Economy

Entitlement under SEIS for services exports in FY20 capped at Rs 5 crore

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

The Directorate General of Foreign Trade (DGFT) has imposed a cap on the total entitlement under the Services Exports from India Scheme (SEIS) at Rs 5 crore per exporter for shipments done in 2019-20 (FY20). The move is expected to benefit small businesses in the services sector. “A limit of total entitlement under SEIS has been imposed for services exports rendered in the period between April 1, 2019, and March 31, 2020, and capped at Rs 5 crore import-export code (IEC),,” stated a DGFT notification. SEIS was rolled out six…

Employment recovery for salaried class excruciatingly slow: CMIE

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

The recovery in employment after the pandemic-induced disruptions has been uneven, with job losses being concentrated among salaried employees and entrepreneurs, according to the Center for Monitoring Indian Economy (CMIE). Employment in August 2021 was 5.7 million lower than it was in 2019-20, CMIE’s MD and CEO Mahesh Vyas said in his analysis. This involved an 8.8 million loss of salaried jobs and 2 million loss of employment for entrepreneurs, which were partially offset by a 4.7 million increase in employment in farming and 0.7 million increase in jobs as…

Banks should be more liberal on issues like exchange rates: Goyal

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

Union Commerce Minister Piyush Goyal on Thursday asked bankers to be “more liberal” on aspects like exchange rates while serving the exporters segment. He also sought a similar liberal outlook on the issue of penal interest rates and insistence on ratings while granting a loan, saying payments from overseas markets have been impacted because of the pandemic. The minister, however, added that lenders and industry lobby the Indian Banks Association will have to take a call on it. “In aspects such as exchange rates, I think banks need to be…

PFRDA kick-starts pension awareness campaign; observes NPS Diwas on Oct 1

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

Ahead of NPS Diwas next month, pension regulator PFRDA has kick-started a campaign to create awareness about the need for a pensioned society in the country. The Pension Fund Regulatory and Development Authority (PFRDA) has kick-started the campaign under ‘Azadi Ka Amrit Mahotsav’. The pension regulator will observe October 1 as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning for a carefree ‘azad’ retirement, the PFDRA said in a release on Thursday. The PFRDA said it aims to encourage every citizen of the country, working…

Modi meets Adobe CEO Narayen, discusses company’s investment plans in India

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

Prime Minister Narendra Modi on Thursday met President and CEO of Adobe Shantanu Narayen and discussed the California-based software giant’s collaboration and future investment plans in India. The discussions between prime minister Modi and Narayen also focused on India’s flagship program Digital India, and the use of emerging technologies in sectors like health, education and R&D. Modi and Narayen both emphasized on creating few centers of excellence of Artificial Intelligence in India. They discussed Adobe’s ongoing collaboration and future investment plans in India. Discussions also focused on India’s flagship program…

PM Modi discusses India’s RE landscape with US-based solar manufacturer

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

Prime Minister Narendra Modi on Thursday discussed India’s renewable energy landscape with the head of a prominent US-based manufacturer of solar panels. India currently has the world’s fastest-growing solar energy program and has expanded access to clean cooking fuel to cover over 80 million households, making it one of the largest clean energy drives globally. “Powering India’s Solar Potential! PM @narendramodi discusses India’s renewable energy landscape with Mark Widmar, CEO @FirstSolar,” the Ministry of External Affairs tweeted. Widmar shared plans to use the Indian government’s ambitious production linked incentive (PLI)…

Global services trade remains below pre-Covid levels, says WTO

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

World trade in services is recovering but is yet to reach pre-pandemic levels, said the World Trade Organization (WTO) on Thursday. This implies that the impact on India’s exports may see only marginal improvement. The services trade barometer showed a reading of 102.5, suggesting that the volume of services trade during April-September will continue to recover, once official statistics are available. “However, the fact that the indicator has recently turned downwards suggests that the expansion may proceed along a new, lower trajectory if the Covid-19 pandemic turns out to have…

Trying to ease rules to make it easier for units to exit SEZs: Goyal

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

The commerce ministry is trying to ease norms for Special Economic Zones (SEZs) and make it simpler for units to exit these areas, union minister Piyush Goyal said on Thursday. The ministry is also looking at ways for partial de-recognition of existing SEZs so that areas which have no more demand can be used for industrial or other purposes. “There are a large amount of areas lying across SEZs in the country. Now that the sunset clause (for SEZ tax incentives) has set in, probably we may not find enough…

All states come on board for Rs 3 trillion discoms reforms scheme

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

States are in consensus with the Center on the Rs 3-trillion power distribution reforms scheme launched this year, said RK Singh, union minister for power, new and renewable energy. Singh held a virtual meeting with state power ministers on Thursday. He said, however, the states have been given a two-month extension–till this December–to submit their loss reduction plan. “Almost all states have said that they will reduce their losses and draft a plan for it. Most of them will be able to submit their plan by October,” Singh said, adding…

DFCCIL moots de-risked pvt participation for developing freight corridors

September 23, 2021 𝑰𝒏𝒅𝒊𝒂𝒏 𝑯𝒆𝒍𝒑

The Dedicated Freight Corridor Corporation of India (DFCCIL) has proposed de-risking the private concessionaire that develops the Sonnagar (New Chirailapauthu) to Andal section of the Eastern Dedicated Freight Corridor (DFC). DFCCIL intends to develop this portion of the DFC through a Design, Finance, Build, Operate and Maintain & Transfer (DFBOT) model on Public Private Participation (PPP) basis. “Private players said they were skeptical of the projected traffic at the proposed section of the freight corridor over the 30 year contract period,” said RK Jain, Managing Director at DFCCIL. “To address…