offer six blocks in the unexplored Vindhyan and Bengal
sedimentary basins for oil and gas exploration.
* REGULATORY: The Depository Receipt Scheme 2014 is expected to be operationalised soon by Securities and Exchange Board of India which will give Indian companies increased access to foreign funds through American Depository Receipts and Global Depository Receipts.
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