Plan and Policy

Plan & Policy

Industry-friendly mineral policy on anvil

The government proposes to operationalise a new industry-friendly mineral policy this month that would aim to invigorate the investment climate in the sector hit hard by a slowdown in demand, delayed statutory clearances and court introduced restrictions on production.

Among the changes aimed at promoting investment, the new mineral policy would offer a long-term export policy for all minerals that would act as a catalyst for attracting large-scale investment in commercial mining activities.

ABC scheme to support women entrepreneurs

The Apeejay Business Centre (ABC), the plug ‘n’ play and co-working spaces bra­nd from Apeejay Real Esta­te, has launched a 330-seat centre in Gugugram, Hary­a­na.  The company has also doubled capacity in Hydera­bad and Kolkata in pursuit of growth strategy in the last two months.

A part of the 108-year-old Apeejay Surrendra Gro­up, ABC said the Gugugram centre will offer fluid co-wo­r­king spa­ce, work cabin, me­­e­ting ro­o­ms, serviced offi­c­es, a virtual office and br­e­akout areas.

Ahead of key DMK meet, Alagiri goes after Stalin

Signalling resumption of the family feud over DMK stalwart M Karunanidhi’s legacy days after his death, his estranged son MK Alagiri claimed on Monday all loyal party workers were with him and that the DMK will “dig its own grave” if it does not take him back.

Karunanidhi had expelled Alagiri and his supporters from the party in 2014 at the height of his fight with his younger brother MK Stalin over establishing supremacy in Tamil Nadu’s main opposition party. Stalin is now the working president of the DMK and looks set to assume its reins.

Former LS speaker Somnath Chatterjee passes away

Former Lok Sabha Speaker Somnath Chatterjee passed away at a private hospital here on Monday morning following multiple organ failure. He was 89 and survived by wife, a son and two daughters.

No safeguard duty on solar cells for now, says FinMin

The finance ministry on Monday said that safeguard duty will not be insisted upon on import of solar cells for the time being in deference to interim directions passed by the high court of Orissa. Last month, India had imposed safeguard duty on solar cells imports from China and Malaysia for two years to protect domestic players from steep rise in inbound shipments. The duty was imposed following recommendations by the directorate general of trade remedies (DGTR) under the commerce ministry.

India Inc to see robust hiring in July-Dec

Companies are bullish about recruitment activity in the July-December period as replacement hiring and job creation are expected to see an uptrend in the next six months, says a report. According to Naukri hiring outlook survey, 70 per cent recruiters believe hiring activity is expected to increase in the second half of 2018, while layoffs are likely to be negligible as it was cited by only 2 per cent of recruiters.

Tobacco area, output shrink as farmers shift to other crops

Tobacco acreage and production in the country have started declining as the government is encouraging farmers to shift to alternative crops in a big way, a senior government official said. Alternative crops like foodgrains, cereals, pulses, oilse-eds, vegetables, sugarcane, oil palm, and even dairy and poultry activities have been identified for tobacco growing areas in different states, he said. “Area and production of tabacco are declining every year because the government is supporting with funds to encourage the farmers to shift to alternative crops,” the official said.

Fertiliser imports to continue in mid-term

India’s dependency on fertiliser imports will continue in the medium-term, though urea imports are likely to decline as a new manufacturing capacity comes on-stream under the New Investment Policy 2012, according to a report. Returns from the new urea manufacturing capacity coming on-stream are likely to be strong, subject to the timely receipt of subsidy and offtake above 85 per cent, India ratings and research (Ind-Ra) said in a report. Ind-Ra estimates urea imports to decline to nil by FY21.

Retail inflation eases to 9-month low in July

Retail inflation fell to 9-month low of 4.17 per cent in July on declining vegetable prices, which may prompt the Reserve Bank of India (RBI) to pause interest rate hike in next monetary policy review. In the last two reviews RBI has raised the key repo rate by 0.25 per cent each on inflationary concerns. The next bi-monthly policy is to be unveiled on October 5.

Jet left high and dry as A-I plans more flights to London

Air India could use up all available traffic rights to slot-constrained Heathrow as it plans seven more flights to the European city from Mumbai, leaving no room for rival Jet Airways, which is keen on deploying additional capacity on the lucrative sector.