Around the Globe

Around the Globe

Sasikala loyalist Palanisami is TN CM

Edappadi K Palanisami, a VK Sasikala loyalist, was sworn-in as the Chief Minister of Tamil Nadu on Thursday, ending the 10-day political uncertainty in the state, which began with caretaker CM O Panneerselvam’s revolt against the AIADMK general secretary. Governor C Vidyasagar Rao administered the oath of office and secrecy to 63-year-old Palanisami, a party veteran from western Tamil Nadu, as the head of a 31-member Cabinet at a ceremony in the Raj Bhavan.

Renewables tariff decline to slow

The government may struggle to get lower tariff for new renewable po­wer projects, to be auctioned after March, with the incentives to the sector in the form of higher accelerated depreciation and 10-year tax holiday for such projects being withdrawn from FY18.
Industry sources said the changes would increase the cost for developers of solar projects, particularly rooftop ones, and push tariff up by 10 paise per unit. This could make low quote of Rs 2.97 per unit in auction of 750 mw of solar units in MP difficult for future projects.

Al-Qaeda using US preoccupation with IS to spread to India

Al-Qaeda has used America's "preoccupation" with the Islamic State to regain strength in South Asia and preparing to spread its ideology in India from its "home" in western Pakistan, top US lawmakers have warned.
"Al-Qaida has never changed, and it still sees itself in what it conceives as an existential struggle against the West and against the United States in particular," Bruce Hoffman, Director Center for Security Studies at Georgetown University, told members of the House Armed Services Committee.

US agencies probing Trump team’s Russia calls

US intelligence agencies and the FBI are conducting multiple investigations to determine the full extent of contacts that President Donald Trump’s advisers and associates had with Russia during and after the 2016 campaign, according to four national security officials with knowledge of the matter.

Jharkhand Summit to give wings to people's aspirations: Modi

Prime Minister Narendra Modi today exuded confidence that 'Momentum Jharkhand Global Investors' Summit 2017' will create several opportunities for people of the state and "give wings to their aspirations".

"Best wishes for @InvestJharkhand. May the deliberations in this Summit lead to fruitful outcomes that contribute to Jharkhand’s growth," the Prime Minister said in a tweet.

In another tweet, Modi said that skills and determination of people of Jharkhand and proactive efforts of the state government are bringing record development in the state.

Municipalities having surplus can issue bonds: Sebi

To boost the market for municipal bonds, regulator Sebi has allowed municipalities having a surplus in their books in any of the three preceding financial years to issue such securities.

The move comes after Sebi's board last month approved changes to the relevant regulations in order to provide a criteria that is alternative to 'net worth' of municipalities.

The decision also comes against the backdrop of Prime Minister Narendra Modi last month pitching for boosting the market of municipal bonds also known as muni bonds.

Centre whittles down wheat purchase target

The Centre has marginally lowered the wheat procurement estimate set by the states for next year, after the last year’s experience when it had to cut a sorry figure, as the actual purchase fell short of the target by 25 per cent.
The government has set a wheat procurement target of 33 million tonnes for the marketing year starting April against 22.96 million tonnes purchased by FCI during 2016-17 (April-March), an official statement said. The target is considerably higher when compared with the last season’s actual procurement, it said.

Foodgrain output may touch record 272 mt this year

One bragging right that Prime Minister Narendra Modi can legitimately claim soon is the record foodgrains and oilseeds production in 2016-17 on the back of bountiful monsoon rains across the states.
Foodgrain output is likely to hit a record 271.98 million tonnes in the 2016-17 crop year ending June. According to the advance estimates released by the agriculture ministry on Tuesday. wheat, rice, pulses, coarse cereals and oilseed production are set to surpass the previous record, as per the ministry's estimate.

Exports up 4.32% to $22.11b in Jan, trade deficit at $9.81b

Rise in shipments of petroleum products, engineering goods and iron ore increased India’s exports 4.32 per cent in January to $22.11 billion even as trade deficit widen­ed to $9.84 billion.
Gold imports slipped by 29.94 per cent to $2.04 billion in January from $2.91 billion in the same month last year as demand declined following cash crunch after the government decided to withdraw high-value notes from the circulation.

Betting big on Modi’s defence blueprint

A handful of companies are seeking to become the Boeings and Lockheed Martins of India, collaborating with global defence manufacturers to locally build advanced military hardware.
Those in the running to build planes, warships, submarines and tanks include Larson & Toubro, Mahindra & Mahindra, Tata Advanced Systems, Reliance Defence and Engineering and Kalyani Strategic Systems. The companies are looking to profit from a programme to boost domestic manufacturing in a country that is now the world’s largest defence importer.