Daily Sector News Today – 24.08.2017
* AGRICULTURE: With a view to bailing out farmers in distress, the Madhya Pradesh government will make good the difference between the minimum support price and prevailing modal price for all agricultural produce.
* AVIATION: The Cabinet approved a proposal to transfer 40 acres of Airports Authority of India land at Dahisar in Mumbai to the Mumbai Metropolitan Region Development Authority to enable the latter to complete its metro rail Project.
* COMMODITY: The Sugar Directorate has sought a 2-rupees-per-ltr hike in price at which oil marketing companies purchase ethanol from sugar mills for 2017-18 (Oct-Sep).
- MSTC plans to launch forward trading in the horticulture products sector to support its recently-launched nationwide electronic portal--eRaKAM.
* ECONOMY: Indian companies invested $1.77 bln in their overseas joint ventures and subsidiaries in June, up from $1.12 bln a month ago.
- Finance Minister Arun Jaitley said there was no discussion on the withdrawal of the 2,000-rupee currency notes. - The Department of Industrial Policy and Promotion will soon come up with a consolidated report on foreign direct investment, a government source said.
* REALTY: The government has reduced goods and services tax rate on work contracts for affordable housing to 12% from 18% fixed earlier.
* TAXATION: The Central Board of Direct Taxes is open to lowering the withholding tax rate for foreign companies that have income in India, but said that companies should pay their due taxes.
* TELECOMMUNICATION: The gross revenue of telecom operators in the country rose 2.5% on quarter in Apr-Jun to 648.9 bln rupees, data from the Telecom Regulatory Authority of India showed.
* TRANSPORT: The Union Cabinet, at its meeting, did not take up the ordinance to hike the ceiling on compensation cess on motor vehicles under the goods and services tax regime. The Union Cabinet approved the shut down of Bharat Wagon & Engineering Co's operations.
* TYRES: The Directorate General of Anti-Dumping and Allied Duties may soon recommend extension of anti-dumping duty on pneumatic non-radial tyres for buses and Lorries from China and Thailand.
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* AVIATION: The Cabinet approved a proposal to transfer 40 acres of Airports Authority of India land at Dahisar in Mumbai to the Mumbai Metropolitan Region Development Authority to enable the latter to complete its metro rail Project.
* COMMODITY: The Sugar Directorate has sought a 2-rupees-per-ltr hike in price at which oil marketing companies purchase ethanol from sugar mills for 2017-18 (Oct-Sep).
- MSTC plans to launch forward trading in the horticulture products sector to support its recently-launched nationwide electronic portal--eRaKAM.
* ECONOMY: Indian companies invested $1.77 bln in their overseas joint ventures and subsidiaries in June, up from $1.12 bln a month ago.
- Finance Minister Arun Jaitley said there was no discussion on the withdrawal of the 2,000-rupee currency notes. - The Department of Industrial Policy and Promotion will soon come up with a consolidated report on foreign direct investment, a government source said.
* REALTY: The government has reduced goods and services tax rate on work contracts for affordable housing to 12% from 18% fixed earlier.
* TAXATION: The Central Board of Direct Taxes is open to lowering the withholding tax rate for foreign companies that have income in India, but said that companies should pay their due taxes.
* TELECOMMUNICATION: The gross revenue of telecom operators in the country rose 2.5% on quarter in Apr-Jun to 648.9 bln rupees, data from the Telecom Regulatory Authority of India showed.
* TRANSPORT: The Union Cabinet, at its meeting, did not take up the ordinance to hike the ceiling on compensation cess on motor vehicles under the goods and services tax regime. The Union Cabinet approved the shut down of Bharat Wagon & Engineering Co's operations.
* TYRES: The Directorate General of Anti-Dumping and Allied Duties may soon recommend extension of anti-dumping duty on pneumatic non-radial tyres for buses and Lorries from China and Thailand.
