India’s blue sky pledge gives power to country’s green bonds

Source: LiveMint.com, July 19, 2017

New Delhi: Green bonds issued by Indian companies are gathering pace as the country’s ambitious target for renewable energy fuels interest from investors.

Renewable energy developer Greenko Energy Holdings raised $1 billion earlier this week, making it the largest corporate green bond issuer in Asia, Bloomberg data shows. It beat MTR Corp.’s $600 million issue in November. Green bonds from India are likely to increase as renewable capacity expands and the market gets bigger, according to Ashish Sethia, head of research and analysis for Asia Pacific at Bloomberg New Energy Finance.

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GEA receives order to build Asia’s largest milk production plant in India

imagesSource: Business Standard, July 18, 2017

Mumbai: Global equipment and process technology provider GEA on Tuesday said it has received an order from the AmulFed Dairy, a unit of Gujarat Co-operative Milk Marketing Federation (GCMMF), to build milk production facility in Gandhinagar, Gujarat.

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Exporters continue to face the heat as shipments pile up

Source: The Hindu Business Line, July 19, 2017

New Delhi: Three weeks after the implementation of the Goods and Services Tax (GST) regime, exporters are still struggling to get their consignments shipped as customs officials are yet not clear on how to interpret the new rules.

Exporters have complained to the Vanaja N Sarna, Chairperson, Central Board of Excise and Customs (CBEC), of the harassment they have been facing and are hoping for a solution soon.

“Consignments are getting stuck as officials are interpreting the custom notification on accepting existing bonds and undertakings from exporters any way they want. They are getting away with it as the Board has not prescribed a timeline under which it has to be accepted,” said Ajay Sahai, DG, FIEO.

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IFC to invest $5-6 b in Indian sustainability projects

index.jpgSource: The Hindu Business Line, July 19, 2017

Mumbai: International Finance Corporation (IFC), the private-sector lending and investment arm of World Bank, is considering investing $5-6 billion towards sustainability projects in India.

In an exclusive interaction with BusinessLine, Jun Zhang, IFC Country Manager for India, noted that in the previous financial year, which closed for IFC just a few weeks ago (July 1 – June 30), IFC financed $1.96 billion in about 40 projects in India, overachieving its yearly target of around $1.2 billion.

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Cabinet approves alternative mechanism for ETF

Source: The Hindu Business Line, July 19, 2017

New Delhi: In a boost to the Centre’s disinvestment policy, the Cabinet on Monday approved an alternative mechanism that will decide on stake sales in State-owned banks and creation and launch of exchange-traded funds (ETFs).

“It will decide on disinvestment of public sector banks, listed public sector financial institutions and public sector insurance companies through ETF or other methods, subject to the government retaining 52 per cent stake,” said an official statement.

The new mechanism will also work out the ETF for public sector units, subject to the government retaining majority stake.

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Tax rates under GST will not be revised unless there is an anomaly: CBEC chief

index.jpgSource: The Hindu Business Line, July 19, 2017

New Delhi: The government on Wednesday said that tax rates under the Goods and Services Tax (GST) will not be revised unless there is an anomaly, but promised to go slow on enforcement actions in the first six months on genuine mistakes.

“The issue has snowballed…The textile sector is taxed for the first time. So anybody who comes into the net would feel the pinch,” said Vanaja N Sarna, Chairperson, Central Board of Excise and Customs, at a CII event. She said the CBEC has received representations from textile traders and is looking into their demands.

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Govt sweetens deal for pvt airport developers with new investment rules

index.jpgSource: Business Standard, July 20, 2017

New Delhi: To attract more private players towards operating Indian airport projects, the government has made a policy change that will allow the private party to not have to make any capital investment in the project. Instead, the government–owned airport operator, the Airport Authority of India (AAI), will make the investment and the private player will share the revenue with AAI.

The decision is understood to have been taken after a high-level meeting between the AAI chairman and the Prime Minister’s office after private players appeared reluctant to participate in the bidding process for the operation and maintenance (O&M) of the Ahmedabad and Jaipur airports. Major airport operators said that the scope of revenue generation through only O&M of airport terminals was too low. The new model is likely to enforce more discipline among developers. Over the past decade, private airport operators have run up costs in excess of estimates and then had tariffs changed upwards to compensate. For instance, the cost of modernising the Delhi and Mumbai airports more than doubled to $3 billion each.

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