Today Sector News – 20.11.2018
* AVIATION: Despite a series of hurdles, including differences on a pricing benchmark, the Indian Air Force is moving ahead on a major deal for manufacturing transport aircraft by private sector. State-run Airports Authority of India has inked an agreement with the US Trade and Development Agency to develop a road map for modernisation of its air traffic services.
- In order to repay short-term loans raised to fund the acquisition of wide-body aircraft, Air India has
floated a tender to sell and lease back seven of its aircraft that would help it raise at least $856 mln.
* AUTOMOBILE: French carmaker Groupe PSA's India foray with the locally produced models has been delayed by a year as the company aims to get its cost and product right the first time. The arrest of Nissan Motor Co's Chairman Carlos Ghosn has thrown the auto industry's largest global alliance into turmoil, with the Japanese carmaker saying it will seek to remove him.
* BANKING: India needs to structurally lower real interest rates to ensure that credit flow to small businesses is not impeded, Principal Economic Adviser Sanjeev Sanyal said. The government expects the Reserve Bank of India to announce more measures in the coming days to address liquidity issues faced by non-banking finance companies if there's a need, said a person familiar with the matter.
- The Reserve Bank on Monday said it will inject 80 bln rupees into the system through purchase of
government securities on Nov 22.
* ECONOMY: Prime Minister Narendra Modi today said that India is just a few steps away from getting into the top 50 rankings of Ease of Doing Business and appealed to industry representatives to make joint efforts to achieve this aim.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service obligations pertaining to principal and interest repayment with respect to deposit from Micro units Development and Refinance Agency of 3.07 bln rupees due on Saturday.
* INFORMATION TECHNOLOGY: Indian IT services firms have seen a decline in revenue over the past four quarters from local customers as they see an inconsistency in business from the government, the largest technology spender, holding back growth in the country.
* INFRASTRUCTURE: National Highways Authority of India plans to raise up to 100 bln rupees through the public issue of taxable, secured, redeemable non-convertible debentures in one or more tranches.
* TELECOMMUNICATION: Telcom companies plan to urge the sector regulator to take steps so that communication applications such as WhatsApp and Skype and telcom companies come under same regulations, which include reduced license fee and identical auditing methods.
- Telecom operators have completed the adoption of new e-KYC process in about 85% of the country
and rest is likely to be covered soon, the Cellular Operators Association of India said on Monday. Telecom Regulatory Authority of India is expected to meet industry players next month, to deliberate on the issues that will be taken up during 2019, its Chairman R.S. Sharma said Monday.
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- In order to repay short-term loans raised to fund the acquisition of wide-body aircraft, Air India has
floated a tender to sell and lease back seven of its aircraft that would help it raise at least $856 mln.
* AUTOMOBILE: French carmaker Groupe PSA's India foray with the locally produced models has been delayed by a year as the company aims to get its cost and product right the first time. The arrest of Nissan Motor Co's Chairman Carlos Ghosn has thrown the auto industry's largest global alliance into turmoil, with the Japanese carmaker saying it will seek to remove him.
* BANKING: India needs to structurally lower real interest rates to ensure that credit flow to small businesses is not impeded, Principal Economic Adviser Sanjeev Sanyal said. The government expects the Reserve Bank of India to announce more measures in the coming days to address liquidity issues faced by non-banking finance companies if there's a need, said a person familiar with the matter.
- The Reserve Bank on Monday said it will inject 80 bln rupees into the system through purchase of
government securities on Nov 22.
* ECONOMY: Prime Minister Narendra Modi today said that India is just a few steps away from getting into the top 50 rankings of Ease of Doing Business and appealed to industry representatives to make joint efforts to achieve this aim.
* FINANCE: Infrastructure Leasing & Financial Services was unable to service obligations pertaining to principal and interest repayment with respect to deposit from Micro units Development and Refinance Agency of 3.07 bln rupees due on Saturday.
* INFORMATION TECHNOLOGY: Indian IT services firms have seen a decline in revenue over the past four quarters from local customers as they see an inconsistency in business from the government, the largest technology spender, holding back growth in the country.
* INFRASTRUCTURE: National Highways Authority of India plans to raise up to 100 bln rupees through the public issue of taxable, secured, redeemable non-convertible debentures in one or more tranches.
* TELECOMMUNICATION: Telcom companies plan to urge the sector regulator to take steps so that communication applications such as WhatsApp and Skype and telcom companies come under same regulations, which include reduced license fee and identical auditing methods.
- Telecom operators have completed the adoption of new e-KYC process in about 85% of the country
and rest is likely to be covered soon, the Cellular Operators Association of India said on Monday. Telecom Regulatory Authority of India is expected to meet industry players next month, to deliberate on the issues that will be taken up during 2019, its Chairman R.S. Sharma said Monday.
