SECTORS NEWS TODAY – 02.09.2016
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* AVIATION: Gujarat has signed up for the Centre's regional connectivity scheme. Under the
memorandum of understanding signed between the state and central government at Gandhinagar,
around 11 airports and runways will be developed and made functional.
* BANKING: Finance Minister Arun Jaitley has said strengthening the ability of the banking system to support growth was a priority. The Reserve Bank of India has said banks must charge merchants
separately for credit and debit card transactions instead of bundling them into one. Banks must ensure
their overall direct lending to non-corporate farmers does not fall below 11.7% of the total adjusted net bank credit in 2016-17 (Apr-Mar), the RBI said. Reserve Bank of India has said to enhance transparency in sale of stressed assets by banks, the approach should be driven by top management via a boardapproved policy.
* CHEMICALS: Union Minister of Chemicals and Fertilisers Ananth Kumar said there is a need to change the Petroleum, Chemicals and Petrochemical Investment Regions norms to make them more practical and pragmatic.
* ECONOMY: Labour and Employment Minister Bandaru Dattatreya has urged trade unions to call off their all-India strike scheduled for today, as the government has accepted seven of their eight demands and is willing to resolve pending issues. Odisha has become the 16th state to ratify the constitutional amendment Bill to introduce GST, crossing the threshold of more than half the number of states needed for the law to be sent for presidential assent.
- Brushing aside criticism that he kept interest rates high, outgoing Reserve Bank of India
Governor Raghuram Rajan said he used every room to cut rates and hoped that inflation would slip
below 6% when data comes for August--his last month as head of the central bank. The Fiscal
Responsibility and Budget Management committee, tasked with suggesting a future fiscal road map,
could recommend continuing with fixed numbers as fiscal deficit targets, instead of a range.
* ELECTRONICS: Sony India is expecting a 40% increase in its sales in the forthcoming festive season particularly in its Bravia range of televisions and has allocated 1.5 bln rupees as advertising spend during Aug-Nov to increase its sales.
* FAST-MOVING CONSUMER GOODS: The government is working towards bringing retail, FMCG and ecommerce within a single policy framework, which will address all the concerns of industry and consumers.
* REAL ESTATE: Piramal Fund Management will invest 23.20 bln rupees in Lodha Developers' signature World Towers project in central Mumbai, in what is probably the single largest debt financing deal in Indian real estate.
* SHIPPING: India will complete 173 shipping projects under Sagarmala programme by 2020, Shipping and Road Transport and Highways Minister Nitin Gadkari said. To give a push to port-led development under the Sagarmala project, the government announced incorporation of Sagarmala Development Co with 10 bln rupees as initial authorised share capital.
* TAXATION: The income tax department has relaxed the due date for quarterly furnishing of 15G and 15H declarations by financial institutions received from tax payers. Commerce and Industry Minister Nirmala Sitharaman has said the ministry will consult the finance ministry regarding the concerns of ecommerce companies over Goods and Services Tax.
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memorandum of understanding signed between the state and central government at Gandhinagar,
around 11 airports and runways will be developed and made functional.
* BANKING: Finance Minister Arun Jaitley has said strengthening the ability of the banking system to support growth was a priority. The Reserve Bank of India has said banks must charge merchants
separately for credit and debit card transactions instead of bundling them into one. Banks must ensure
their overall direct lending to non-corporate farmers does not fall below 11.7% of the total adjusted net bank credit in 2016-17 (Apr-Mar), the RBI said. Reserve Bank of India has said to enhance transparency in sale of stressed assets by banks, the approach should be driven by top management via a boardapproved policy.
* CHEMICALS: Union Minister of Chemicals and Fertilisers Ananth Kumar said there is a need to change the Petroleum, Chemicals and Petrochemical Investment Regions norms to make them more practical and pragmatic.
* ECONOMY: Labour and Employment Minister Bandaru Dattatreya has urged trade unions to call off their all-India strike scheduled for today, as the government has accepted seven of their eight demands and is willing to resolve pending issues. Odisha has become the 16th state to ratify the constitutional amendment Bill to introduce GST, crossing the threshold of more than half the number of states needed for the law to be sent for presidential assent.
- Brushing aside criticism that he kept interest rates high, outgoing Reserve Bank of India
Governor Raghuram Rajan said he used every room to cut rates and hoped that inflation would slip
below 6% when data comes for August--his last month as head of the central bank. The Fiscal
Responsibility and Budget Management committee, tasked with suggesting a future fiscal road map,
could recommend continuing with fixed numbers as fiscal deficit targets, instead of a range.
* ELECTRONICS: Sony India is expecting a 40% increase in its sales in the forthcoming festive season particularly in its Bravia range of televisions and has allocated 1.5 bln rupees as advertising spend during Aug-Nov to increase its sales.
* FAST-MOVING CONSUMER GOODS: The government is working towards bringing retail, FMCG and ecommerce within a single policy framework, which will address all the concerns of industry and consumers.
* REAL ESTATE: Piramal Fund Management will invest 23.20 bln rupees in Lodha Developers' signature World Towers project in central Mumbai, in what is probably the single largest debt financing deal in Indian real estate.
* SHIPPING: India will complete 173 shipping projects under Sagarmala programme by 2020, Shipping and Road Transport and Highways Minister Nitin Gadkari said. To give a push to port-led development under the Sagarmala project, the government announced incorporation of Sagarmala Development Co with 10 bln rupees as initial authorised share capital.
* TAXATION: The income tax department has relaxed the due date for quarterly furnishing of 15G and 15H declarations by financial institutions received from tax payers. Commerce and Industry Minister Nirmala Sitharaman has said the ministry will consult the finance ministry regarding the concerns of ecommerce companies over Goods and Services Tax.
