India’s online retail market is a US$ 50 bn opportunity waiting to be realised

Source: Business Standard, Aug 10, 2018

New Delhi: As India’s Internet penetration booms (390 million Internet users) thanks to rock bottom data prices ($0.17 per GB in 2017), the country’s online retail market is witnessing a massive surge.

According to a joint report by Bain and Company, Google and Omidyar Network, the country’s online retail market is a $50 billion opportunity waiting to be realised.

In 2017, online retail in India clocked $20 billion in sales. While this paled in comparison to the US ($459 billion) and China ($935 billion), India exhibited highest growth in online spending among major economies.Indian online shoppers spent an average of $224 in 2017, which was less than a tenth of what the average user spent online in the US at $2,237 in the same year.

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Mobile wallet transactions hit record ₹14,632 crore in June, shows RBI data

Source: LiveMint.com, Aug 07, 2018

New Delhi: The value of transactions made through mobile wallets touched a record ₹14,632 crore in June, Reserve Bank of India (RBI) data released on Tuesday showed, rising 4.2% from ₹14,047 crore in May.

However, the number of transactions fell around 5% to 309.62 million in June after reaching an all-time high of 325.41 million in May.

The record transaction value shows wallet companies, which were struggling to set up compliance infrastructure and convince users to provide know-your-customer (KYC) documents, have survived the storm and signed up new customers.

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DoT amends licences of telcos to incorporate net neutrality rules

Source: Business Standard, Aug 07, 2018

New Delhi: The Department of Telecommunications (DoT) has amended the licences of telecom operators and internet service providers to incorporate net neutrality rules, which means that no service provider can now restrict or discriminate in the treatment of content by blocking, slowing down or granting preferential speeds in providing internet access.

The Telecom Commission, which is the highest decision-making body of DoT, had cleared the rules last month.

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Boom in automobile sales drives tyre industry’s growth into high-speed lane

Source: Business Standard, Aug 07, 2018

Chennai: The boom in automobile sales is responsible for a higher proportion of the tyre industry’s growth.

In the past, the latter was mostly driven by replacement market demand, still the lion’s share of total tyre sales. However, the share of sales to automobile makers, also termed Original Equipment Manufacturer (OEM) sales, is moving up for tyre makers.

“With bullishness in the economy and the automobile industry, the tyre industry was also on an upward march (in FY18). Our own estimates indicate the growth has been led by the OE sales, more than by the sales in the replacement market,” leading tyre maker Apollo noted in its FY18 annual report.

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Parliament panel suggests new framework for stressed assets in power sector

Source: The Economic Times, Aug 07, 2018

A Parliamentary panel today recommended new framework for resolution of stressed assets in power sector saying the Reserve Bank’s framework, brought in February, “addresses only financial issues, ignoring the whole range of vital issues of electricity sector”.

The RBI’s revised framework for resolution of stressed assets has laid down strict timelines after which insolvency proceedings are initiated. The framework terms even a one-day delay in debt servicing as default. The banks are required to ensure resolution plans within 180 days after default. It covers debt exposure of Rs 2,000 crore or more.

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Government doubles import duty on 328 textile items to 20 per cent

Source: The Economic Times, Aug 07, 2018

NEW DELHI: The government today doubled import duty on as many as 328 textile products to 20 per cent to provide a boost to manufacturing of these items in the country.

A notification to this effect was tabled by Minister of State for Finance Pon Radhakrishnan in the Lok Sabha. The notification said it seeks to “increase customs duty on 328 tariff lines of textile products from the existing rate of 10 per cent to 20 per cent…under Section 159 of the Customs Act, 1962”.

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Italian bike-maker Benelli signs MoU for plant in Telangana

download (1)Source: IBEF.org, Aug 07, 2018

Hyderabad: Italian motorcycle-maker Benelli today signed an MoU with Telangana government and Adishwar Auto Ride International (AARI), a subsidiary of Mahavir Group, for setting a manufacturing facility here.

The group company would initially start assembling CKD (completely knocked down) kits of the bike here for Benelli and the partnership entitles Adishwar to assemble, manufacture bikes and import exclusive range of the bikes from Italy and SouthEast Asian regions, managing director of Benelli India Vikas Jhabakh said in a press conference.

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