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New Delhi, May 11 () Farmers body FAIFA on Monday urged the government to provide a rescue package for tobacco growers, saying the crop worth Rs 4,400 crore is lying unsold in the fields due to the coronavirus pandemic.Federation of All India Farmer Associations (FAIFA), which claims to represent farmers and farm workers of commercial crops across Andhra Pradesh, Telangana, Karnataka and Gujarat, said demand for tobacco has weakened due to declining volumes of cigarettes and other tobacco products as a result of prolonged lockdown.It also sought government intervention to reschedule crop loans for next two to three seasons, and allow farmers to repay the loans in splits of 30 per cent each per season."Failure to bail out the current duress for tobacco farmers will force many of them into debt trap which will virtually kill the ecosystem comprising of marginal farmers, workers, and people employed in handling and transportation activities while pushing the farmers to extreme measures," FAIFA President Javare Gowda said in a statement.FAIFA said in Gujarat 330 million kgs of tobacco worth Rs 2,700 crore is lying in the open fields as traders are not ready to pick-up the produce because the government has banned the sale of tobacco products.On the other hand, nearly 130 Million kgs of flue cured tobacco worth over Rs 1,700 crore is waiting to be sold as the auctions are moving at snail's pace, causing quality loss under prolonged storage, it added.Gowda further said, "We request the government to immediately start auctions in all the Tobacco Auction platforms".He said the government should also direct the Tobacco Board and other bodies to coordinate with FCV tobacco manufacturers, exporters and traders to facilitate reasonable prices (pre-COVID market prices) for FCV (flue cured virginia) tobacco produce at the auctions in Andhra Pradesh and Karnataka.Urging Finance Minister Nirmala Sitharaman to intervene "to reschedule crop loans for next 2-3 seasons", FAIFA General Secretary Murali Babu said the farmers must be allowed to repay the loan amounts in splits of 30 per cent each per season, while continuing the sanction of the regular seasonal loans."The decision will benefit millions of FCV tobacco farmers, their families and workers dependent on the industry, as they are already staring at burden of huge interests of non-institutionalized loans," he added. RKL BAL

Lockdown: Tobacco farmers seek rescue package, say crop worth Rs 4,400 cr lying unsold

Chandigarh, Apr 21 () The Punjab government on Tuesday sought from the Centre an interim compensation of Rs 3,000 crore for the month of April in view of "alarming resource gap" and also demanded permission for sale of liquor to mobilise excise revenue.Pointing to the alarming resource gap between the state's anticipated receipts and committed expenditure, Chief Minister Amarinder Singh on Tuesday demanded interim compensation to the tune of Rs 3,000 crore for the month of April on account of the COVID-19 national disaster, said a government statement here.In a letter to Union Home Minister Amit Shah, the chief minister also asked for expediting the release of the state's GST arrears of Rs 4,400 crore for the last four months, to help overcome resource constraint. Stating that the lockdown had substantial fiscal consequences for all states, Singh said the central government should compensate Punjab for its loss of revenue due to COVID-19. While the Rs 3,000 crore for April was an estimate, he said "detailed assessment of loss and requirement of funds for relief and rehabilitation will be submitted in due course,". However, he stressed that the Centre should provide interim assistance so that the fight against COVID-19 is not allowed to weaken in any way. Punjab was facing a huge stress on account of the required health and relief measures that are being continuously scaled up, "with hardly any revenue receipts accruing to the state during these days due to near complete shutdown of trade, business and industry", the chief minister said.The state government had made a provision of revenue receipts of Rs 3,360 crore for the month of April 2020 in the state budget 2020-21. It comprised Rs 1,322 crore of GST, Rs 465 crore of VAT on petroleum, Rs 521 crore state excise revenue, Rs 198 crore of Motor Vehicle Tax, Rs 243 crore of electricity duty, Rs 219 crore of stamp duty and non-tax revenue of Rs 392 crore. The chief minister observed that these receipts are expected to decline sharply as most economic activities in the state remain closed on account of the lockdown. The receipts on account of state GST, integrated GST, VAT, excise, stamp duty and motor vehicle taxes are almost negligible and the reduced electricity consumption has resulted in a drop of 60 per cent of the expected revenue from electricity duty during April 2020, he said. On the other hand, he pointed out, the committed expenditure of the state which is debt servicing, pensions, salaries, relief measures for COVID-19, health care and infrastructure etc., is budgeted at Rs 7,301 crore for the month of April 2020, resulting in the huge resource gap between the anticipated receipts and committed expenditure. Pointing to the "critical" fiscal situation of the state, the CM also sought the Centre's permission to allow sale of liquor, in a phased manner, to mop up value added tax and excise revenue. The Home Ministry should "allow the state to take a conscious decision to allow the sale of liquor in certain areas in a phased manner with strict social distancing and other measures to prevent COVID-19", he said. This would help the state immensely in its efforts to scale up the relief and health care measures to combat COVID-19 and meet some, if not all, of its committed liabilities and other day-to-day expenses, he said. Singh requested the Home Minister for early action, while assuring him of the state's full and continued support in the efforts of the government of India to overcome the present crisis by effectively managing and containing the COVID-19. Notably, the Punjab government has projected collection of Rs 6,250 crore from the sale of liquor for 2020-21 in the state, which is known for its high consumption. CHS VSD MKJ

Lockdown: Punjab seeks Rs 3,000 cr interim compensation from Centre citing 'resource gap'

New Delhi, Jan 5 () Realty firm Supertech on Sunday said it has sought Rs 1,500 crore from the government's newly created stress fund to complete its 12 ongoing housing projects at Noida and Greater Noida in Uttar Pradesh.
 The company said these 12 projects comprising 20,000 flats are at an advanced stage of completion and it requires last mile funding to finish the pending works and deliver units to homebuyers. 
 In November, the central government announced a Rs 25,000-crore fund to help complete over 1,500 stalled housing projects, including even those that have been declared NPAs or admitted for insolvency proceedings. 
 The move is likely to help 4.58 lakh housing units across the country. Only RERA-registered projects with positive net worth will be provided funds.
 Real estate developers were asked to apply to seek money from this fund. 
 "We have applied for stress fund of Rs 1,500 crore for our 12 projects nearing completion in Noida, Greater Noida and Yamuna Expressway to finish 20,000 flats in 1-2 years," Supertech Ltd Chairman R K Arora told . 
 "We are eligible for stress fund and hope to get the same," he added. 
 Arora said the Uttar Pradesh government and state regulatory authority are helping builders in making applications. 
 The Finance Ministry had said that the maximum funding would be Rs 400 crore for any single project that will seek assistance from the 'special window' or the alternative investment fund (AIF).
 SBICAP Ventures has been appointed to manage the AIF. 
 The Centre would infuse Rs 10,000 crore in this fund, while the remaining would be provided by SBI and LIC. 
 Lakhs of home buyers are stuck in various stalled housing projects across the country. 
 The National Capital Region is the most affected as many builders, including Amrapali, Unitech and Jaypee Infratech, failed to give possession of flats on time. 
 Developers are banking on this fund not only to bail out the sector but also to help boost sluggish demand in residential property market. MJH ABM RVK
RVK

Supertech seeks Rs 1,500 cr from stress fund to complete 12 housing projects

Nearly 88 per cent of the investments made by Alternative Investment Funds (<keyword id="1006423" type="General" weightage="80" keywordseo="aifs" source="Orion">AIFs</keyword>) under the Startups <keyword id="3483659" type="General" weightage="80" keywordseo="ffs" source="Orion">FFS</keyword> (Fund for Funds) Scheme have gone to five states. <keyword id="6354780" type="General" weightage="20" keywordseo="karnataka" source="Orion">Karnataka</keyword> has topped the list of states with an investment of Rs 4,687 crore out of the total investment of Rs 14,077 crore spread across the country. The Fund of Funds for Startups (FFS) Scheme was approved and established in 2016 with a corpus of Rs 10,000 crore, with contribution spread over the 14th and 15th Finance Commission cycle based on progress of implementation, to provide a much-needed boost to the Indian startup ecosystem and enable access to domestic capital. As on December 31, 2022, under FFS, Rs 7,980 crore has been committed to 99 AIFs and Rs 3,400 crore has been disbursed to 72 AIFs which have in turn made investments of Rs 14,077 crore in 791 startups. The government data said that while Karnataka got an investment of Rs 4687 crore for 240 startups under the scheme, Maharashtra's 176 startups received an investment of Rs 3,426 crore and Delhi's 138 startups got Rs 2,254 crore. Similarly, in Haryana 60 startups received an investment of Rs 1,148 crore and in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, 29 startups got an investment of Rs 826 crore. Under FFS, the Scheme does not directly invest in startups, instead it provides capital to SEBI-registered Alternative Investment Funds (AIFs), known as daughter funds, who in turn invest money in growing Indian startups through equity and equity-linked instruments. The <keyword id="104385" type="General" weightage="50" keywordseo="small-industries-development-bank-of-india" source="Orion">Small Industries Development Bank of India</keyword> (SIDBI) has been given the mandate of operating this Fund through selection of suitable daughter funds and overseeing the disbursal of committed capital. AIFs supported under FFS are required to invest at least two times of the amount committed under FFS in startups. The Government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016. The flagship Schemes including Fund of Funds for Startups (FFS), <keyword id="9949511" type="General" weightage="50" keywordseo="startup-india-seed-fund-scheme" source="Orion">Startup India Seed Fund Scheme</keyword> (SISFS) and Credit Guarantee Scheme for Startups (CGSS) support startups at various stages of their business cycle to enable startups to graduate to a level where they are able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions. Officials said that over 50 regulatory reforms have been undertaken by the Government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem. Besides, to enable ease of procurement, Central Ministries and Departments have been directed to relax conditions of prior turnover and prior experience in public procurement for all DPIIT recognised startups subject to meeting quality and technical specifications. Further, Government e-Marketplace (GeM) Startup Runway has been developed which is a dedicated corner for startups to sell products and services directly to the Government. The Government also implements flagship annual exercises and programs including States' Startup Ranking, National Startup Awards and Innovation Week which play an important role in holistic development of the startup ecosystem. The Government also facilitates participation and engagement of the Indian startup ecosystem at international platforms. SEE ALSO: <a href="https://www.businessinsider.in/thelife/news/chatgpt-wrote-6-love-letters-as-the-bard-chandler-bing-an-srk-fan-more-heres-what-it-missed/articleshow/97823242.cms">ChatGPT wrote 6 love letters as the Bard, Chandler Bing, an SRK fan &amp; more – here’s what it missed</a> <a href="https://www.businessinsider.in/finance/news/direct-tax-collections-fy-2022-23-records-growth-at-15-67-lakh-cr/articleshow/97821630.cms">Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr</a> <a href="https://www.businessinsider.in/thelife/news/poet-amjad-islam-amjad-passes-away-at-78-adnan-sami-pays-condolences/articleshow/97815855.cms">Poet Amjad Islam Amjad who wrote Man Ki Lagan, passes away at 78</a>

88% of ₹14,000 cr AIF funding goes to startups in 5 states - Karnataka tops the list

New Delhi, Jun 23 () Federal Bank on Tuesday said it plans to raise up to Rs 12,000 crore, majority of which is targeted to come through borrowing instruments. The board of directors in its meeting on June 19, 2020, cleared proposals to raise up to Rs 8,000 crore through various debt instruments in Indian/foreign currency and Rs 4,000 crore through a mix of debt and issue of equity shares, Federal Bank said in a regulatory filing. The Kerala-based lender said it will seek shareholders nod for the fund raising plans in its ensuing annual general meeting on July 16, 2020, by way of video conference or other audio visual means. The fund raise, it said, may take place by way of any mode like rights issue, private placement, qualified institutions placement, preferential issue, further public offer, global depository receipts, American depository receipts, foreign currency convertible bonds or through any other permissible mode or a combination thereof, it added. The board also cleared the proposal for borrowing in Indian currency/in equivalent foreign currency by way of issue of debt instruments. This including but is not limited to additional tier I bonds (AT1 bonds), tier II bonds, long term bonds (infrastructure and affordable housing), masala bonds, green bonds, non-convertible debentures or such other debt securities as may be permitted by RBI from time to time, up to Rs 8,000 crore in domestic market and/or overseas market, it said. The debt may be issued by the bank in one or more tranches on a private placement basis within the overall borrowing limits of the bank. Also, the board of directors has decided to amend the memorandum of association of the bank for increase of authorised capital of the bank from Rs 500 crore comprising 250 crore equity shares of face value of Rs 2 each to Rs 800 crore comprising 400 crore equity shares of face value of Rs 2 each. "The board further recommended the same for the approval of shareholders by way of ordinary resolution at the forthcoming annual general meeting and to modify/add required clauses in the memorandum of association," it added. Federal Bank stock was trading at Rs 55.10 apiece on BSE, up 1.47 per cent from its previous close. KPM ANS ANS

Federal Bank gets board nod to raise up to Rs 12,000 cr

(Eds: Adding details) New Delhi, Apr 22 () Facebook on Wednesday announced an investment of USD 5.7 billion (Rs 43,574 crore) to buy a 9.99 per cent stake in Jio Platforms -- a deal that will help RIL cut debt and use WhatsApp to create an Indian e-commerce giant that could rival Amazon and Walmart. The largest foreign direct investment (FDI) in the technology sector in India will give the US social-networking firm a broader foothold in its biggest global market. "Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms, part of Reliance Industries Ltd, making Facebook its largest minority shareholder," the company said in a statement. Reliance Industries (RIL) in a separate statement said the investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion). Facebook will be issued fresh equity shares and will get a board position on Jio Platforms. Mukesh Ambani's twin children, Isha and Akash, are also part of the board. Jio Platforms, which was created in October last year to house all-digital initiative of Reliance, will retain Rs 15,000 crore and use the remaining amount to pare some of its about Rs 40,000 crore debt. Transaction advisors to prepare term sheet for the deal were engaged sometime in November last year, implying commercial negotiations between the two groups would have started in July or August. Ambani had in August last year told Reliance Industries shareholders about plans to sell stake in some of the businesses with the goal of making the firm free of net debt by 2021. The deal was originally targeted for March 31, but the outbreak of COVID-19 pushed the negotiations into a virtual zone. The deal will bring together JioMart - the e-commerce venture of Ambani, and Facebook's WhatsApp platform to connect consumers with neighbourhood kirana stores, he said. WhatsApp has over 400 million users in India while Jio has 388-plus phone subscribers. Facebook has about 250 million users in India. This is Facebook's biggest stake buy since its 2014 acquisition of WhatsApp. The US giant has typically been buying into media and online properties till now and investment in Jio Platforms underscores the potential it sees in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. The deal would require the approval of the Competition Commission of India (CCI). "In the very near future, JioMart and WhatsApp will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood," Ambani, 63, said in a video message after the deal announcement. "This means all of you can order and get faster delivery of day-to-day items, from nearby local shops. At the same time, small kiranas can grow their businesses and create new employment opportunities using digital technologies," he said. RIL spent almost USD 50 billion -- mostly borrowed money, on Jio, whose entry in 2016 with free calls and cheap data pushed some rivals to exit or merge. At the end of December quarter, RIL had an outstanding debt of Rs 306,851 crore. It also had cash in hand of Rs 153,719 crore, bringing the net debt position to Rs 153,132 crore. Facebook said the investment "underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country".Together with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any other single country, and the numbers are to grow. The number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet. It has been talking to Saudi Aramco for sale of a 20 per cent stake in its oil-to-chemical business for an asking of USD 15 billion. RIL has sold a stake in its retail fuel venture to BP Plc for Rs 7,000 crore. Both Facebook and Jio said the deal is non-exclusive, which essentially meant that the US firm was free to partner with other Indian or foreign companies as well. The deal would give Facebook deeper access to India, the second-largest internet market after China. Facebook is looking to launch a payment offering. Having a local partner could help it in navigating various regulatory issues, including those related to privacy and local storage. Also, having a good telecom partner could help Facebook improve its reach to masses. From RIL's perspective, it could leverage on Facebook's technology expertise and talent pool as well as help in its ambitions to make Jio a digital company. RIL said that concurrent with the investment, Jio Platforms, Reliance Retail Ltd and WhatsApp have also entered into a commercial partnership agreement. This is to further accelerate Reliance Retail's new commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp. The transaction, RIL said, is subject to regulatory and other customary approvals. Morgan Stanley as a financial advisor and AZB &amp; Partners and Davis Polk &amp; Wardwell as counsels advised RIL on the transaction. Shardul Amarchand Mangaldas were legal advisors for Facebook. PRS MBI ANZ ANZ ANSANS

Facebook buys 9.99% stake in Jio Platforms for Rs 43,574 cr

New Delhi, Apr 22 () Facebook on Wednesday announced an investment of USD 5.7 billion to buy 9.99 per cent stake in the firm that houses Reliance Jio -- a deal that will help billionaire Mukesh Ambani create an e-commerce giant that could rival Amazon and Walmart by linking local kirana stores and consumers over the highly popular chat service WhatsApp. The largest foreign direct investment (FDI) in the technology sector in India will give the US social-networking giant a broader foothold in its biggest global market. "Today we are announcing a USD 5.7 billion, or Rs 43,574 crore, investment in Jio Platforms, part of Reliance Industries Ltd (RIL), making Facebook its largest minority shareholder," the company said in a statement. Reliance Industries (RIL) in a separate statement said the investment by Facebook values Jio Platforms at Rs 4.62 lakh crore pre-money enterprise value (USD 65.95 billion). Facebook will be issued fresh equity shares and will get a board position on Jio Platforms where Ambani's twin children, Isha and Akash, are directors. Jio Platforms, which was created in October last year to house all digital initiatives of Reliance, will retain Rs 15,000 crore and use the remaining amount to pare some of its about Rs 40,000 crore debt. Transaction advisors to prepare term sheet for the deal were engaged sometime in November last year, implying commercial negotiations between the two groups would have started in July or August. Ambani had in August last year told RIL shareholders about plans to sell stake in some of the businesses with the goal of making the firm free of net debt by 2021. The deal was originally targeted for March 31, but the outbreak of COVID-19 pushed the negotiations into a virtual zone. The deal will bring together JioMart, the e-commerce venture of Ambani, and Facebook's WhatsApp platform to connect consumers with neighbourhood kirana stores, he said. WhatsApp has over 400 million users in India while Jio has 388 million-plus phone subscribers. Facebook has about 250 million users in India. This is Facebook's biggest stake buy since its 2014 acquisition of WhatsApp. The US giant has typically been buying into media and online properties till now and the investment in Jio Platforms underscores the potential it sees in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. The deal would require the approval of the Competition Commission of India (CCI). No government nod is needed as the FDI is within the permissible limits. "In the very near future, JioMart and WhatsApp will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood," Ambani, 63, said in a video message after the deal announcement. "This means all of you can order and get faster delivery of day-to-day items, from nearby local shops. At the same time, small kiranas can grow their businesses and create new employment opportunities using digital technologies," he said. RIL spent almost USD 50 billion -- mostly borrowed money, on Jio, whose entry in 2016 with free calls and cheap data pushed some rivals to exit or merge to stay afloat. At the end of the December quarter, RIL had an outstanding debt of Rs 306,851 crore. It also had cash in hand of Rs 153,719 crore, bringing the net debt position to Rs 153,132 crore. Facebook said the investment "underscores our commitment to India and our excitement for the dramatic transformation that Jio has spurred in the country". Together with WhatsApp and Instagram, Facebook overall is estimated to have more users in India than any other single country, and the numbers are expected to grow. The number of internet users in India is projected to rise to about 850 million in 2022, according to consultancy PwC, up from 450 million in 2017. RIL has been seeking strategic partnerships across its businesses while targeting to deleverage its balance sheet. It has been talking to Saudi Aramco for sale of a 20 per cent stake in its oil-to-chemical business for an asking of USD 15 billion. RIL has sold stake in its retail fuel venture to BP Plc for Rs 7,000 crore. Both Facebook and Jio said the deal is non-exclusive, which essentially means that the US firm is free to partner with other Indian or foreign company as well. The deal would give Facebook deeper access to India, the second-largest internet market after China. Facebook is looking to launch a payment offering. Having a local partner could help it in navigating various regulatory issues, including those related to privacy and local storage. Also, having a good telecom partner could help Facebook improve its reach to masses. From RIL's perspective, it could leverage on Facebook's technology expertise and talent pool as well as help in its ambitions to make Jio a digital company. RIL said that concurrent with the investment, Jio Platforms, Reliance Retail Ltd and WhatsApp have also entered into a commercial partnership agreement. This is to further accelerate Reliance Retail's new commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp. The transaction, RIL said, is subject to regulatory and other customary approvals. Morgan Stanley as a financial advisor and AZB &amp; Partners and Davis Polk &amp; Wardwell as counsels advised RIL on the transaction. Shardul Amarchand Mangaldas were legal advisors for Facebook. PRS MBI ANZ SHW ABMABM

Facebook picks up 9.99 pc stake in Jio Platforms for Rs 43,574 cr

Mumbai, Mar 18 () The government's plan to privatise flag carrier Air India will be further delayed and it will have to infuse up to Rs 3,000 crore to ensure continuity of operations till the sale process gets over, the Centre for Pacific Aviation (CAPA) said on Wednesday. The government has already extended the date of submission for expression of interest to April 30 from March 17 due to the ongoing coronavirus outbreak. In January, the government restarted the divestment process of the carrier and invited bids for selling its 100 per cent stake in both Air India and its low-cost international budget arm Air India Express besides entire 50 per cent holding in ground-handling joint venture AI-SATS. "The privatisation process for Air India will be further delayed. The EoI submission date has already been pushed back by six weeks," CAPA said in its latest report -- Impact of COVID-19 on Indian Aviation -- released on Wednesday. Due to this delay, the government will need to commit "significant" and "immediate" interim funding of USD300-400 million for the national carrier, to ensure that it is able to operate at least in its current condition until such time as the sale transaction is concluded. Air India pilot unions - Indian Pilots Guild and Indian Commercial Pilots Association- on Monday wrote to Minister of State for Civil Aviation Hardeep Singh Puri, seeking immediate financial assistance to the airline in view of the situation arising out of the coronvirus outbreak. CAPA, in its report also stated that the government must also have a fall-back plan to regroup and continue to operate the airline for the medium-term if the privatisation process is unable to proceed. After its unsuccessful bid to sell Air India in 2018, the government this time decided to offload its entire stake. In 2018, the government had offered to sell its 76 per cent stake in the airline. IAS MRMR

Govt needs to infuse Rs 3K cr in Air India as sale to get delayed: CAPA

New Delhi, March 21 () The government has approved a package comprising four schemes with a total outlay of Rs 13,760 crore to boost the domestic production of bulk drugs and medical devices in the country and exports.The Union Cabinet chaired by Prime Minister Narendra Modi has approved outlay of Rs 9,940 crore and Rs 3,820 crore for bulk drugs and medical devices, respectively, Minister of State for Chemicals and Fertilisers Mansukh Mandaviya told reporters in a briefing about the Cabinet decision.The Cabinet also approved a sum of Rs 3,000 crore for the next five years for the scheme on promotion of bulk drug parks for financing common infrastructure facilities in three bulk drug parks, he added.A sum of Rs 6,940 crore has been approved for the Production Linked Incentive (PLI) scheme for promotion of domestic manufacturing of critical KSMs/Drug Intermediates and APIs in the country, Mandaviya said.The PLI scheme will lead to expected incremental sales of Rs 46,400 crore and significant additional employment generation over eight years, he added.The scheme for promotion of medical device parks seeks to promote medical device parks in the country in partnership with the states. A maximum grant-in-aid of Rs 100 crore per park will be provided to the states. It will have financial implications of Rs 400 crore, Mandaviya said."The PLI scheme for promoting domestic manufacturing of medical devices with financial implications of Rs 3,420 crore," he added.The expenditure to be incurred for the schemes on promotion of medical devices will be for the next five years. AKT MKJ

Govt approves a package of Rs 13,760 cr to boost mfg of APIs, med devices in country

(Eds: Combining related stories) New Delhi, May 12 () Prime Minister Narendra Modi on Tuesday announced a consolidated economic package of Rs 20 lakh crore to help make India self-reliant in the wake of the coronavirus pandemic and pitched for promoting local businesses, as he flagged that the deadly virus may be part of our lives for a long time. The nationwide COVID-19 tally in the meantime crossed 74,000. The death toll also crossed 2,300, while nearly 24,000 people have recovered from the disease so far. In his third address to the nation on COVID-19 crisis, Modi also said the fourth phase of the lockdown, beginning May 18, would be totally different with new rules and guidelines that would be announced later after taking into account feedback from all chief ministers. Modi said the coronavirus cannot be allowed to dictate the people's lives even as experts have warned it is going to be a part of our lives for a long time. Nearly 7,000 new cases have been detected since Monday morning while more than 100 people have lost their lives in this time period, as per the numbers made public by various states and union territories. Several states including Maharashtra, Gujarat and Delhi continued to report large number of new cases, including among those who have moved from other states in special trains and buses as also among those airlifted from abroad under a massive evacuation programme being undertaken by the government to bring back stranded Indians and expatriates from various countries. While details of the economic package would be announced by the Finance Ministry over the next few days, beginning Wednesday, Modi said it would cover all sections of the society including corporates, cottage and small scale industries, MSMEs, labourers and the middle class. The consolidated package of Rs 20 lakh crore would include measures already announced by the government and the RBI so far to tackle the COVID-19 crisis. However, there was no clarity on from where these funds would come and what impact it might have on the fiscal health of the country. Among various measures, the Finance Ministry had earlier announced a Rs 1.7 lakh crore package, mainly for providing food grains and cash support to the poor. In its daily update, the Union Health Ministry said the COVID-19 death toll rose to 2,293 and the positive cases climbed to 70,756, registering an increase of 87 deaths and 3,604 cases in the last 24 hours till Tuesday 8 AM. However, a tally of numbers announced by different states and UTs put the total number of confirmed cases much higher at 74,029 and the death toll at 2,338, as of 9 PM. A day after interacting with chief ministers over the way forward in the battle against COVID-19, Modi said it is an unprecedented crisis, but we not only need to protect ourselves in this battle, but also have to keep moving forward. He said the special economic package of Rs 20 lakh crore is equivalent to almost 10 per cent of India's GDP and it will provide a much needed boost for making India self-reliant. The package will also focus on land, labour, liquidity and laws, he said. Leaders of the ruling party, BJP, pointed it was the biggest every package announced by any country. Ever since its emergence in China last December, nearly 42 lakh people have tested positive for the novel coronavirus so far while more than 2.75 lakh people have lost their lives. India figures among the 15 biggest hit countries, while the US is the worst hit so far. The prime minister further said several bold reforms are also needed to make the country self-reliant, so that the impact of crisis such as COVID can be negated in future. These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resource and a strong financial system. These reforms will promote business, attract investment, and further strengthen Make in India, he said. Modi observed that the crisis has taught everyone the importance of local manufacturing, local market and local supply chains. "All our demands during the crisis were met 'locally'. Now, its time to be vocal about the local products and help these local products become global," he said. Modi said several experts and scientists have said that the virus is going to be part of our lives for a long time. "But, it is also important to ensure that our life does-not revolve only around it," he said, while exhorting people to work towards their targets while taking precautions like wearing masks and maintaining social distancing. On the fourth stage of lockdown, he said that its contours will be completely different from those seen yet. On the basis of recommendations received from states, new rules will be framed, and information about the same will be conveyed before May 18, he said. Modi had first announced a 21-day nationwide lockdown on March 24 during his first address to the nation on COVID-19. This was later extended till May 3 and then further till May 18 with some relaxations in the third phase, especially in areas with nil or less cases. While the cases have continued to rise during the lockdown period, government officials have been saying that the tally could have been much higher but for the containment measures and a targetted testing strategy. Union Health Minister Harsh Vardhan said the testing capacity has increased to 1 lakh tests per day with 347 government laboratories and 137 private labs being used. Cumulatively, more than 17.6 lakh tests have been done so far. There are also concerns that the outbreak may spread to rural areas with train services being resumed to take migrant workers and others stranded in different parts of the country to their native places. So far, big urban centres including Mumbai, Delhi, Ahmedabad and Chennai have reported relatively larger number of cases, while the deadly virus outbreak has been detected in other parts of the country as well. Maharashtra on Tuesday reported 1,026 new COVID-19 cases and 53 deaths, 28 of them in Mumbai alone, taking the overall case count to 24,427 and the number of fatalities to 921, a health department official said. Of the total coronavirus cases and deaths recorded so far in the state, Mumbai alone accounts for 14,947 infections and 556 fatalities. Dharavi slum sprawl in Mumbai reported 46 new COVID-19 cases and one death, taking the case count to 962 and the number of fatalities to 31. Gujarat reported 362 new COVID-19 cases and 24 deaths, including 21 in worst-hit Ahmedabad. Tamil Nadu reported 716 fresh cases, pushing the state tally to 8,718. The national capital also reported over 400 new cases and at least 13 more deaths. In Delhi, the government received around 3 lakh messages on WhatsApp within seven hours of Chief Minister Arvind Kejriwal seeking suggestions from the people on lockdown relaxations post May 17. The government has also received 25,000 recorded messages and 5,000 e-mails. In West Bengal, officials said at least eight people have died of COVID-19 in the last 24 hours, raising the death toll in the state to 126, while over 100 more people tested positive for the deadly virus. Kerala, which had stopped seeing fresh cases till a few days back, saw five new cases as the flow of Keralites returning home from other countries and states continued. NAB KR PLB DSP BUN KND KK SCH UD PM BJBJ

Modi tops 'corona' economic package to Rs 20 lakh cr; COVID-19 tally crosses 74k

New Delhi, Dec 10 () Non-compliance of the government's directive with regard to dividend declaration by 53 CPSEs resulted in a shortfall of Rs 9,417.75 crore to the exchequer in 2017-18, according to a CAG report tabled in Parliament on Tuesday.
 As per the norms, all profit-making central public sector undertakings (CPSUs) are required to declare a minimum dividend on equity of 20 per cent or a minimum dividend payout of 20 per cent of after-tax profit, whichever is higher, subject to availability of disposable profits.
 However, the government as majority shareholder could seek higher dividend from public sector undertakings (PSUs) with large disposable profits or healthy cash reserves. A higher or special dividend may also be considered.
 According to the Comptroller and Auditor General of India's (CAG) General Purpose Financial Report of CPSEs, investment by the government in equity of CPSEs registered a net increase of Rs 35,038 crore and loans outstanding increased Rs 5,978 crore during 2017-18 as compared to the previous year.
 The CAG also pulled up the government for including the income from investment in SUUTI as part of the disinvestment proceeds leading to overstatement of Rs 1,400 crore.
 "Government companies and corporations declared dividend of Rs 70,562 crore during the year 2017-18. Out of this, dividend received/receivable by GoI amounted to Rs 42,229 crore which represented 11.83 per cent return on the total investment by the GoI (Rs 3,57,064 crore) in all government companies and corporations," said the report.
 Government companies under the Ministry of Petroleum and Natural Gas contributed Rs 28,859 crore, representing 40.90 per cent of the total dividend declared by all government companies and corporations.
 There were 184 government companies and corporations with accumulated losses of Rs 1,42,309.28 crore as on March 31, 2018. Of these, the net worth of 77 companies had been completely eroded by their accumulated losses.
 As a result, the aggregate net worth of these companies became negative to the extent of Rs 83,122.38 crore as on March 31, 2018. Only 12 out of these 77 companies earned a profit of Rs 1,344.45 crore during the year 2017-18, said the report.
 The audit watchdog also reviewed corporate governance in 52 listed CPSEs and found some significant departures from the prescribed guidelines.
 The report revealed that in two CPSEs, the non-executive directors constituted less than 50 per cent of the total strength of the board of directors. There was no woman director on the board of MMTC Ltd.
 Besides, representation of independent directors in 24 CPSEs was below the required number and there was no independent director on the board of directors of three CPSEs.
 Total spend on corporate social responsibility (CSR) activities by 82 CPSEs in 2017-18 was Rs 3,338.60 crore. The petroleum sector spent the highest amount of Rs 1,416.12 crore towards CSR, the report found.
 The report deals with 420 government companies and corporations (including 06 statutory corporations) and 165 government-controlled other companies. RSN NKD HRS

Non-compliance of govt directives by CPSEs led to shortfall of Rs 9,417 cr in dividend: CAG

New Delhi, Mar 6 () Following are the top business stories at 1842 hours: DEL65 BIZ-YESBANK LD-RBI DASRBI Guv assures of 'swift action' to revive Yes Bank, says 30-day moratorium deadline 'outer limit'Mumbai: Yes Bank resolution efforts are aimed at maintaining "stability and resilience" in the Indian financial sector and the difficulties will be overcome "very swiftly", RBI Governor Shaktikanta Das said on Friday. DEL90 BIZ-YESBANK-FMFM says RBI to look into what went wrong at Yes BankNew Delhi: Finance Minister Nirmala Sitharaman on Friday said the government has asked the Reserve Bank to look into what went wrong at Yes Bank and fix individual responsibilities. DEL104 BIZ-YESBANK-ADMINISTRATORYes Bank administrator Kumar says working to revive bank 'well before' moratorium period endsNew Delhi: Yes Bank's RBI-appointed administrator Prashant Kumar on Friday said a solution is being worked upon the revive the lender well before the moratorium period of 30 days ends. DEL79 BIZ-LD STOCKSBenchmarks bleed on global sell-off, Yes Bank crisis; post weekly lossesMumbai: The Sensex plunged 894 points while the Nifty crashed below the key 11,000-mark on Friday as regulatory curbs on Yes Bank triggered a crisis of confidence among domestic investors. DEL101 BIZ-RUPEE CLOSERupee dives 46 paise to 73.79 against USD Mumbai: The Indian rupee resumed its downward journey after a day's hiatus on Friday, plummeting by 46 paise to 73.79 (provisional) against the US dollar as coronavirus-panicked investors kept assessing deteriorating financial markets. DEL89 BIZ-RBI-YESBANKSBI has shown interest in investing in Yes Bank: RBIMumbai: The RBI on Friday said the State Bank of India (SBI) has expressed willingness to invest in crisis-ridden Yes Bank. DEL98 BIZ-LD RBI DASIndia's limited integration with global value chain insulates it from coronavirus impact: RBI GuvMumbai: India has limited integration with the global value chain, which "insulates" its economy from the impact of the coronavirus epidemic, RBI Governor Shaktikanta Das said on Friday. DCM37 BIZ-LD VODAFONE IDEA-AGRVodafone Idea pegs dues payable to govt at Rs 21,533 cr, less than half of DoT estimateNew Delhi: Beleaguered Vodafone Idea Ltd on Friday put its total dues to the government following a Supreme Court order at Rs 21,533 crore -- less than half of what the Department of Telecommunications (DoT) has estimated. DEL91 BIZ-YESBANK-DISTRESS CUSTOMERSDistress calls, long queues at branches of Yes Bank post withdrawal limitNew Delhi: Distress calls and long queues of customers were witnessed at various branches of Yes Bank after the Reserve Bank of India put a withdrawal limit of Rs 50,000 on Thursday, as the cash-starved private sector lender comes under moratorium for one month. DCM41 BIZ-STOCKS-LD WEALTHInvestors get poorer by Rs 3.28 lakh cr in market sell-offNew Delhi: A sharp plunge in the equity market made investors poorer by Rs 3.28 lakh crore on Friday as the BSE barometer Sensex plummeted over 1,400 points in early trade led by massive sell-off in banking, metal and energy stocks. DCM31 BIZ-STOCKS-2ND LD YES BANKYes Bank shares plummet 56 pc after RBI joltNew Delhi: Shares of Yes Bank came under massive selling pressure on Friday, plunging 56 per cent at close, after the cash-strapped lender was placed under a 30-day moratorium. DCM27 LS-LD SUPPLEMENTARY DEMANDGovt seeks Parliament nod for Rs 54,000-cr additional spendingNew Delhi: The government on Friday sought Parliament nod for an additional Rs 54,000-crore spending mainly to meet its obligation towards GST compensation to states and defence-related expenditure. DCM8 BIZ-FM-COMPANIES LAWConfident that Parliament will pass changes in companies law: FMNew Delhi: Finance Minister Nirmala Sitharaman on Friday said she was confident that Parliament would pass pass the amendments to the companies law with focus on decriminalisation of various provisions. SHWSHW

Business highlights

New Delhi, Feb 1 () Following are the top business stories at 1842 hours
 
DEL158 BIZ-2NDLD BUDGET
Sitharaman cuts income tax, abolishes DDT; to spend more on agri, infra to boost growth
New Delhi: Finance Minister Nirmala Sitharaman on Saturday slashed income tax for individuals, abolished dividend tax for companies and announced record spending in agriculture and infrastructure sectors to pull out the economy from its worst slowdown in more than a decade.
 
DEL146 BIZ-LD STOCKS
Budget blow for D-St: Sensex sinks 988 pts; Rs 3.46 lakh cr investor wealth wiped off
Mumbai: The Sensex logged its biggest single-day plunge in more than a decade on Saturday after the Union Budget failed to live up to market expectations of growth-boosting measures and fiscal discipline.
 
DEL122 BUD-INDUSTRY-REAX
India Inc terms Budget as growth provoking, says implementation crucial
New Delhi: India Inc on Saturday termed the Budget as "growth provoking and welfare inducing" but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had "little room" to manoeuvre.
 
DEL50 BUD-LIC
LIC to be listed: Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said insurance behemoth LIC will be listed as part of the government disinvestment initiative. 
 
DEL163 BUD-DEPOSIT-INSURANCE 
Govt permits five-fold increase in deposit insurance cover to Rs 5 lakh per depositor
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said the government has permitted DICGC to raise deposit insurance coverage by five times to Rs 5 lakh.

DEL96 BUD-LD DIVIDEND-TAX
Govt removes DDT; dividend to be taxed in hands of recipient
New Delhi: The government on Saturday proposed to remove dividend distribution tax on companies, and henceforth the tax will be shifted to recipients at the applicable rate. 
DEL54 BUD-FPI LIMIT
Plan to hike FPI limit in corporate bonds to 15% from 9%: FM
New Delhi: The government plans to increase investment limit of foreign portfolio investors (FPI) in corporate bonds from 9 per cent to 15 per cent, Finance Minister Nirmala Sitharaman said on Saturday. 
 
DEL124 BIZ-BUD-LD AGRICULTURE
Govt proposes 11pc hike in farm credit for FY21; announces Krishi Udaan &amp; Kisan Rail
New Delhi: The government on Saturday proposed 11 per cent increase in the farm credit target to 15 lakh crore for 2020-21 and announced special rail and flight services for the transportation of farm produce as its seeks to double farmers' income by 2022. 
DCM86 BUD-DISINVESTMENT
Govt pegs Rs 1.20 lakh cr disinvestment mop-up in 2020-21, Rs 65,000 cr in current fiscal
New Delhi: The government on Saturday pegged disinvestment target for 2020-21 at Rs 1.20 lakh crore, nearly double of Rs 65,000 crore it expects to raise in the current financial year. 
 
DEL129 BUD-HOUSING
Budget: Additional deduction of Rs 1.5 lakh on home loan interest extended till March 2021
New Delhi: Aiming to boost the affordable housing demand, Finance Minister Nirmala Sitharaman on Saturday proposed to extend the date of availing an additional Rs 1.5 lakh tax deduction on home loan interest by one more year till March 2021. 
 
DEL55 BUD- NOMINAL GDP
Nominal GDP growth for FY21 estimated at 10%: Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said nominal GDP growth for 2020-21 is estimated at 10 per cent.
 
DEL147 BIZ-BUD-EXEMONS
Taxpayer opting for new tax regime to forego deductions on PF, tuition fee, insurance
New Delhi: A taxpayer opting for new income tax slabs and rates will have to forego a host of exemptions and deductions, including a standard deduction of Rs 50,000, tuition fee of children, and contribution towards insurance premium and provident fund.
 
DEL37 BUD-AIRPORTS 
100 more airports to be developed by 2025 to support UDAN scheme: FM
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said 100 more airports will be developed by 2025 to support the UDAN scheme.
 
DEL94 BUD-RUPEE
For every rupee in govt kitty, 64 paise come from taxes
New Delhi: For every rupee in the government coffer, 64 paise will come from direct and indirect taxes, while states' share of taxes and duties is the single-largest expense head accounting for 20 per cent of the total spending, Budget documents showed. 
 
DCM79 BUD-LDALL STARTUP
FM announces host of steps to boost growth of startups
New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced a host of measures including relaxing tax incentives and setting up of investment clearance cell for startups and entrepreneurs with a view to promote their growth.

DCM64 BIZ-BUD-G20
Govt allocates Rs 100 cr to host G-20 Presidency in 2022
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said India will host the G-20 Presidency in 2022 and Rs 100 crore has been allocated for this purpose.
 
DCM90 BUD- LD ALL POWER SECTOR
Budget's push for clean air: Old thermal power plants to shut 
New Delhi: Old coal-fired power plants not meeting emission norms will be closed and their land put to alternative use, Finance Minister Nirmala Sitharaman said on Saturday as she provided Rs 4,400 crore in her Budget for measures to ensure clean air.
 
DCM35 BUD-LD MSME
Govt raises turnover threshold for audit of MSME accounts to Rs 5 cr
New Delhi: The government on Saturday unveiled measures aimed at facilitating growth of the country's micro, small and medium enterprises including raising the turnover threshold for audit of their accounts to Rs 5 crore and a scheme to provide subordinate debt to MSME entrepreneurs. 
 


 
 

 
 
 


 
 
 
 
 

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