A brief on news, tie-ups, ap­point­ments and awards

India Business Journal - - CONTENTS -

Pari­wartan ARC to tackle power NPAs

Lenders weighed down by ex­po­sure to stressed as­sets in the power sec­tor may soon find re­lief. An as­set re­struc­tur­ing com­pany (ARC) un­der the Power As­set Re­vival through the Ware­hous­ing and Re­ha­bil­i­ta­tion (Pari­wartan) scheme is to be in­cor­po­rated by Oc­to­ber. The ARC will al­low lenders to park stressed power as­sets fac­ing liq­ui­da­tion pro­ceed­ings un­der the Na­tional Com­pany Law Tri­bunal (NCLT) route. The scheme is for projects that do not have power pur­chase or fuel sup­ply agree­ments some may be com­mis­sioned, while some are likely to be com­mis­sioned. The scheme is meant to bail out these projects for four to five years.

PM un­veils world's largest health cover scheme

The world's largest govern­ment-funded health­care pro­gramme, the Prad­han Mantri Jan Ar­o­gya Yo­jana (PM­JAY), or Ayush­man Bharat, was launched by Prime Min­is­ter Naren­dra Modi in Ranchi last month. Over 10 crore fam­i­lies - both ur­ban and ru­ral poor - will be pro­vided an an­nual health cover of Rs 5 lakh each un­der the PM­JAY. The scheme will ben­e­fit over 50 crore peo­ple: the poor, de­prived ru­ral fam­i­lies and iden­ti­fied oc­cu­pa­tional cat­e­gories of ur­ban work­ers' fam­i­lies. The PM­JAY will pro­vide com­pre­hen­sive health in­sur­ance, cov­er­ing 1,300 ill­nesses, in­clud­ing se­ri­ous ones, such as can­cer and dis­eases of the heart. Pri­vate hos­pi­tals will also be a part of the scheme.

De­mat must for shares of un­listed pub­lic cos

The Cen­tre has set Oc­to­ber 2 as dead­line for is­sue and trans­fer of shares of all un­listed pub­lic com­pa­nies in

de­ma­te­ri­alised or de­mat form (shares in elec­tronic form). Ac­cord­ing to the Com­pa­nies Act, 2013, a pub­lic com­pany is formed by seven per­sons or more, while for a pri­vate

com­pany, this num­ber is two or more. If shares of such com­pa­nies are not traded on a stock ex­change, they are nor­mally called un­listed com­pa­nies. Ac­cord­ing to the Cor­po­rate Af­fairs Min­istry, the de­ci­sion for manda­tory de­ma­te­ri­al­i­sa­tion has been taken for "fur­ther en­hanc­ing trans­parency, in­vestor pro­tec­tion and gov­er­nance in the cor­po­rate sec­tor".

Ethanol price hiked to help sugar mills

In a bailout for the sugar sec­tor bat­tling with sur­pluses, the Cen­tre has an­nounced a mas­sive hike in the price of ethanol pro­duced di­rectly from sug­ar­cane juice. The pro­cure­ment price of ethanol de­rived from 100 per cent sug­ar­cane juice has been fixed at Rs 59.13 per litre against the ex­ist­ing rate of Rs 47.13 per litre. The price of ethanol pro­duced from B-heavy mo­lasses has been hiked to Rs 52.43 a litre from

Rs 47.13. But the price of ethanol pro­duced from Cheavy mo­lasses has been re­duced marginally to Rs 43.46 from Rs 43.70. The de­ci­sion is ex­pected to help sugar mills sad­dled with sur­plus stock of the sweet­ener to di­vert the cane juice for ethanol pro­duc­tion.

3 schemes launched to boost farm­ers' in­come

The govern­ment has launched a new um­brella scheme, the Prad­han Mantri An­na­data Aay San­rak­sHan Ab­hiyan (PM-AASHA), which aims to pro­vide min­i­mum sup­port price (MSP) as­sur­ance to farm­ers. The new scheme has three com­po­nents - Price Sup­port Scheme (PSS), Price De­fi­ciency Pay­ment Scheme (PDPS) and Pi­lot of Pri­vate Pro­cure­ment & Stock­ist Scheme (PPPS). PDPS has been framed on the lines of the Mad­hya Pradesh govern­ment's Bha­van­tar Bhug­tan Yo­jana (BBY) to pro­tect oilseed farm­ers. The other ex­ist­ing schemes of the Depart­ment of Food and Pub­lic Dis­tri­bu­tion for

pro­cure­ment of paddy, wheat, nu­trice­re­als and coarse grains and those of the Min­istry of Tex­tile for cot­ton and jute will be con­tin­ued to pro­vide MSP to farm­ers for these crops.

Tamil Nadu un­veils new ICT pol­icy

After a gap of ten years, the Tamil Nadu govern­ment has come up with the In­for­ma­tion and Com­mu­ni­ca­tion Tech­nol­ogy (ICT) Pol­icy, 2018. The pol­icy of­fers a slew of in­cen­tives and ex­emp­tions to IT and ITeS com­pa­nies, MSMEs and start-ups. Tamil Nadu Chief Min­is­ter Eda­paddi K Palaniswami re­leased the pol­icy last month at a con­fer­ence on skill de­vel­op­ment and place­ment op­por­tu­ni­ties for en­gi­neers at the Sec­re­tar­iat in Chen­nai. The pol­icy pro­vides stan­dard fis­cal in­cen­tives.

Sari­don among 328 fixed­dose drugs banned

Painkiller Sari­don and skin cream Pan­derm are among

328 fixed-dose com­bi­na­tion (FDC) drugs banned by the govern­ment to stop their "ir­ra­tional use". The Health Min­istry notes that the in­gre­di­ents in these medicines do not markedly add to the ben­e­fits that peo­ple can get from tak­ing them. The or­der im­me­di­ately bans man­u­fac­ture, mar­ket­ing and sale of sev­eral com­mon cough syrups, painkillers and cold and flu drugs. The coun­try's drug ad­vi­sory body, the Drug Tech­ni­cal Ad­vi­sory Board has said that there is no ther­a­peu­tic jus­ti­fi­ca­tion for the in­gre­di­ents in these drugs, and they must be banned in pub­lic in­ter­est.

In­dia jumps one spot up in HDI rank­ing

In­dia has moved one spot up in the Hu­man De­vel­op­ment In­dex (HDI) to 130 from 131 last year, ac­cord­ing to lat­est rank­ings of 189 coun­tries re­leased by the United Na­tions De­vel­op­ment Pro­gramme (UNDP) last month. Among the other South Asian coun­tries, Sri Lanka and Mal­dives were ahead of In­dia at 76 and 101 HDI ranks re­spec­tively. On the other hand, neigh­bours Bangladesh and Pak­istan were ranked at 136 and 150 re­spec­tively. In­dia's HDI value is above the aver­age of 0.638 for the re­gion. HDI mea­sures progress in key di­men­sions of hu­man de­vel­op­ment, such as ed­u­ca­tion, health and liv­ing stan­dards.

SEBI slashes mu­tual fund ex­pense ra­tio

The SEBI has re­duced to­tal ex­pense ra­tio (TER) by 25 ba­sis points in the top slab for both eq­uity and debt mu­tual funds. For as­sets un­der man­age­ment (AUM) of Rs 0-500 crore, TER for eq­uity-ori­ented schemes is 2.25 per cent, for AUM of Rs 500-700 crore it will be 2 per cent, for Rs 750-2,000 crore, it will be 1.75 per cent and for Rs 2,000-5,000 crore, it will be 1.60 per cent. The SEBI has asked the mu­tual fund in­dus­try to adopt the full trail model of com­mis­sion in all schemes with­out pay­ment of any up­front com­mis­sion or up­fronting of any trail com­mis­sion.

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