Today's Sector News - 03.09.2019: 09.00 Am
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* AUTOMOBILE: The finance ministry has approved a NITI Aayog plan to subsidise manufacturing of batteries for electric vehicles and mobile phones. The proposal entailing annual subsidy of 7 bln rupees will now go to the cabinet for its nod,
* BANKING: The government has decided to infuse 552.50 bln rupees as capital in 10 public sector banks.
* ECONOMY: Chief Economic Adviser K.V. Subramanian on Friday said India would "very soon" return to a high-growth trajectory.
- The steering committee on Fintech-related issues on Monday submitted its final report to Finance
Minister Nirmala Sitharaman, wherein it recommended leveraging fintech to enhance financial inclusion of micro, small and medium enterprises, as per an official release.
- The Nikkei India Manufacturing Purchasing Managers' Index fell to a 15-month low of 51.4 in
August from 52.5 a month ago due to slower increases in sales, output, and employment.
* INFRASTRUCTURE: APCO Infratech has won the contract for the strategic Z-morh tunnel in Jammu & Kashmir, according to an official, the first step in restarting an under-construction project that was put up for rebidding following uncertainty over its completion date.
* INSURANCE: The government will work on improving the solvency ratios of Oriental Insurance Co, National Insurance Co and United India Insurance Co to at least the regulatory norm of 1.5 times of assets over liabilities by infusing capital, before it revives disinvestment plans in these unlisted public sector general insurers.
* OIL AND GAS: Jet fuel price was on Sunday cut by about 1% to a four-month low on softening
international oil prices.
* TAXATION: The central government's tax collections rose 6.6% on year to 5.391 trln rupees in Apr-Jul.
- The total goods and services tax collections declined to 982.02 bln rupees in August from 1.021 trln
rupees in the preceding month.
- Finance Minister Nirmala Sitharaman said the central government will propose a cut in goods and
services tax rate on automobiles, but the final decision will have to be taken by the GST Council.
* TELECOMMUNICATION: Discovery Communications has filed a writ petition in the Delhi High Court, submitting that Telecom Regulatory Authority of India's new consultation paper on tariff-related issues for broadcasting and cable services is "marred by judicial impropriety" and fails to conform to the "fundamental tenets of transparency and objectivity".
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