Is ‘Make in India’ beginning to bear fruit?

Source : Live Mint,  15 May,  2017

Three years after the Narendra Modi government took charge in Delhi, one of its key programmes, the ‘Make in India’ initiative, may be finally bearing fruit. Three different sets of macro-economic data—the number (and value) of industrial projects being set up in the country, foreign direct investment (FDI) and merchandise exports—seem to point to a pick-up in industrial activity in Asia’s third-largest economy.

Of the three, it is the first trend that appears most promising. The value of new industrial units set up in the country rose 29% in calendar year 2016 over the previous year, a Mint analysis of Department of Industrial Policy and Promotion (DIPP) data shows.

It remains to be seen whether the trend is sustained in the coming years. The value of proposed projects in 2016 was significantly higher than that in 2015 but only marginally higher than that in 2014.

Core sector output up 5%, signals industrial recovery

download (4).jpgSource : Business Standard

Core sector output rose by 5 per cent in March, recovering from the one-year low growth rate of 1 per cent in February.

The rebound was led primarily by robust growth in steel and coal output, supported by a stable rise in natural gas production.The data released by the Commerce and Industry Ministry on Monday showed that the eight core industries — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity — had a cumulative growth rate of 4.5 per cent in FY17. This was higher than the 4 per cent rise in 2015-16.

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Government makes geo-location of tangible assets mandatory for firms

Source: The Economic Times, Apr 26, 2017

NEW DELHI: Corporate India will have to furnish the geo-location data of tangible assets appearing on the balance-sheets, with the government seeking to establish stringent norms for verifying the details of properties recorded with the registrar as ‘charges’ for a company.

Simply put, a charge is the interest created on a company’s assets that have been put up as security or are mortgaged.

Revising disclosure standards, the Ministry of Corporate Affairs has told companies that supplying the latitude and longitude of their tangible assets is now mandatory. Company Secretaries and asset teams in the accounts divisions might now be engaged with Google Maps, with the ministry revising Forms CHG 1 and 9 to include a column on the latitude and longitude of the asset.

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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.

Finance Ministry approves 8.65% interest rate on EPF

Source: The Hindu Business Line, Apr 16, 2017

New Delhi: The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees’ provident fund for 2016-17, which will benefit over four crore EPFO members.

The Finance Ministry in its communication to the Labour Ministry has, however, put a rider that the interest rate should not result in a deficit for the retirement fund. This will enable the Labour Ministry to provide 8.65 per cent rate as decided by the Employees’ Provident Fund Organisation (EPFO) trustees.

According to EPFO estimates, the fund will see a surplus after providing 8.65 per cent interest rate for the last fiscal. Read the rest of this entry »

PAN, TAN to be issued in a day for ease of doing business

download (13)Source: Business Standard, Apr 11, 2017

New Delhi: In another move to improve ease of doing business in India, the Income Tax Department has tied up with the Corporate Affairs Ministry (MCA) to issue Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within a day, an official said on Tuesday.

“The Central Board of Direct Taxes has tied up with MCA to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day,” a Finance Ministry statement said.

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Government makes compliance of Labour Laws and Rules easy

Source: IBEF.org, Apr 11, 2017

New Delhi: The Government has undertaken an exercise to promote ease of compliance of LabourLaws and Rules byvarious establishments. The “Rationalisation of Forms and Reports under Certain Labour Laws Rules, 2017” has reduced the number of forms and reportsprescribed under 3 Acts and the Rules made thereunder from 36 to 12. The overall aim of the exercise is to make the forms and reports easy to understand for the users. This will save efforts, costs and lessen the compliance burden of various establishments.As per the sixth Economic Census of Central Statistical Office, conducted during 2013-2014,there are about 5.85 crore establishments in agriculture and non- agriculture sectors of the country.

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