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| As on Jan 20, 2020 12:00 AM |
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| RBI has notified that some State Governments have offered to sell securities by way of an auction, for an aggregate amount of Rs 9100 Cr. (Face Value). These include Andhra Pradesh (Rs 1000 crore for 14 years), Assam (Rs 500 crore for 10 years), Bihar (Rs 1000 crore for 10 years), Gujarat (Rs 1000 crore for 10 years), Himachal Pradesh (Rs 500 crore for 12 years), Karnataka (Rs 1000 crore for Re-issue), Maharashtra ( Rs 3000 crore for Re-issue), Puducherry (Rs 100 crore for 6 years). The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on January 21, 2020 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility.
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| Following a strong surge in the area under Wheat, the total planted area in the current rabi season to 641 lakh hectares (lh) as on 17th January 2020, recording a 8.6% surge compared to the corresponding period last year, according to data released by the Agriculture Ministry on Friday. The acreage under Wheat stood at 330.20 lh, up more than 11%. The area under coarse cereals is up by 13.5% to over 53 lh. Maize area rose by 8.50% to 15.31 lh. Rabi oilseeds area stood at 79.25 lh, up just 0.10% on year. Area under the primary rabi oilseed Mustard stood at 68.98 lh, down 0.45%. The Acreage under Pulses stood at 157.33 lh, up 5.22%. There has been an impressive spurt of 10.38% in the acreage under Chana, which currently stands at 105.35 lh.
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Union Minister of Heavy Industries &Public Enterprises, Environment, Forest and Climate Change and Information & Broadcasting, Prakash Javadekar said that the annual growth of energy should be 10% for many years to come even if the country’s economy grows at the rate of 6% annually. Referring to demand for more relief by the industry, he said that industry’s cause must translate into societal cause for the benefit of society as well as the industry. He said that electricity for a poor household is not only a facility but also an empowerment and main source of inspiration. The Minister also referred to electrification of 18 thousand unelectrified villages and congratulated the Power Minister, RK Singh for fulfilling this commitment of Prime Minister Narendra Modi within a time frame of 1000 days. He further stated that 3.5 crore households were given power connections under SAUBHAGYA (Pradhan Mantri Sahaj Bijli Har Ghar Yojana) scheme. The Heavy Industries & Public Enterprises Minister asked the electrical industry to focus on quality of electrical equipment stating that main cause of fire incidents in many cases is poor quality of equipment and faulty wiring. The Minister urged the power industry to become part of product chain and not just supplier of spare parts. He mentioned the success story of LED bulbs which led to saving of thousands of crores of rupees in power bills to the customers and also protecting environment through installation of 400 million LED bulb.
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India strongly believes in multilateralism and will work for the strengthening of the WTO with other stakeholders said Union Minister of Commerce and Industry & Railways,Piyush Goyal, in New Delhi yesterday. He was part of a panel discussion at the Raisina Dialogue being held in the National Capital on 14-16 January 2020. India has been at the receiving end of unfair trade practices for a very long time and therefore believes in the creation of a far more reformed rules based trading system said the Minister. He further stated that India also believes in the strengthening of the WTO and is one of the first four countries to pay all its dues to the World Trade Body. Commerce and Industry Minister stated that it is the right time now to make trade policies that are people centric to be sustainable, to eliminate poverty and raise prosperity levels for all citizens. Piyush Goyal informed that India has not imposed any curbs on imports from either Malaysia or Turkey or any other country and it believes in fair play and equal terms for all trading partners and if curbs are imposed,they apply to all countries.
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The Reserve Bank of India, on a review of the current liquidity and market situation and an assessment of the evolving financial conditions, has decided to conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) for ₹ 10,000 crores each on January 23, 2020 (Thursday). The Reserve Bank will purchase 7.32% government bond maturing on 28-Jan- 2024 and 6.45% government bond maturing on 07-Oct-2029. The Reserve Bank will also simultaneously sell securities using the multiple price auction method. This includes the 7.80% government bond maturing on 11+Apr-2021 and 7.94% government bond maturing on 24-My-2021. The Reserve Bank reserves the right to decide on the quantum of purchase/sale of individual securities, accept bids/offers for less than the aggregate amount, purchase/sell marginally higher than the aggregate amount due to rounding-off effects, accept or reject any or all the bid/offers either wholly or partially without assigning any reasons. The eligible participants should submit their bids/offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system. In late December last year, the RBI began conducting these special bond purchase and sale operations to reduce the spread between short term and long term interest rates in the bond market. Long term rates have remained high despite 135 basis points in policy rates, while short term rates have fallen due to surplus liquidity. The purchase of longer-dated securities helps reduce the yields on long-term bonds, while the sale of short-term government securities can push short-term bond yields upwards.
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The first Session of India-Norway Dialogue on Trade & Investment (DTI) was convened in New Delhi on 15-16 January, 2020. The session was based on the Terms of Reference (ToR) signed between India and Norway on 8th January, 2019 in New Delhi, during the visit of Prime Minister of Norway. This was the first meeting after the signing of DTI. The first Session was preceded by an industry interaction on 15th January, 2020 with the representatives from Indian industry, where discussions were held on various areas of mutual interest likeblue economy, shipping & maritime, ICT, renewable energy, fisheries and MSME. Both sides exchanged views on investment opportunities available in the respective countries as also the facilitations being extended by respective Governments for creating attractive investment environments. Presentations were also made by the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) and Invest India.Representatives from the Federation of Indian Chambers of Commerce and Industry (FICCI), Confederation of Indian Industry (CII),fisheries,ICT, renewable energy, electrical equipment, IT and solar energy sectors participated in the industry interaction. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Economic Affairs highlighted various policy initiatives of the Government for promoting investment in the country. Cumulative FDI equity inflows to India from Norway during April, 2000 to September, 2019 were around USD257 million. While economic exchanges between India and Norway remain satisfactory, there are ample opportunities for further intensification and diversification in mutually beneficial areas and their complementarities. Both sides noted that the dynamic nature of commercial exchange between the two countries will result in increasing number of companies interested in establishing and gaining access to the markets in India and Norway.
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| The credit growth of scheduled commercial banks (SCBs) has improved to 7.6% YoY to Rs 10044845 crore as on 03 January 2020, compared with 7.1% growth a fortnight ago. However, the credit growth has decelerated from 14.8% at end January 2019. Non-food credit, accounting for 99.2% of the share of the total credit, recorded a growth of 7.5%, YoY, to Rs 9961343 crore as on 03 January 2020 as against a rise of 7.1% fortnight ago and 13.8% rise a year ago. Food credit moved up 15.4% to Rs 83502 crore as on 03 January 2020. Aggregate deposits growth of the scheduled banks increased 9.8% YoY at Rs 13210358 crore as on 03 January 2020, compared with 10.1% growth a fortnight ago and 9.6% rise a year ago. The time deposits showed an increase of 9.7% at Rs 11842466 crore, while the demand deposits moved up 10.9% to Rs 1367893 crore as on 03 January 2020. The overall credit-deposit ratio declined on sequential basis to 76.0% as on 03 January 2020 from 76.5% a fortnight ago and 78.0% in January 2019 with the faster growth in deposits. The banks investment in government and other approved securities that qualify for treatment of statutory liquidity ratio jumped 11.5% YoY to Rs 3771250 crore as on 03 January 2020, showing acceleration in growth from 10.9% increase a fortnight ago. The banks investment had declined 0.1% in January 2019. The investment-deposit ratio rose to 28.5% as on 03 January 2020, which is much higher above the Statutory Liquidity Ratio of 18.25%.
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Piyush Goyal, Minister for Commerce & Industry and Railways, Government of India stated that a new era of quality production was being ushered into the country. He stated that India needed to be recognized both as an exporter of quality goods and services as well as an importer of the same. A zero-tolerance policy in terms of standards needed to be put in place. The Conclave was organized by Confederation of Indian Industry (CII), Department of Commerce, Ministry of Commerce and Industry, Bureau of Indian Standards (BIS), Export Inspection Council of India (EIC), National Accreditation Board for Certification Bodies (NABCB) and the Centre for Research on International Trade. According to the Minister, while India has signed a number of FTA's with different countries, it has not been able to take advantage of these agreements due to the poor quality of Indian goods or due to Non-Tariff Barriers (NTBs). He stated that as compared to countries such as the US, Brazil and China, the number of SPS / TBT notifications issued by India is a very paltry number. He stated that not only did Indian goods find it difficult to penetrate overseas markets due to poor quality, goods coming in from overseas were also of poor quality thanks largely to the under-rated standards prevailing in India. He called for agencies such as the Food Safety and Standards Authority of India (FSSAI) and the Bureau of Indian Standards (BIS) to look at the entire issue of standards in a mission mode. He called for National Treatment to be accorded to standards i.e. the same standards would apply to both goods produced in India as well as imported goods. He was also of the view that India needed to step up the infrastructure required for standards such as testing facilities and laboratories. He highlighted the need to enter into Mutual Recognition Agreements (MRA's) with other countries in terms of standards compliance. The Minister mentioned that several items were being imported under the category of “Others” making it difficult to determine the standards which apply to them. He announced that the Department of Commerce would soon issue a notification banning imports under the category of “Others”. Henceforth, a special license would be required to import goods under this category.
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| As per the latest release from the Solvent Extractor's Association of India (SEA), the import of vegetable oils during Oil Year 2019-20 (Nov.'19 to Dec.'19) i.e. edible oil and non-edible oil is reported at 22.5 lakh tons compared to 23.4 lakh tons for the same period of last year, down by 3.8%. Import of Vegetable Oils during December 2019 is reported at 11.28 lakh tons compared to 12.11 lakh tons for December 2018, recording a drop of 7%. This consists of 11.07 lakh tons of edible oils and 20901 tons of non-edible oils. The stock position of edible oils at various ports is estimated at 860000 tonnes. Pipeline stocks level fell to lowest level in four months at 515000 tonnes as on 1st January 2020.
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| I K Pandey, DG (RD) and Special Secretary, Ministry of Road Transport and Highways (MORTH), Govt of India said that the government is in the process of providing first-aid centers at all toll plazas as well as extending it to highways. This will ensure initial medical support in case of road accidents. Speaking at Road Safety program on the theme 'Trauma Care - A National Mission' organized by FICCI, jointly with IRF, Ministry of Road Transport and Highways and WHO, during the 31st National Road Safety Week, Pandey said that trauma care is not given much importance in our country as compared to other countries. He added that we need to adopt the procedures of faster turnaround in case of any road accident as prevalent in many developed countries. Pandey said that the ministry is the nodal ministry to guide and direct the 3 'Es', Engineering, Enforcements in the Motor Vehicle Act and Education.
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Over the years, the volume and value of transactions made through cards have increased manifold. To improve user convenience and increase the RBI has notified that at the time of issue / re-issue, all cards (physical and virtual) shall be enabled for use only at contact based points of usage [viz. ATMs and Point of Sale (PoS) devices] within India. Issuers shall provide cardholders a facility for enabling card not present (domestic and international) transactions, card present (international) transactions and contactless transactions. For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card present (international) transactions and contactless transaction rights. Existing cards which have never been used for online (card not present) / international / contactless transactions shall be mandatorily disabled for this purpose. Additionally, the issuers shall provide to all cardholders facility to switch on / off and set / modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions – domestic and international, at PoS / ATMs / online transactions / contactless transactions, etc. The facility on a 24x7 basis through multiple channels - mobile application / internet banking / ATMs / Interactive Voice Response (IVR); this may also be offered at branches / offices.
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| India's merchandise exports declined for fifth straight month at 1.8% to US$ 27.36 billion in December 2019 over a year ago. Meanwhile, merchandise imports also dipped 8.8% to US$ 38.61 billion. The trade deficit narrowed 22.3% to US$ 11.25 billion in December 2019 from US$ 13.08 billion in December 2018. Oil imports declined 0.8% to US$ 10.69 billion, while the non-oil imports dipped 11.6% to US$ 27.92 billion in December 2019 over December 2018. The share of oil imports in total imports was 27.7% in December 2019, compared with 26.0% in December 2018. The price of India's basket of crude oil increased 13.4% to US$ 65.52 per barrel in December 2019 over December 2018. Among the non-oil imports, the major contributors to the overall dip in imports were transport equipment imports declining 30.1% to US$ 2.20 billion, coal, coke & briquettes 22.4% to US$ 1.76 billion, iron & steel 21.5% to US$ 1.12 billion, pearls, precious & semi-precious stones 12.0% to US$ 2.22 billion and organic & inorganic chemicals 14.6% to US$ 1.53 billion, while imports of non-ferrous metals also declined 18.2% to US$ 1.02 billion, metaliferrous ores & other minerals 22.5% to US$ 0.56 billion, artificial resins, plastic materials 10.3% to US$ 1.08 billion and crude & manufactured fertilizers 15.7% to US$ 0.62 billion. Further, the imports of gold declined 3.9% to US$ 2.47 billion, silver 66.9% to US$ 0.11 billion, project goods 61.3% to US$ 0.11 billion, chemical material & products 5.1% to US$ 0.62 billion and electronic goods 1.4% to US$ 4.19 billion. However, the imports have increased for vegetable oil by 16.2% to US$ 0.84 billion, medicinal & pharmaceutical products 15.3% to US$ 0.62 billion and electrical & non-electrical machinery 2.5% to US$ 3.16 billion in December 2019. On exports front, the gems & jewellery recorded a decline in exports by 8.2% to US$ 2.41 billion, followed by petroleum products 4.2% to US$ 3.90 billion, plastic & linoleum 18.7% to US$ 0.62 billion, organic & inorganic chemicals 5.1% to US$ 1.89 billion and engineering goods 1.2% to US$ 7.07 billion. The exports also declined for meat, dairy & poultry products by 17.7% to US$ 0.31 billion, mica, coal & other ores, minerals including processed minerals 16.9% to US$ 0.30 billion, rice 5.4% to US$ 0.62 billion, and leather & leather products 5.9% to US$ 0.41 billion and ceramic products & glassware 5.6% to US$ 0.26 billion. However, the exports moved up for electronic goods by 30.4% to US$ 1.08 billion, drugs & pharmaceuticals 13.0% to US$ 1.88 billion, oil seeds 107.2% to US$ 0.22 billion and iron ore 85.3% to US$ 0.23 billion in December 2019. Further, the exports of marine products also improved 7.8% to US$ 0.66 billion, RMG of all textiles 2.4% to US$ 1.41 billion, man-made yarn/fabrics/made-ups etc 7.9% to US$ 0.45 billion, spices 10.0% to US$ 0.29 billion and cotton yarn/fabrics/made-ups, handloom products etc 0.4% to US$ 0.89 billion in December 2019. Merchandise exports in rupees declined 1.2% to Rs 194765 crore, while imports dipped 8.2% to Rs 274884 crore in December 2019 over December 2018. The trade deficit eased to Rs 80119 crore in December 2019 compared with Rs 92497 crore in December 2018. India's merchandise exports fell 2.1% to US$ 239.29 billion, while merchandise imports declined 8.6% to US$ 357.39 billion in April-December 2019. The decline in imports was driven by a 11.6% fall in oil imports to US$ 95.69 billion. India's merchandise trade deficit eased to US$ 118.10 billion in April-December 2019 from US$ 146.53 billion in April-December 2018.
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| As per the data released by the Reserve Bank of India, India's services exports increased 7.9% to US$ 18.00 billion in November 2019 over November 2018. Meanwhile, India's services imports jumped 13.5% to US$ 11.47 billion in November 2019. India's services trade surplus declined 0.7% to US$ 6.52 billion in November 2019 from US$ 6.57 billion in November 2018. India's services trade surplus improved 0.3% to US$ 51.93 billion in April-November 2019 over a year ago, with 8.4% rise in services exports to US$ 145.85 billion. India's services imports moved up 13.5% to US$ 93.92 billion in April-November 2019.
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No imports will be allowed without HSN code into the country, noted Union Minister of Commerce & Industry and Railways, Piyush Goyal in New Delhi today. He was speaking at the 6th National Standards Conclave on the subject of Standards for Trade Facilitation. Commerce & Industry Minister further said that henceforth there must be zero tolerance for substandard products and services from industry and consumers. He further stated that Government will support industry in every way to establish standards for Indian goods and services to meet international requirements so that brand India is recognized in the world as a provider of quality products and services. Unless Indian business and industry make standards its calling card, India will not be able to reach the target of a USD 5 trillion economy, said Piyush Goyal. The Government is committed to establishing standards of Indian products and services to world class levels which will enable our exports to be accepted globally due to the quality of goods and services, added the Minister. He said Made in India should carry the commitment of 130 crore people towards quality, sincerity, customer satisfaction and not be second best.
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FICCI Capital Goods Committee released a report on ‘Opportunities for Capital Goods Industry with Indian Railways and Metros’ highlighting various opportunities for capital goods sector under ambitious construction projects such as high-speed rail and dedicated freight corridors. These provide new business opportunities for Indian industry. The report identifies specific opportunities for industry across various areas such as rolling-stock manufacturing, sub-assembly or component manufacturing, machinery and tool manufacturing, and project execution. FICCI report highlights that Indian Railways has substantially stepped up capital expenditure from historical levels of Rs 40,000-50,000 crore per annum. Railways’ capital expenditure for 2019-20 was Rs. 1.3 lakh crore, while budget for 2019-20 stands at Rs 1.59 lakh crore, as it undertakes high priority initiatives such as electrification, rolling-stock upgrade and track expansion. Also, metro projects in multiple cities are in various stages of execution. FICCI report captures ‘Voice of Industry’ through inputs from industry players associated with Railways and Metro corporations. Industry players expressed great enthusiasm to pursue opportunities with Railways and Metros with many targeting more than doubling of business over the next 5 years. The industry players also appreciated the transparency in bidding and tendering processes while voicing the pain points they face vis-à-vis procurement policy and processes. FICCI report highlights many recommendations for policymakers to further facilitate industry participation in these opportunities. The recommendations include formulation of national railway plan, reforms in procurement policy and processes, strategic initiatives such as phased manufacturing program, expansion of PPP model to newer areas, and closer collaboration with industry for absorption of technology. The report identifies imperatives for industry which include de-risking business from over-reliance on Railways orders, forge partnerships with global technology players, promote self-certification, and ramping up of manufacturing and project execution capabilities.
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| 'The Industrial Relations Code, 2019' and 'The Code on Social Security, 2019', as introduced in Lok Sabha have been referred by the Speaker to the Standing Committee on Labour headed by Bhartruhari Mahtab, MP for examination and report. The committee have decided to invite memoranda containing views/suggestions separately on each Code from the public in general and NGOs/ Experts/ Stakeholders and Institutions in particular.
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Qatar Free Zones Authority invited Indian investors with a slew of attractive benefits. Wilson Chan, Director, Markets, Qatar Free Zones Authority, was recently at the PHD Chamber in New Delhi addressing a gathering of industrialists and business leaders at the PHD House during an ‘Interactive Session and B2B meeting on Investment opportunities in Qatar Free Zones Authority’, Chan said that there was no better place and no better time than to invest in Qatar, which will be hosting the 2022 football world cup. The potential and possibilities are unlimited; Chan said launching into his address inviting the Indian investors to consider the advantages his country and more specifically the Free Zones offered – zero corporate tax for 20 years, no individual tax, 100% foreign ownership, No GST or VAT, no customs duties. For the present, Qatar was focusing on three areas – Logistics, downstream Chemicals, and emerging technology sectors of IT, AI, ICT, drone technologies, renewable energies, and the like. Already, the technology area was resonating well with the Indian companies. The Free Zones also had a fund of US $ 1 billion for encouraging startups that already have a concept and revenue steam with potential. The Free Zone Authority will line up such startups with venture capital funds so that all can grow together. Qatar has two Free Zones – The Airport Free Zone at RasBufontas in an area of 4 sq km and the Port Free Zone at Umm Alhoul spread over 32 km.
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The 15th Finance Commission yesterday received a presentation on India’s Health Sector. The presentation was given by Preeti Sudan, Secretary, Health & Family Welfare and V.K. Paul, Member, NitiAayog in a meeting held in New Delhi. Chairman, N.K. Singh and all Members of the Commission were present at this meeting along with senior officials. The Department of Health & Family Welfare proposed to the 15th Finance Commission for untied funds to help in funding gaps in Primary Health care in the States. This, they said, would help States with significant funding needs and health lag to get more funds and priorities spending on health. The Ministry also asked for performance based incentives – a Composite Health Index to be utilized to encourage States to demonstrate performance on year on year basis. The Ministry proposed a collaborative multi-sectoral non-ministerial approach by incorporating health impact considerations into the Government’s decision making process – Health in All Policies. The Ministry projected the requirement of funds for a primary care for the purpose of addressing shortfall in infrastructure, health care professionals, supporting AB-HWCs, National Ambulance Service, and Funds for Medicines and Diagnostics. For a 5 year period, total of Rs.5,38,305.38/- crores fund has been projected.
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The December 2019 quarter saw India’s cumulative clean energy capacity cross 85,000 MW, of which more than 50,000 MW of new capacity addition was achieved in the past five years. As on December 31, 2019, the total grid-connected installed renewable power capacity in India stood at 85,908 MW, aided by support of several policy measures in recent years, according to latest Ministry of New and Renewable (MNRE) energy data. Five years ago, India’s cumulative grid-interactive clean energy installed capacity was about 33,792 MW. Though the wind segment is still leading now with a total installed capacity of 37,505 MW as of December 31, 2019, solar is fast growing and is likely to overtake the wind sector in near term.
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| The Wholesale Price Index (WPI)-based inflation, base year 2011-12, accelerated to 7-months high of 2.6% in December 2019, showing sharp increase from 0.6% in November 2019. Among the three major sub-groups, the inflation for primary articles and fuel and power increased, while inflation for manufactured products group also moved up in December 2019. The core inflation (manufactured products excluding foods products) rebounded to (-) 1.5% in December 2019, after consistent moderation for last 13 straight months to (-) 1.9% in November 2019 from 4.9% in October 2018. The WPI inflation is revised downwards to 0.0% for October 2019 from 0.2% reported at provisional level. As per major commodity group-wise, inflation increased for mineral oils, vegetables, crude petroleum & natural gas, food products, floriculture, basic metals, metallic minerals, milk, pharmaceuticals, medicinal chemical and botanical products, coal, oil seeds, computer, electronic and optical products, chemicals and chemical products, other non-food articles, machinery and equipment, condiments & spices, fibres, other non-metallic mineral products, other minerals, rubber and plastics products, fabricated metal products, except machinery and equipment etc. On the other hand, inflation of other manufacturing, eggs, meat & fish, electricity, furniture, pulses, fruits, printing and reproduction of recorded media, electrical equipment, wood and of products of wood and cork , other food articles, textiles etc declined in December 2019. Inflation of primary articles increased to 11.5% in December 2019 from 7.7% in November 2019. The inflation for fuel and power group inflation increased to (-) 1.5% and the manufactured products inflation rose at (-) 0.3% in December 2019. Inflation of food items (food articles and food products) increased to 72-month high of 11.0% in December 2019 from 9.0% in November 2019 level. Meanwhile, inflation of non-food items (all commodities excluding food items) also jumped to 0.7% in December 2019 from (-) 2.7% in November 2019. The contribution of primary articles to the overall inflation of 2.59% increased to 289 basis points (bps) in December 2019, from contribution of 195 bps to 0.58% in November 2019. The contribution of fuel product group further increased to (-) 16 bps against (-) 87 bps in November 2019, while that of manufactured products moved up to (-) 16 bps in December 2019 from (-) 53 in November 2019. The contribution of food items (food articles and food products) to inflation increased to 310 bps to 2.59% in December 2019 compared with 253 bps to 0.58% in November 2019. Meanwhile, the contribution of non-food items (all commodities excluding food items) jumped to (-) 50 bps in December 2019 from (-) 194 bps in November 2019. The WPI inflation was lower at 1.5% in April-December FY2020 against 4.7% in April-December FY2019. The primary articles inflation moved up to 6.9% in April-December FY2020 from 2.3% in April-December FY2019, while fuel products inflation was negative at (-) 3.1% from 14.6%. The inflation for manufactured products declined to 0.2% in April-December FY2020 from 4.1% in April-December FY2019.
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