Govt to speed up Rs 5,000 crore refund to MSMEs

Source: ETRetail.com, Aug 25, 2019

NEW DELHI: The Central Board of Indirect Taxes and Customs is finalising ways to speed up the refund of Rs 4,000-5,000 crore to micro, small and medium enterprises as finance minister Nirmala Sitharaman gets down to making the entire GST refund process seamless for businesses.

On Friday, Sitharaman had announced that all pending refunds of MSMEs will be cleared over the next 30 days and going forward, no dues will be pending for more than 60 days. On Sunday, she is due to brainstorm with officials from CBIC as well as GST Network, the company that provides the IT backbone, for working out an efficient refund mechanism. Read the rest of this entry »

Auto industry welcomes government steps to revive sales

Source: LiveMint.com, Aug 24, 2019

Senior executives of automobile manufacturing companies and various lobby groups have welcomed the steps announced by the union government on Friday to arrest the downturn in the sector.

Most believe the liquidity situation at both the dealer and customer end will ease after the recent announcements.

To boost demand for automobiles and arrest the precipitous decline in sales the Centre on Friday announced a slew of measures like mandating government agencies and departments to replace old vehicles, increasing depreciation on new vehicles for commercial fleet service providers, urging banks to make automobile loans cheaper and increase credit availability to non-banking finance companies. Read the rest of this entry »

Now, India’s forging industry reports 25%-30% decline in output

Source: LiveMint.com, Aug 24, 2019

While it will be some time before the impact of the steps to boost the economy announced by finance minister Nirmala Sitharaman on Friday becomes evident, the association of Indian forging industry (AIFI) has reported an average decline of 25% – 30% in production largely due to its high exposure to the automotive sector.

AIFI said the annual output of the domestic forging industry, comprising about 400 units across India, was 30 Lakh metric tons in FY2019, with a total output valuation of up to ₹50,000 crore.

In an interaction with Mint, S Muralishankar, president, AIFI said, “Earlier, the capacity utilization was about 70%. This is now reduced to 50% as the average production has declined 25% – 30% year-on-year on the total output of the forging industry from November 2018 to July 2019.” Read the rest of this entry »

India-France to jointly build, run space-based ship tracking system

Source: The Hindu Business Line, Aug 25, 2019

Mumbai: The world’s first space-based automatic identification system (AIS) to track merchant ships on a real-time basis will be built and operated jointly by India and France, the French space agency (Centre national d’études spatiales or the National Centre for Space Studies — CNES) has said.

CNES President Jean-Yves Le Gall and K Sivan, Chairman, Indian Space Research Organisation (ISRO), signed an agreement recently to start development and production of a constellation of satellites on which studies have been underway for more than a year.

The pact between the two space agencies  was signed during  Prime Minister Narendra Modi’s visit to France. Read the rest of this entry »

Bengal gets proposal for 800 MW solar power project: Minister

Source: Business Standard, Aug 24, 2019

Kolkata: West Bengal has received a proposal for 800 megawatt (MW) solar power project with an estimated investment of ₹3,000 crore from a private investor, a state minister said on Saturday.

Power purchase agreement (PPA), however, will be the key to execute the project, West Bengal’s Power Minister Sobhandeb Chattopadhyay said.

“We have received an offer for 800 MW solar power project in a single location from a private investor,” he said at ‘10th Energy Conclave’ organised by CII here.

Chattopadhyay, however, said the investor was seeking to get the PPA for the project before it proceeds further. Read the rest of this entry »

Govt may soon consider easing local sourcing for FDI in single-brand retail

Source: Business Standard, Aug 26, 2019

New Delhi: The government will soon consider a proposal of relaxing rules for complying with the mandatory 30 per cent local sourcing norms by foreign single brand retailers, official sources said.

As per the proposal, single-brand retail firms would also be permitted to open online stores before setting up brick-and-mortar shops.

Currently, online sale by a single-brand retail player is allowed only after opening of physical outlet. Read the rest of this entry »

Foreign investors pull out Rs 3,014 cr from capital markets in Aug so far

Source: Business Standard, Aug 25, 2019

New Delhi: Overseas investors have pulled out a net amount of Rs 3,014 crore from the Indian capital markets this month so far, but the trend may reverse following the removal of enhanced surcharge on FPIs, experts said.

According to depositories data, foreign portfolio investors (FPI) withdrew a net amount of Rs 12,105.33 crore from equities, but pumped in Rs 9,090.61 crore into the debt segment during August 1-23.

This has translated into a total net outflow of Rs 3,014.72 crore from the capital markets (both equity and debt).

“Out of 15 trading sessions, foreign investors were net buyers in only two sessions. The sell off in equities continued due to a mix of factors including US Fed rate cut, US-China trade war and the post Budget tax hike on high income investors,” said Harsh Jain, co-founder and COO of Groww. Read the rest of this entry »