Ease of Doing Business: India jumps 23 notches, now at rank 77

Source: The Economic Times, Nov 01, 2018

In a big boost for NDA government, India climbed another 23 points in the World Bank’s ease of doing business index to 77th place, becoming the top ranked country in South Asia for the first time and third among the BRICS.

In the last two years the country has climbed 53 notches, a performance matched in the past only by Bhutan. The biggest gain was in construction permit where India climbed 129 ranks to 52nd place on the back of targeted government effort to remove hurdles. Read the rest of this entry »

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Yogi govt clears six biofuel investment proposals worth Rs 17 billion

Source: Business Standard, Oct 4, 2018

Lucknow: In a boost to its green energy roadmap, the Yogi Adityanath government has cleared six biofuel investment proposals worth almost Rs 17 billion.

These private projects are proposed to be set up in 5 districts, including Sitapur, Hapur, Meerut, Bareilly and Muzaffarnagar.

These projects include a mega biofuel plant to be developed by SunLight Fuels spanning almost 90 acres in Sitapur and costing Rs 15.5 billion. The company would use bagasse, a sugarcane byproduct extracted during sugar production process, to generate biofuel. Read the rest of this entry »

Odisha single-window nod for seven proposals worth Rs 74.16 billion

Source: Business Standard, Sept 18, 2018

Bhubaneswar: The State Level Single Window Clearance Authority (SLSWCA) approved seven investment proposals worth Rs 74.16 billion. The projects proposed across sectors- steel, downstream industries in metals and minerals and plastics, promise employment opportunities for 4454 people.

The projects were approved at the 80th meeting of the SLSWCA chaired by chief secretary Aditya Prasad Padhi.

The SLSWCA accorded approval to a Hyderabad-based company to set up a manufacturing unit for pre-engineered building (PEB) including structural steel members at an investment of Rs 580 million at Cuttack. The plant’s production capacity will be 50,000 tonnes per annum and the project will create direct and indirect employment for 550 people. This will add value to the primary metal being produced in the state. Read the rest of this entry »

Tough road ahead for govt as weak rupee pushes fuel prices to record high

Source: Financial Express, Sept 18, 2018

India’s growth monikers — the world’s fastest-growing major economy and the fastest-growing oil user — might make for good headlines, but when juxtaposed with the less-flattering description of its currency they pose a problem for Prime Minister Narendra Modi.

The rupee, Asia’s worst performer so far this year, has fueled petrol and diesel prices to a record high and fanned public displeasure with general elections less than eight months away. It prompted Modi’s ruling Bharatiya Janata Party to say on Saturday the government will soon come up with an action plan to rein in fuel prices.

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Virgin Hyperloop One may invest $450 million for demo track in India

download (2).jpgSource: Financial Express, Jun 20, 2018

Pune: Futuristic transport solutions company Virgin Hyperloop One may invest around $450 million in India to turn its hyperloop vision into reality. Pune Metropolitan Region Development Authority (PMRDA) CEO Kiran Gitte said the Richard Branson-backed company was ready to invest the said amount for a demonstration track, provided the state government gave them the ‘right of way’ and the land required for the stations.

The demo track is slated to come up near the IT hub of Pune in Hinjewadi. The starting and ending points are yet to be finalised, Gitte said. Virgin Hyperloop and the Maharashtra government — through PMRDA — had signed a memorandum of understanding in February this year to build the first hyperloop in India.The hyperloop route will link central Pune, Navi Mumbai International Airport and Mumbai in 25 minutes. It is expected to be operational by 2024. It is also expected to eventually support 150 million passenger trips annually, saving more than 90 million hours of travel time and also reduce emission as the hyperloop transportation is 100% electric.

 

Boost to Ease of Doing Business in Petroleum & Natural Gas Sector

download (1)Source: IBEF.org, Apr 12, 2018

New Delhi: In line with the Government initiative of ease of doing business, the Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval for delegating the powers to Minister of Petroleum and Natural Gas and Finance Minister to award the Blocks/Contract Areas to successful bidders under Hydrocarbon Exploration and Licensing Policy (HELP) after International Competitive Bidding (ICB) based on the recommendations of Empowered Committee of Secretaries (ECS). Under HELP, Blocks are to be awarded twice in a year.

Therefore, this delegation of powers will expedite the decision making process on awarding blocks and give a boost to the initiative of ease of doing business.

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Govt set to make company registration process faster, user-friendly

Source: Business Standard, Jan 21, 2018

New Delhi: The government will soon bring in changes in the registration process for new companies to make it faster and more user-friendly, wherein applicants will be required to provide only “need-based” information, a senior official said.

Corporate Affairs Secretary Injeti Srinivas said that if only need-based information is taken from the applicants, then with minimal information the name of a company can be reserved.

“At that stage, it might not be necessary to give so many other details because name reservation might not lead to registration. Now, name is reserved for 20 days and earlier it was 60 days. Read the rest of this entry »