SECTORS NEW TODAY – 31.08.2016
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* AUTOMOBILE: The Indian automobile industry lost 40 bln rupees due to an eight-month ban on
registration of diesel vehicles with engine capacity of 2,000cc and above in Delhi. Fiat Chrysler
Automobiles India has brought the Jeep brand to India with the launch of two sports utility vehicle
models - Wrangler and Grand Cherokee.
* AVIATION: Domestic airlines no longer need prior government approval to enter into international code share pacts with foreign carriers, with the Directorate General of Civil Aviation relaxing the requirements in this regard.
* BANKING: Bank investments in state bonds could become expensive as Basel committee is veering towards a risk weight on such instruments as a compromise for allowing them to be treated as high quality liquid assets.
* COMMODITIES: The government has no plans as of now to relax stock limits on pulses, even though prices of moong have fallen below the minimum support price.
* ECONOMY: The government is actively considering advancing the date of presenting the Union Budget to January end, Finance Minister Arun Jaitley said. Good monsoon rains this year will accelerate the country's growth rate, Prime Minister Narendra Modi said.
-The government has raised minimum wages for non-agricultural workers to 350 rupees per day from 246 rupees currently. Commerce and Industry Minister Nirmala Sitharaman said the issue of visa fee hike was raised with the visiting US delegation, adding that US Secretary of Commerce Penny Pritzker would look into it.
-Mizoram Assembly on Tuesday ratified the Goods and Services Tax Constitutional Amendment bill by adopting an official resolution, becoming the 13th state to approve the legislation.
* GOVERNMENT: The Unique Identification Authority will soon announce regulations under the Aadhaar Act 2016, for companies that intend using apps to offer services relying on the Aadhaar ecosystem.
* INFORMATION TECHNOLOGY: The government will transform the 'Digital India' programme into a more segment-focused one with smartphones playing a crucial role, Union Minister of IT & Electronics Ravi Shankar Prasad said.
* INFRASTRUCTURE: A government panel cleared 16 road projects worth 74.56 bln rupees.
* INVESTMENT: The Foreign Investment Promotion Board cleared six foreign direct investment proposals worth 1.05 bln rupees.
* MINES: India will auction a diamond project that global miner Rio Tinto is abandoning, or allocate it to a state firm, the mines secretary said.
* SUGAR: The global sugar market, which after five years slipped into a deficit in 2015-16 (Oct-Sep), is likely to post a deeper deficit in 2016-17, International Sugar Organization said.
* STEEL: The imposition of anti-dumping duty on hot and cold rolled steel products for six months will help domestic firms brace against a weak demand environment, ratings agency Icra said. Steel prices are likely to go up by 2,000-2,500 rupees a tn starting September with a sharp rise in raw material cost and signs of a revival in demand.
* TAXATION: The Central Board of Direct Taxes has singed 20 unilateral advance pricing agreements with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
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registration of diesel vehicles with engine capacity of 2,000cc and above in Delhi. Fiat Chrysler
Automobiles India has brought the Jeep brand to India with the launch of two sports utility vehicle
models - Wrangler and Grand Cherokee.
* AVIATION: Domestic airlines no longer need prior government approval to enter into international code share pacts with foreign carriers, with the Directorate General of Civil Aviation relaxing the requirements in this regard.
* BANKING: Bank investments in state bonds could become expensive as Basel committee is veering towards a risk weight on such instruments as a compromise for allowing them to be treated as high quality liquid assets.
* COMMODITIES: The government has no plans as of now to relax stock limits on pulses, even though prices of moong have fallen below the minimum support price.
* ECONOMY: The government is actively considering advancing the date of presenting the Union Budget to January end, Finance Minister Arun Jaitley said. Good monsoon rains this year will accelerate the country's growth rate, Prime Minister Narendra Modi said.
-The government has raised minimum wages for non-agricultural workers to 350 rupees per day from 246 rupees currently. Commerce and Industry Minister Nirmala Sitharaman said the issue of visa fee hike was raised with the visiting US delegation, adding that US Secretary of Commerce Penny Pritzker would look into it.
-Mizoram Assembly on Tuesday ratified the Goods and Services Tax Constitutional Amendment bill by adopting an official resolution, becoming the 13th state to approve the legislation.
* GOVERNMENT: The Unique Identification Authority will soon announce regulations under the Aadhaar Act 2016, for companies that intend using apps to offer services relying on the Aadhaar ecosystem.
* INFORMATION TECHNOLOGY: The government will transform the 'Digital India' programme into a more segment-focused one with smartphones playing a crucial role, Union Minister of IT & Electronics Ravi Shankar Prasad said.
* INFRASTRUCTURE: A government panel cleared 16 road projects worth 74.56 bln rupees.
* INVESTMENT: The Foreign Investment Promotion Board cleared six foreign direct investment proposals worth 1.05 bln rupees.
* MINES: India will auction a diamond project that global miner Rio Tinto is abandoning, or allocate it to a state firm, the mines secretary said.
* SUGAR: The global sugar market, which after five years slipped into a deficit in 2015-16 (Oct-Sep), is likely to post a deeper deficit in 2016-17, International Sugar Organization said.
* STEEL: The imposition of anti-dumping duty on hot and cold rolled steel products for six months will help domestic firms brace against a weak demand environment, ratings agency Icra said. Steel prices are likely to go up by 2,000-2,500 rupees a tn starting September with a sharp rise in raw material cost and signs of a revival in demand.
* TAXATION: The Central Board of Direct Taxes has singed 20 unilateral advance pricing agreements with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing.
