ECONOMY - 2019 March

March 2

Goods and Services Tax collection in February is Rs. 97,247 crore
GST collections decreased to Rs. 97,247 crore in February from Rs. 1.02 lakh crore in the January.
The total gross GST revenue collected in February 2019 is Rs 97,247 crore of which Central GST is Rs. 17,626 crore, State GST (SGST) is Rs. 24,192 crore, Integrated GST (IGST) is Rs. 46,953 crore and Cess is Rs. 8,476 crore
Goods and Services Tax collections in the current fiscal till February Rs. 10.70 lakh crore.
The government lowered the GST collection target for current fiscal to Rs. 11.47 lakh crore in the Revised Estimates.
For the next fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.
IFFCO Tokio General Insurance launched India’s first policy to protect bank locker
IFFCO Tokio General Insurance launched bank locker protector policy, it is the1stbank locker cover offered by any insurance company in India with a plan to protect the contents of a bank locker such as jewelry, title documents, and other valuables.
The policy offers a cover against various risks including fire, earthquake, burglary, and holdup, infidelity by a bank staff or any act of terrorism.
Important documents kept in a locker can also be insured under the policy as an add-on cover.
The policy can be sold both as retail and a group policy for banks.
It offers 7 options of sum insured ranging from Rs. 3 lakh to Rs. 40 lakh and above and the premium rate is affordable with a cover of Rs. 3 lakh available at just Rs. 300, which is less than Rs. 1 per day.

March 4

Ayushman Bharat and Uber ink partnership to facilitate free healthcare for drivers
India's largest cashless health insurance scheme – Pradhan Mantri Jan Arogya Yojana (PM-JAY) popularly known as Ayushman Bharat and on-demand ride-sharing company Uber are partnering to facilitate free healthcare for tens of thousands of driver and delivery partners, who earn a livelihood by using the Uber platform.
As per the Memorandum of Understanding (MoU) signed with the National Health Authority (NHA), Uber, under its Uber CARE initiative for driver and delivery partners, will facilitate the setting up of Common Service Centres (CSCs) at Partners Seva Kendras across India.
CSC’s Village Level Entrepreneurs (VLEs) at these centres will help verify eligibility and issue e-cards to driver and delivery partners for the Ayushman Bharat Scheme, which provides Rs. 500,000 of healthcare benefits for free secondary and tertiary treatment to each eligible family per year in government and empanelled private hospitals.
Eligible driver and delivery partners will pay only Rs. 30 to obtain an Ayushman Bharat card to provide access to the services under the scheme.

March 5

Seeking tomake it more cost-effective to trade in Indian stock markets, regulator Securities and Exchange Board of India (SEBI)'s board approved lowering of fees charged from brokers, stock exchanges and the companies seeking to get listed.
The board approved reduction in fees payable by brokers by 33.33% from Rs. 15 per crore of transactions to Rs. 10, while the same for agri-commodity derivative transactions would be reduced sharply by 93.33% from Rs. 15 to just Re 1.
Keeping this objective in mind and taking into consideration the projected income and expenditure of Sebi for the next three financial years, the board has decided to revise the fee structure with effect from April 1, 2019, in respect of certain market participants.
It was also decided to reduce the fees payable by the issuers for one refiling of offer documents by 50 per cent from the current levels, if the refiling is done within one year of validity of observation letter.

March 6

 China slashes its GDP target to 6-6.5% amid slowdown
China has slashed its official GDP target to 6 to 6.5 per cent this year as the world's second largest economy grapples with the ongoing trade war with the US and a continued economic slowdown.
Chinese Premier Li Keqiang has expressed concern that the country will face a graver and more complicated environment to development, amid an ongoing trade war with the US and continued economic slowdown.

LIC Housing Finance-IMGC tie up: Now repay home loans till 75 years of age.
LIC Housing Finance has partnered with India Mortgage Guarantee Corporation (IMGC) to offer special loan scheme, under which borrowers can repay the amount till the age of 75 years, increasing the loan quantum and reducing the burden of monthly EMIs for borrowers.
LICHFL will now be able to accommodate more home loan borrowers, increase market penetration, besides combating non-performing assets (NPAs).
IMGC will provide LICHFL mortgage guarantee, which is a financial product that compensates financial institutions for losses that may arise from a default on a mortgage loan.

March 7

The NGT (National Green Tribunal) slaps Rs. 500 crore penalty on Volkswagen.
For causing damage to the environment by programming its diesel engines with cheat devices.
A bench headed by NGT Chairperson Justice Adarsh Kumar Goel directed the German global auto giant to deposit the amount within two months.
The tribunal enhanced the compensation amount of Rs. 171.34 crore, which was recommended by an NGT- appointed committee, as a means of “creating deterrence”.

OECD (Organization for Economic Co-Operation & Development) cuts global economic growth forecasts again.
The OECD cut forecasts again for the global economy in 2019 and 2020, following on from previous downgrades in November, as it warned that trade disputes and uncertainty over Brexit would hit world commerce and businesses.
The Organization for Economic Co-Operation & Development forecast in its interim outlook report that the world economy would grow 3.3% in 2019 and 3.4% in 2020.
Those forecasts represented cuts of 0.2% points for 2019 and 0.1 percentage points for 2020, compared to the OECD's last set of forecasts in November.

March 8

Import of Solid Plastic Waste banned by India
Import of plastic was earlier partly banned as it was prohibited in special economic zones (SEZ) but allowed by Export-Oriented units (EOUs) who would obtain it from other countries in the form of post-recycling resources
This complete prohibition has been done by amendment of Hazardous Waste (Management & Trans-boundary Movement) Rules on March 1.
The rule is a part of India’s aim to completely phase out single-use plastic by 2022.
White category industries are now required to give their polluting wastes to authorized users, waste collectors or disposal facilities.
White category industries are the ones that are either non or very less polluting ones and comprises of 36 industrial sectors like air-coolers, air-conditioners, biscuit making, metal caps, handloom and chalk-making etc.

Government to give Rs. 3,300 crores to help sugar mills boost ethanol Production capacity.
The diversion of sugarcane for ethanol production will help cut sugar output, which in turn, will improve the financial health of sugar mills that have been saddled with losses.
Indian sugar mills produced 21.9million tonnes of the sweetener between 1 October and 15 February, nearly 8% more than a year earlier, as a few mills started crushing earlier than usual.
Mills in the western state of Maharashtra produced 8.3 million tonnes sugar during the period, up 11% from a year ago, the Indian Sugar Mills Association (ISMA).

March 9

Income tax exemption limit on gratuity doubled to Rs. 20 lakh: Labour Minister
The income tax exemption limit on gratuity has been doubled to Rs. 20 lakh from the existing Rs 10 lakh, a move that will benefit employees who are not covered by the Payment of Gratuity Act, 1972. 
Ministry of Finance has enhanced the income tax exemption for gratuity under Section 10 (10) (iii) of the Income Tax Act, 1961 to Rs 20 lakhs.
The latest enhancement of tax exemption limit on gratuity follows a government notification issued on March 29, 2018, under which the ceiling was increased from Rs 10 lakh to 20 lakh effective March 29, 2018. 

March 10

India, ASEAN clock fastest growth for e-commerce, digital trade sectors: FICCI-KPMG
India and 10-member ASEAN are among the fastest growing economies in the world with even faster growth rates for e-commerce and digital trade sectors, according to a new report by industry body FICCI and consulting major KPMG.
By 2021, global e-commerce sales are expected to reach 4.5 trillion dollars, up from 1.3 trillion dollars in 2014.
China dominates the global e-commerce sector; India and ASEAN are among the fastest growing markets.
The e-commerce market in India is estimated to reach 165.5 billion dollars by 2025 while the ASEAN is estimated to reach a volume of 90 billion dollars, said the report titled 'India and ASEAN: Co-creating the Future.
By 2025, China's e-commerce market will expand to a whopping 672 billion dollars.

The Insolvency and Bankruptcy Board of India (IBBI) has signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG).
The agreement will enable IFC to assist IBBI to further build the capacity of insolvency professionals, and insolvency professional agencies for the purposes of the Code.
The cooperation agreement provides a technical assistance by IFC to IBBI until 30th June; 2021.It will provide training of insolvency professionals and trainers by the IFC to IBBI.
IBBI provides a platform for re-organization and insolvency resolution of corporate persons, individuals and partnership firmsin a time bound manner for maximization of the value of assets.
IFC would help IBBI to effectively implement the Insolvency and Bankruptcy Code, 2016 and its allied rules and regulations for the purpose of the bankruptcy code.

March 11

NCLT (National Company Law Tribunal) clears Arcelor Mittal's Rs. 42,000 crore bid to take over Essar Steel.
A resolution plan of Rs. 42,000 crores submitted by Arcelor Mittal for acquisition of Essar Steel India Ltd (ESIL) was approved by the Ahmedabad bench of the National Company Law Tribunal (NCLT).
ArcelorMittal receives NCLT nod for taking over Essar Steel. The resolution proposal submitted by ArcelorMittal’s consists of providing additional capital to the company, worth Rs. 8,000 crore for improving operational efficiencies, increasing production and delivering higher profits.
ESIL owes over Rs. 49,000 crore to over two dozen banks led by the SBI and has been under the bankruptcy proceedings since June 2017.

March 12

SEBI (Securities and Exchange Board of India) lifts foreign investment cap on corporate bonds.
Markets regulator SEBI withdrew the 20% limit on investments by Foreign Portfolio Investors in corporate bonds of an entity.
The restriction is being withdrawn in accordance with a circular issued by the Reserve Bank of India (RBI). 
In June last year, the Securities and Exchange Board of India (SEBI) had mandated that no Foreign Portfolio Investors (FPIs) shall have an exposure of more than 20% of its corporate bond portfolio to a single corporate. 

March 13

Young Global Leaders list, WEF (World Economic Forum)
Andhra Pradesh IT minister Nara Lokesh, BJP MP Poonam Mahajan and Xiaomi India head Manu Kumar Jain are among the Indians featuring in the list of Young Global Leaders, according to the World Economic Forum (WEF).
The list has 127 of the world's "most promising social activists, business leaders, public servants, artists and technologists under the age of 40".
Apart from Lokesh, Mahajan and Jain, Telangana government's Chief Innovation Officer Phanindra Sama, SaveLIFE Foundation's Piyush Tewari and Kaleidofin's co-Founder and CEO Sucharita Mukherjee are also in the list.
Poonam Mahajan is a BJP MP and President of BJYM. She was the first female president of India's Basketball Federation.
Manu Kumar Jain is one of the country’s youngest internet entrepreneurs, building bridges between China and India while managing a multi-billion dollar business

Infosys to open digital centre in Romania
Infosys would open a digital innovation centre at Bucharest in Romania to develop software for clients based on cloud, big data, artificial intelligence and machine learning.
We will invest in training our current employees and new hires for competencies, including user experience, cloud, big data, digital offerings, core technology skills and computer science skills.
The $11 billion outsourcing firm also tied up with the University of Bucharest and the University Politehnica Bucharest for innovation and Romanian workforce development, including joint training courses, scholarships and research.

March 14

RBI Governor Shaktikanta Das headed panel of regulators discuss issues concerning economy
Markets regulator Securities and Exchange Board of India (SEBI), insurance regulator Insurance Regulatory and Development Authority (IRDAI), and pension fund regulator Pension Fund Regulatory and Development Authority (PFRDA), along with senior officials of the finance ministry, discussed the key issues facing the economy at the meeting of the sub-committee of the Financial Stability and Development Council (FSDC) chaired by RBI Governor Shaktikanta Das.
The sub-committee reviewed the major developments on the global and domestic fronts that impinge on the financial stability of the country.
The panel discussed ways to address challenges pertaining to the quality of credit ratings and inter-linkages between housing finance companies and housing developers.
It also deliberated on the interlinking of various regulatory databases and the National Strategy for Financial Inclusion.
India sets "aspirational" target for engineering exports at USD 200 billion by 2025.
India can achieve a three-fold "aspirational" increase in its engineering exports to reach USD 200 billion by 2025, if concerted efforts are made by the government and industry to develop a conducive ecosystem, and ensuring inputs at competitive prices, according to an EEPC India-Deloitte strategy paper.
It is decided on the basis of discussions with Ministry of Commerce and leadership of EEPC India.
India's engineering exports, which contribute 25 per cent to the overall merchandise shipments, are projected to touch about USD 80-82 billion in the current financial year ending March 31.
Strategy paper has identified areas where government and industry interventions are required which includes various aspects such as product-market optimization, eco-system development, promotion and branding, and competitive procurement of inputs.

March 15

Aviva Life Insurance has announced the launch of ‘Wings’, a specially designed mentorship program to empower the female workforce
The WINGS program is an initiative of the SHE division of Aviva Life Insurance for mentoring all the women employees in Aviva.
SHE division was conceptualized in 2016 by Aviva India’s Women Network, an active community of socially enabled women who take up the charge of addressing causes in the interest of women empowerment.
The new initiative has been aimed to empower the women in Aviva to fulfill their professional and personal goals.
Additionally, mentoring will also develop a leadership pipeline for the company thus ensuring that the practice is not just beneficial to the individual but to the organization at large.

Fresh NPAs in the banking sector are expected to moderate to 1.9 to 2.4 percent in FY'20.
According to ICRA (Investment Information and Credit Rating Agency of India Ltd), fresh NPAs in the banking sector are expected to come down 1.9-2.4% in FY’20 from 3.7% in FY 19, owing to a dedicated NPA recovery mechanism and write offs by banks. Public sector banks (PSBs) will earn profit after 4 continuous years of losses.
Gross NPAs for banks is expected to be 8.3 lakh crore (7.9%) for March 2020, against the estimated 9.2% of March 2019.
Losses pegged at Rs 93,100 crore in FY’19 are lesser than capital infusion amounting to Rs 1.22 lakh crore.
The credit loss provisioning being undertaken can potentially lead to 14 PSBs being but the overall return on assets and return on equity may continue to be weak.
The ratings outlook for 4 PSBs- Bank of India, Bank of Maharashtra, Punjab National Bank and Oriental Bank of Commerce has been revised from negative to stable.
Also, the rating for IDBI Bank has been revised from negative to ‘Rating watch with developing implications’ but the forecast for Punjab and Sind Bank was worsened from stable to negative.
About Non Performing Assets (NPA):
A NPA is a loan for advance where, interest or installment of principal remains overdue for a period of more than 90 days in respect of term loan.
The account remains out of order with respective to an overdraft/cash credit, if the outstanding balance remains continuously in excess of the sanctioned limit /drawing power.
The bill remains overdue for a period of more than 90days in the case of bills purchased and discounted.

March 16

Microsoft’s Project ‘Sangam’ accelerates India’s Swachh Bharat Mission
Microsoft India partnered with The Ministry of Housing and Urban Affairs (MoHUA) to deploy Microsoft’s Project Sangam (cloud-hosted, mobile-first community learning platform) to train functionaries and officers across India on Swachh Bharat e-Learning Portal.
Through this partnership, MoHUA has successfully trained 110,000+ municipal functionaries on best sanitation practices across 4000 plus cities in India.
Swachh Bharat Mission (SBM) is a nation-wide campaign in India that aims to clean up the streets, roads and infrastructure of India’s cities, towns, and rural areas.
Project Sangam empowered the Municipal functionaries by enabling MoHUA to run custom community training courses and track their process, manage content, users and analytics across the program in one place.
It also provided video-based learning for users who have low-bandwidth supporting offline learning for the Swachh Bharat e-Learning Portal users.

March 17

ICICI Lombard, Mobikwik To Offer Online Fraud Protection Policy
ICICI Lombard and Mobikwik announced a strategic partnership to provide cyber-insurance cover. The relationship aims to provide protection against unauthorized and fraudulent transactions online, across bank accounts, debit and credit cards and mobile wallets.
Mobikwik users can avail the commercial cyber-insurance policy underwritten by ICICI Lombard and enjoy the benefit of stress-free and secured transactions.
It can be availed at Rs. 99 per month and with a sum insured of Rs. 50,000.

March 18

WhatsApp and NASSCOM Foundation collaborated to tackle misinformation
The aim of the partnership is to train 100,000 Indians to spot false information and provide tips and tricks to stay safe on WhatsApp.
The company said that the co-created curriculum encourages people to be mindful about forwarding rumors. The training will include real-world anecdotes, tools which can be used to verify a forward and actions users can take like reporting problematic content to fact checkers and law enforcement also the curriculum will be disseminated in multiple regional languages.
On March 27, the first training will start in Delhi and will be followed by more planned interventions like hosting training workshops for representatives from rural and urban areas along with road shows across numerous colleges.

IBBI (Insolvency and Bankruptcy Board of India) and SEBI (Securities and Exchange Board of India) signed an MoU for effective implementation of IBC (Insolvency and Bankruptcy Code, 2016)
Its allied rules and regulations, which have redefined the debt-equity relationship and aims to promote entrepreneurship and debt market.
Under the MoU, they agreed to assist and cooperate with each other for the effective implementation of the Code, subject to limitations imposed by the applicable laws.
The MoU provides for: Sharing of information between the two parties, subject to the limitations imposed by the applicable laws.
Sharing of resources available with each other to the extent feasible and legally permissible.
Periodic meetings to discuss matters that the parties believe would be of interest to each other in fulfilling their respective statutory obligations.
Cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilization of collective resources.

Joint efforts towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress under the provisions of the Code, etc.

March 19

Hyundai & Kia invest $300 million in Ola, develop cars for ride hailing market
The agreement, the three companies will collaborate extensively in developing unique fleet and mobility solutions, building India-specific electric vehicles and infrastructure.
As part of the strategic collaboration, the companies have agreed to co-create solutions to operate and manage fleet vehicles. This is the first time that the Hyundai Motor Group is expanding operations from automobile manufacturing and sales to total fleet solutions. 
Hyundai, Kia and OLA will also co-ordinate to develop vehicles and specifications which will reflect the needs of both drivers and users in the ride-hailing market.

March 20

India posts highest growth in patent applications in WIPO during 2018
India registered the highest growth of 27% among countries in patent applications in 2018 with the World Intellectual Property Organization (WIPO). India filed 2,013 international patent applications during the year.
In the volume of patent filings, India falls below China and the US. China is expected to overtake the US as the leading hub for global innovation as per WIPO.
China filed 53345 international patent applications last year which was 48905 in 2017. Innovators and research organizations in India filed 1583 patent applications with the WIPO in 2018.
The report on patents are filed by members of the WIPO’s Patent Cooperation Treaty (PCT) where the innovators from the member countries file their patent applications with the WIPO which is to be transmitted to the patent regulators in different countries for securing patent rights.

March 22

Fitch Cuts India GDP Growth Forecast For FY20 To 6.8%
Fitch rating in its Global Economic Outlook has decreased the India’s economic growth forecast to 6.8% from 7% earlier for FY19-20 (1 April 2019 – 31 March 2020).
Fitch also slashed GDP growth forecast for FY19 (ending March 2019) to 7.2% from 7.8% that was projected in the December edition.
For FY21, the economic growth of India is fore casted at 7.1% from earlier 7.3%.
The key reason behind the decrease in growth forecast is the cutting of interest rates by 0.25 percentages by RBI in February 2019 after adapting dovish monetary policy.


Global cyber security company Aujas acquired by NSEIT
A wholly owned Subsidiary of National Stock Exchange of India NSEIT decided to acquire a global cyber security company Aujas Networks for an undisclosed sum.
 It will help Aujas to improve its services and capabilities with a strong focus on helping customers with security challenges. Aujas which is founded in 2008 is operational in the Middle East, North America and India.
NSEIT is the IT focused Subsidiary of National Stock Exchange (NSE) which provides technology solutions across industries such as financial markets, capital markets, banking and insurance.

Forex reserve swells by over $3.6 billion to $405.6 billion
According to the Reserve Bank of India (RBI), India’s foreign exchange (forex) reserves surged by $3.602 billion to $405.638 billion in week to March 15, 2019. The surge was driven by rise in foreign currency assets, a major component of the overall reserves.
Forex reserves had increased by $258.8 million to $402.035 billion in the previous week.
The reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018. Since then, it has been on a slide and is now down by over $20 billion.
Gold reserves rose by $38.9 million to $23.408 billion.
The special drawing rights with the International Monetary Fund rose by $5.9 million to $1.461 billion.
The country’s reserve position with the Fund, too, increased by $12.1 million to $2.995 billion.

Government extends IGST, compensation cess exemption till March 2020
The directorate general of foreign trade (DGFT) has extended integrated GST (IGST) and compensation cess exemptions for goods procurement under advance authorization scheme, export oriented unit (EOU) scheme and export promotion capital goods (EPCG) scheme of foreign trade policy 2015-20 to 31 March 2020.
This decision is aimed at giving relief to exporters as they do not have to pay IGST at initial point itself.
In the GST regime, exporters have to pay the indirect tax and then seek refund, which is cumbersome process.

March 23

Government outreaches divestment target of Rs. 80,000 crore for 2018-19
The Government of India has exceeded disinvestment target of Rs. 80,000 crore for the fiscal year 2018-19 by the divestment receipts of Rs. 85,000 crore.
The centre was able to garner revenue through Initial Public Offerings (IPO), share buybacks, offer for sale, as well as Exchange Traded Funds (ETF).
According to the Finance Ministry, the disinvestment target has been fixed at Rs.90, 000 crore for the next fiscal year 2019-20 (i.e. FY 2020).
This is the second time in a row that Government has been able to exceed it's target.
Initial Public Offering (IPO) means the process of offering shares in a private corporation to the public for the first time. Growing companies that need capital will frequently use IPOs to raise money, while more established firms may use an IPO to allow the owners to exit some or all their ownership by selling shares to the public.

March 25

Apple announces credit card in partnership with Goldman Sachs, Mastercard
The Tech Giant Apple has partnered with Goldman Sachs and Mastercard and announced a new credit card called Apple Card.
Apple Card can be used along the wallet app of the iPhone. It was a virtual credit card which will replace the traditional credit card with the smart and secure one.
 It can be used online and offline. The partnership with Goldman Sachs and Mastercard will help Apple for payment handling and processing.
Through the Apple Wallet App the application for Apple Card can be made and the uses can also trade expenses on a daily, weekly, monthly or even category-wise basis.

March 26

ICICI Prudential Mutual Fund announced launched the ICICI Prudential Bharat Consumption Scheme.
The Scheme aims to benefit from the Indian consumption story, considered as one of the fastest growing consumption markets globally.
The benchmark for the Scheme is Nifty India Consumption Index and will be managed by Rajat Chandak and Dharmesh Kakkad. The overseas investments of the scheme will be managed by Priyanka Khandelwal. 
The offer will open on 26th March and close on 9th April 2019.
Features of this scheme are: Minimum investment of this scheme is Rs 5,000 and in multiples of one rupee thereafter.
Penalty for leaving the scheme is 1 percent if investments are redeemed within 12 months from the date of allotment

March 27

Adani Port and Special Economic Zone (APSEZ) has become the first Indian port operator to handle cargo movement of 200 million tonnes (MT) in 2018-19.
APSEZ, part of Gautam Adani-led Adani Group had recorded 100 MT cargo in 2013-14.
Our projections were to reach this milestone by 2020.
 Adani Port and Special Economic Zone (APSEZ) has 10 ports and terminals including Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, and Kattupalli and Ennore in Chennai, all this represents 24 percent of the country’s total port capacity.
Also, it has set an aim to double growth up to 400 MT by 2025.

Infosys, Roland-Garros Team Up For Digital Innovation
Infosys, a global leader in next-generation digital services and consulting, and Roland-Garros Grand Slam tennis tournament, also called the French Open, announced a three-year strategic technology partnership.
The partnership aims to re-imagine the tennis experience for the fans and the players globally.
The collaboration is aimed at enriching the game by providing fans, players and coaches with a completely new experience, leveraging Infosys' expertise in digital technologies such as artificial intelligence, big data and analytics, mobility, virtual and augmented reality.

March 28

State-owned Power Finance Corporation (PFC) completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government
This acquisition and merger will make PFC 2nd-largest government-owned financial player in the country based on the current market capital after State Bank of India (SBI) and also PFC will be the third-highest profit-making financial player in India.
The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.
The entire consideration of Rs. 14,500 crore for acquiring 52.63% equity of the Government of India in REC is paid by PFC through RTGS (real-time gross settlement) mode.
This acquisition results in an $80-billion lending giant by assets and potentially helps in faster resolution of stressed assets in India’s power sector.
Further, it will also help in improving asset quality and impress upon state utilities to improve their performance.
PFC taking over REC makes it a dominant player not only in the power sector but also in the entire financial market space. PFC’s strategic importance to the government will further increase upon completion of the acquisition as the combined entity will become the biggest non-bank finance entity in which the government holds a controlling stake.

March 29

Malappuram Finance withdrew a release which had issued earlier regarding securing debt funding from NABARD
 Malappuram Finance, a Non-banking finance company withdrew a release which had issued earlier regarding securing Rs. 695 crore debt funding from NABARD.
 Previously this Rs. 695 crore funding will agree to use for priority sector lending.

March 30

India’s CAD widens to 2.5% of GDP in 3rd Quarter
Current account deficit (CAD) of India has widened to 2.5% of GDP in the 3rd quarter of the current fiscal year primarily on account of a higher trade deficit though the foreign exchange reserves which continued to soar.
Current account deficit has been widened merely 0.4% from 2.1%, a year ago.
 The CAD had moderated to USD 19.1 billion or 2.9 per cent of GDP in the preceding quarter.

March 31

Reliance Mutual Fund partnering with Google becomes the first Indian company to launch voice-based financial transactions.
Customers of Reliance Mutual Fund can now carry out voice-based financial transactions, with Reliance Nippon Life Asset Management (RNAM) partnering with internet major- Google.
For the first time in India, Reliance Mutual Fund for its customers is introducing a conversational interface that would help customers shop with the fund "just by listening and speaking to your Smartphone or digital device through a series of voice commands.
In the first phase, the functionality would be launched in Reliance Simply Save app for the customers and then subsequently in Google Assistant platform for access by all existing and potential investor 

Anti-Dumping Duty has been imposed on the import of Solar Components from four nations
In order to safeguard domestic players against cheap shipments, Department of Revenue, Government of India has imposed anti-dumping duty up to USD 1559 per tonne on the import of certain solar cell components (Ethylene Vinyl Acetate Sheet for Solar Module) from China, Malaysia, Saudia Arabia and Thailand for a period of 5 years.
This move is taken on the recommendation of Directorate General of Trade Remedies (DGTR), which is the Investigation Arm of Ministry of Commerce



<--Back