Indian e-commerce in 2017

Source: ETRetail.com, Dec 07, 2016

Indian e-commerce in 2016 could be described as uncertain from a funding environment, dynamic from a competitor perspective and beneficial from a shopper perspective. 2017 will be no different. The Indian online shopper will continue to demand continuous and better shopping experience.

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ONGC exploring swap deals to import gas from Myanmar

Source: Times of India, Dec 07, 2016

NEW DELHI: A unit of India’s Oil and Natural Gas Corp Ltd (ONGC) is in early talks with Gazprom for supply of natural gas through a complex swap involving Russia, China and Myanmar, the head of the unit said on Wednesday.The unit, ONGC Videsh Ltd, and two other Indian state companies, GAIL and Engineers India Ltd , first discussed the idea with Gazprom a few months ago, said Narendra K. Verma, ONGC Videsh’s managing director.”Myanmar is sending gas to China through an existing pipeline … if Russia can provide equivalent gas to China, then we can reverse the flow of gas from Myanmar to China and bring that gas to India,” Verma told reporters on the sidelines of India’s Petrotech energy conference.

“For that we’ll need a pipeline from Myanmar to India.”

He said this was the best way of getting Russia to help India with its gas needs, but would need the cooperation of China and Myanmar.

SEZs not likely to be allowed to sell locally at concessional import duty

Source: The Hindu Business Line, Dec 07, 2016

New Delhi: Units in special economic zones (SEZs) looking for import duty exemption in the forthcoming aBudget for selling their products in the domestic market may be in for disappointment.

The Commerce Ministry, which had proposed that SEZs be allowed to sell their items locally by paying concessional import duties which is hitherto allowed to India’s free trade partner countries, has almost given up its claim as the Finance Ministry has ruled that it could lead to heavy revenue leakages, an official said.

“We do not expect duty exemption for domestic sale of SEZ goods to be announced in the Budget as the Finance Ministry is not in favour of it,” he added.

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MoUs to set up five ethanol plants inked on last day of Petrotech 2016

Source: The Hindu Business Line, Dec 07, 2016

New Delhi: The last day of Petrotech 2016 saw 11 memorandums of understanding (MoUs) being signed to further India’s hydrocarbon sector. The Ministry of Petroleum and Natural Gas also launched the Web portals of three start-up funds at the event.

IOC, BPCl, HPCL ink pact

A consortium agreement between IOCL, BPCL and HPCL to set up India’s largest oil refinery-cum-petrochemical complex along the western coast in Maharashtra was also part of the MoUs signed. The MoUs to set up five second generation ethanol generation plants were also signed today.

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Cabinet approves sops to boost ‘made-ups’ sector

Source: The Hindu Business Line, Dec 07, 2016

New Delhi: The Union Cabinet has approved a package of incentives for the ‘made-ups’ sector to increase exports and create additional direct and indirect employment of up to 11 lakh over the next three years.

The measures include extending additional subsidy under the technology upgradation fund scheme, enhancing employers’ contribution in the Provident Fund scheme, increasing duty-drawback on exports and simplification of labour laws. Read the rest of this entry »

Isro will outsource satellite making to private consortium

index.jpgSource: Business Standard, Dec 08, 2016

Chennai: India’s space agency will outsource the manufacture of two navigation satellites, Navic to a consortium of private firms, its first major attempt to share its expertise in satellite making technology that would potentially allow the country to emerge as a major global hub for producing satellites.

So far, firms such as Avasara Technologies, L&T and Godrej have supplied components and systems for the satellites that Indian Space Research Organisation (Isro) builds to hurl into space.

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Cabinet clears easier labour laws, tech upgradation for textiles sector

Source: The Economic Times, Dec 08, 2016

NEW DELHI: The Union Cabinet on Wednesday approved a set of reforms, including simplified labour laws and technology upgradation for the made-ups sector. “The interventions are expected to boost employment in the textiles sector and create jobs for up to 11 lakh persons, lead to increase in exports and enhance benefits to the workers in the textiles and apparel sector,” said an official release.

Made-ups, which includes products like towels and bedsheets, is the second largest employer in the textiles sector after apparel. The government will provide production incentive through enhanced Technology Upgradation Fund Scheme (TUFS) subsidy of additional 10% for made-ups similar to what is provided to garments based on additional production and employment after three years.

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