Corporate loan growth signals business revival

download (5)Source: The Hindu Business Line, Jun 20, 2018

Hyderabad: After a long lull, corporate lending is witnessing a revival.In recent years, loans to industries and businesses had been stalled due to macro-economic concerns and rising non-performing assets (NPAs).

However, the advances of some major banks indicate a perceptible change in approach to corporate lending.For instance, the corporate loan portfolio of the State Bank of India, the country’s largest lender, grew 1.80 per cent in the year ended March 31, 2018, at ₹10.11-lakh crore, against ₹9.93 lakh crore in the year-ago period.

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Tourism firm TUI Group aims to tap India’s booming online travel market

download (4).jpgSource: Business Standard, Jun 20, 2018

New Delhi: London Stock Exchange-listed tourism company TUI, which has an annual turnover of 18.5 billion euros, has set its sight on the fast expanding Indian online travel market. It recently shut its business of distributing holiday packages and launched an online platform in early May for hotel and flight bookings and to compete with players such as MakeMyTrip and Yatra.

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AAR ruling a tax twist for foreign hotels

downloadSource: The Economic Times, Jun 19, 2018

A significant judgement by the Authority of Advance Rulings (AAR) may have an impact on taxes to be paid by overseas hotel companies.

AAR has held that Accor-owned FRHI Hotels & Resorts property Swissotel Kolkata will constitute a fixed place permanent establishment for FRHI and that its income from operations would be taxable as business profits in India. AAR said this is due to the degree of ‘control’ exercised by the foreign company over the Indian firm.

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Logistics player Blue Dart opens aviation hub in Chennai

Source: The Hindu Business Line, Jun 18, 2018

Chennai: Blue Dart, a leading logistics services provider and a subsidiary of Deutsche Post DHL Group, has launched an aviation hub in Chennai.

The new facility will also house the headquarters of Blue Dart Aviation, India’s only commercial cargo airline, which has a dedicated fleet of six B757-200 freighters and a capacity of 500 tonnes every night, operating across 73 flight sectors daily.

The hub boasts of Bureau of Civil Aviation Security-approved security screening with its own X-Ray machines, equipment and dedicated manpower, said a company press release. The hub is located at the Blue Dart Aviation Terminal at Chennai’s old international airport with both air and land side access. It is equipped to carry out inhouse engineering line maintenance for its fleet of aircraft, and has regulatory approval for security screening. It also has dedicated manpower and parking space for its own freighters.

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India’s largest national data centre to come up in Bhopal

Source: Business Standard, Jun 19, 2018

New Delhi: The government will be setting up the country’s largest national data centre in Bhopal, with capacity for 500,000 virtual servers.

The country has four such centres for hosting government websites, services and apps. These are at Pune, Hyderabad, Delhi and Bhubaneswar.

With growing digitalisation of government services, this capacity needs to be increased.Electronics and information technology minister Ravi Shankar Prasad said data protection and privacy were important and its misuse would not be allowed. He was addressing journalists on four years of the present government.

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GST, infrastructure status drive PE investments in warehousing

Source: The Economic Times, Jun 11, 2018

Government initiatives such as Make in India, implementation of the Goods & Services Tax and infrastructure status for the logistics sector have been pushing both demand for and investment in warehousing and industrial real estate across the country.

The infrastructure status to the logistics sector that includes industrial parks, cold chains and warehousing facilities has been helping in attracting private investments in these sectors.

While investors eyed opportunities in this sector in anticipation of the reforms to be implemented by the government, the flow of investment has gained further momentum now.

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National Skill Development Corporation gets international recognition

Source: The Economic Times, Jun 11, 2018

Ministry of skill development and entrepreneurship’s training institute National Skill Development Corporation (NSDC) that trains youngsters in almost all districts of India to make them employable, has been endorsed by the Indian National Commission for Cooperation with UNESCO as a member of the UNEVOC network.

The UNESCO-UNEVOC International Centre is one of seven UNESCO institutes working in education located at the United Nations Campus in Bonn in Germany. The organisation has been scouting for organisations that it can work with for the last few years. It finally zeroed in on NSDC and gave it full endorsement last week, official sources said.

UNESCO-UNEVOC works towards developing and strengthening technical and vocational training and undertakes its activities through a global network of institutions imparting skill education with a mandate to provide sustainable education.

This endorsement, said top government officials, will increase the engagement with Indian authorities and international experts to bring best ideas and technology related to skilling in India.

Manish Kumar, MD & CEO, NSDC, said the endorsement “showed there are lessons for the world to learn from our skilling programme that gives a lot of attention to jobs needs at the grassroots. The endorsement gives us the confidence that we are on the right track. It is a startup ministry but it is being recognised by international influential players, which is a validation in itself.”

“It is a recognition of the knowledge capacity we have built that can be studied and customised depending on whichever the country adopts it,” Kumar said.

There are 27 sectors in which NSDC skills youngsters, of which those related to manufacturing, service sector and technology are popular at the grassroots. Apart from this, a representative from Germany will also be stationed at NSDC in New Delhi from this year to look at “the best possible ways to customise the best of German skill training model in the Indian ecosystem,” Kumar said.