Plan and Policy

Plan & Policy

Ministry proposes import duty cuts on more EV parts

The heavy industries mi­­­­nistry has proposed red­u­c­ing customs duty on pa­rts of electric vehicles wh­i­ch are currently not exempted from import ta­riff to the department of revenue, said senior officials.

To boost pr­­­­­oduction of electric vehi­cles (EVs) in the count­ry, the ministry has also su­ggested defining semi knocked down and completely knocked down kits used for streamlining of customs duty.

PMI shows strong rise in business activity: Garg

The PMI data for November shows overall strong increase in business activity as well as demand and should augur well for economic growth in October-December quarter, economic affairs secretary Subhash Chandra Garg said on Wednesday.

The Nikkei India Composite PMI Output Index — that maps both the manufacturing and services sector — rose to 54.5 in November, pointing to the fastest expansion in private sector activity since October 2016, data released on Wednesday showed.

The Composite PMI Output Index in October was at 53.

Services activity sees quickest growth since July

The country’s services sector activity in November expanded at the quickest pace since July, driven by new work orders and favourable market conditions, which in turn led to a continued rise in jobs, a monthly survey said on Wednesday.

The seasonally adjusted Nikkei India services business activity index rose to a four-month high of 53.7 in November, from 52.2 in October, as firms highlighted factors such as favourable market conditions and sales growth that boosted activity.

Patel parries queries on spat with govt

RBI governor Urjit Patel on Wednesday refused to comment on the tension with the government, including the invocation of Section 7 or the proposed economic capital framework for the central bank.

Amazon Invests $300 Million In India Unit Inc invested about $300 million (Rs 2,200 crore) in its Indian marketplace, taking its total infusion in the business to $4.7 billion as it faces a fresh challenge from Walmart-backed Flipkart.

The latest investment into Amazon Sellers Services Pvt. Ltd. came from Singapore-based Amazon Corporate Holdings and Mauritius-based, filings made with the Registrar of Companies show.

Mobile calls, internet on flights may start next month

Air passengers may be allowed to make mobile calls and surf the internet during flights in the Indian airspace, possibly from next month, once the law ministry gives its views and approval to the proposal, telecom minister Manoj Sinha said on Wednesday. The telecom ministry is awaiting the views of the law ministry on in-flight connectivity rules and is hopeful of notifying the norms soon thereafter, Sinha said.

Coal scam: Ex-coal secretary HC Gupta gets 3 years in jail

A Delhi court on Wednesday sentenced former coal secretary HC Gupta to 3-year imprisonment in a coal block allocation scam case, which happened during the previous UPA regime at the Centre. Two other bureaucrats — KS Kropha and KC Samria — were also awarded 3-year of jail term. The three bureaucrats were also fined Rs 50,000 each. They were later granted statutory bail as the jail term was below four years.

Etihad in talks with banks for Jet Airways rescue

Partner Etihad could come to the rescue of ailing Jet Airways. The two have jointly begun talks with creditors to get easier terms on loan repayment.

The Abu Dhabi-based carrier, Jet Airways’ second-largest shareholder with 24 per cent stake, may raise its current equity holding, taking it to up to 49 per cent, the highest permissible limit for foreign airlines.

“The airlines are taking to banks on cash flow and business plan,” said an industry executive.

RBI keeps key rates on hold as growth slows

The Reserve Bank of India (RBI) in its fifth bi-monthly monetary policy review on Wednesday maintained status quo on rates and continued with its stance of calibrated tightening, but hinted at future policy easing.

Petrol, diesel may be cheaper in Delhi than UP

Petrol and diesel may soon again become cheaper in Delhi as compared to adjoining cities of Uttar Pradesh as ad valorem duty structure has translated into a bigger reduction in daily prices in the national capital.

While petrol and diesel traditionally have been cheaper in Delhi than most states in the country, due to lower local sales tax or VAT, the October 5 cut in the VAT by BJP-ruled states led to fuel being available at cheaper rates in places such as Ghaziabad and Noida — the UP towns that adjoin the national capital.