Patanjali eyes 20% share in country’s processed food market

Source: Business Standard, Apr 20, 2017

New Delhi: Home-grown FMCG major Patanjali Ayurved is looking to double its share in the country’s food processing market to 20 per cent in the current fiscal.

The yoga guru Ramdev-led firm, which has plans to invest Rs 5,000 crore on expansion of its various verticals, would be putting aside a substantial portion of funds towards opening of new units and ramping up capacity of the existing units. Read the rest of this entry »

Rural Electrification eyes Rs10,000 crore renewables lending push

Source: LiveMint.com, Apr 20, 2017

New Delhi: Rural Electrification Corp. (REC), a state-owned backer of India’s power sector, plans to lend billions of rupees to clean-energy projects and equipment makers this fiscal year as part of an expanded push into renewables that will also see it issue green bonds overseas.

The non-banking financial company is aiming to triple its clean-energy lending and is expecting to set aside nearly Rs10,000 crore ($1.5 billion) for renewable energy in the financial year ending 31 March, chairman P.V. Ramesh said in an interview.

“We’re not only financing projects but also evacuation infrastructure and have been talking with manufacturers of equipment like wind turbines, solar panels and storage batteries,” Ramesh said in an interview in New Delhi where the lender, which has a loan book of Rs2 trillion, is based. Read the rest of this entry »

Mineral production up 3.3%

Source: The Hindu Business Line, Apr 19, 2017

Mineral production of mining and quarrying sector was 3.3 per cent higher in February 2017 as compared to the corresponding period last year.

An official statement from the Ministry of Mines said, “The total value of mineral production (excluding atomic & minor minerals) in the country during February 2017 was Rs. 22,395 crore.”

The contribution of coal was highest at ₹9,519 crore (43 per cent). Crude oil was second at Rs.5084 crore, iron ore was at Rs.2,763 crore. Next was natural gas (utilized), at Rs.2,025 crore, lignite at ₹811 crore and limestone at ₹560 crore. These six minerals together contributed about 93 per cent of the total value of mineral production in February 2017. Gold production was 4 per cent lower and stood at 97 kg, Diamond production jumped 18.7 per cent at 4929 carat.

Steel imports fall 36% to 7.4 mt in 2016-17; exports jump 102%

Source: The Hindu Business Line, Apr 19, 2017

New Delhi: India’s import of total finished steel fell 36 per cent to 7.4 million tonnes (MT) and exports jumped 102 per cent to 8.2 mt in 2016-17.

The country did well in terms of production too, according to Joint Plant Committee’s annual report on the sector for 2016-17. Read the rest of this entry »

Double taxation avoidance protocol with Portugal gets the green signal

Source: The Hindu Business Line, Apr 19, 2017

 

New Delhi: The Union Cabinet on Wednesday approved the signing of the Protocol amending the Convention between India and Portugal for avoidance of Double Taxation.

According to an official statement, the Protocol will also ensure prevention of fiscal evasion with respect to taxes on income. The statement said, “Once the Protocol enters into force, both India and Portugal would be able to exchange tax related information, which will help tax authorities of both countries to curb tax evasion.”

The Cabinet also approved leave encashment up to 180 days in respect of those Defence personnel who died or were invalidated out of service from December 30, 1991 to November 29, 1999, with less than 15 years of service. Read the rest of this entry »

States can borrow directly from foreign agencies for infra projects

Source: Business Standard, Apr 20, 2017

New Delhi: The Union Cabinet has approved new rules to allow financially sound state government entities to borrow directly from other countries which give Official Development Assistance for major infrastructure projects.

In such cases, the state government concerned will give a guarantee and the Centre will provide a counter-guarantee. Read the rest of this entry »

Government relaxes curb on export of organic farm produce

Source: The Economic Times, Apr 19, 2017

NEW DELHI: The government today relaxed restrictions on exports of certain organic agricultural and processed products like wheat, non-basmati rice to boost their overseas shipments.

“Export of organic agricultural and organic processed products like wheat, non-basmati rice, edible oils, sugar have been exempted from existing quantitative ceilings,” Directorate General of Foreign Trade (DGFT) said in a notification.

It has also increased the annual quantitative ceiling on export of organic pulses and lentils from existing 10,000 tonnes to 50,000 tonnes per annum.