weekly economic bulletin - india in...

NEWS FEATUREIndia will have seven mega cities by 2030: UNAt present, India is home to five mega ci ties, with over 10 million population, but by 2030 this number willgo up to seven. Delhi will continue to be the second most populous city in the world till 2030, adding astaggering 9.6 million people to its population --the most in any mega city .

President approves GST BillPresident Pranab Mukherjee gave his assent to the landmark Goods and Services Tax (GST) Bill, an official said.

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Transparent policies now to boost investment in energy: Pradhan With a view to supply energy at affordable prices to Indian consumers, the government has introducedtransparent policies to encourage investment in refineries and petrochemical plants, Petroleum MinisterDharmendra Pradhan said on Friday.

OVERSEAS INVESTMENTS

Markets remain bullish on value buying, foreign funds inflowIndian equity markets remained bullish, witnessing a good rally during the abbreviated trading week ended Fri-day, prompted by a healthy inflow of foreign funds and value buying by investors.


ITP Division Ministry of

External Affairs Government of India

Issue No 692 I September 06-12, 2016

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TRADE NEWSIndia signs open skies pact with GreeceIndia on Wednesday signed an open skies agreement with Greece, the first after the finalisation of the civilaviation policy in June.


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SECTORAL NEWSGovt starts work on 99 stalled irrigation projectsFulfilling a key promise made in this year’s Union budget, the centre on Tuesday kicked off work to com-plete 99 major and medium irrigation projects pending for years. Slated to be completed by 2019, theseprojects will bring 7.6 million hectares of land under irrigation in some of the most drought-prone re-gions of India.


NEWS ROUND-UPIndia tops global survey for best value flightsOnline travel agency Kiwi.com has produced a ranking detailing countries of the world which offer the least and mostexpensive flights.


WEEKLYECONOMIC BULLETIN

WEEKLYECONOMIC BULLETIN 2

Issue no 692 I September 06-12, 2016

>> NEWS FEATURE

India will have seven mega cities by 2030: UNAt present, India is home to five mega ci ties, with over 10 million population, but by 2030 this number will go up to seven.Delhi will continue to be the second most populous city in the world till 2030, adding a staggering 9.6 million people to itspopulation --the most in any mega city .

The facts have been revealed in the 2016 World Cities Re-port issued by the UN’s department of economic and socialaffairs.

The report has not relied on the administrative boundariesof cities but has, instead, preferred to use the concept of“urban agglomeration” which is the “the contiguous urbanarea, or builtup area”. For example, in the case of Delhi urbanagglomeration, the satellite cities of Ghaziabad, Noida, Farid-abad and Gurgaon are included. Such inclusion makes senseas people in these contiguous areas are economically and so-cially integrated with the main city .

Around the world, about 500 million people live in 31 suchmega cities. That’s about 6.8% of the world’s population or12% of the world’s urban population.The report calculatesthat by 2030, the number of mega cities will increase to 41 and their population to about 730 million or 8.7% of the world’spopulation. Other Indian cities figure in 2016’s mega cities listing in 2016’s mega cities list are Mumbai, Kolkata, Bengaluruand Chennai. By 2030, Hyderabad and Ahmedabad will join them, as their respective populations would cross 10 million.

The UN report shows that only a minority of urban dwellers actually live in mega cities. Nearly 21% of the world’s popula-tion stays in cities of population between 500,000 to 10 million, while an even bigger share of 26.8% resides in smaller citiesand towns with a population of less than 500,000.

By 2030, the world’s population will decisively shift to urban living with 60% of the estimated population living in cities, bigor small. Currently, about 54% of the world’s population is urban.

Most of the urban growth is happening in developing countries in Asia and Africa. By 2030, as many as 33 of the 41 megacities will be from the third world.

India will have seven mega cities by 2030: UNOf the 47 cities that grew by over 6% every year be tween 2000 and 2016, six were in Africa, 40 in Asia (including 20 in

China) and just one in North America.Interestingly , not all cities are growing. Out of the 1,063 cities with a population over 500,000, as many as 55 have shown

a decline since 2000. Most of these cities are located in Europe and some in Japan. Their decline is mostly due to falling fer-tility levels, although some have shown a dip in population due to natural calamities like New Orleans (due to hurricane Kat-rina) and Sendai in Japan (tsunami).

Source: The Economic Times

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President approves GST BillPresident Pranab Mukherjee gave his assent to the landmark Goods and Services Tax (GST) Bill, an official said.

The President’s Office confirmed the development to IANS.The central government had sent the Constitutional Amendment Bill to the President after 16 states ratified the legisla-

tion.The government targets to implement the GST system from April 1, 2017. The Centre will have to pass the Central GST

and Integrated GST Bills, while the states willneed to approve their respective GST legisla-tions.

The Bill was earlier passed unanimously bythe Rajya Sabha and the Lok Sabha.

The Goods and Services Tax is a single indi-rect tax that proposes to subsume most cen-tral and state taxes like Value Added Tax,service tax, central sales tax, excise duty, ad-ditional customs duty and special additionalcustoms duty.

The GST rate has to be decided by the pro-posed GST Council, which will be chaired bythe Union Finance Minister. All state financeministers will be its members.

The Council also has to put in place a dis-pute resolution mechanism.

The states will, however, be able to adopt a GST structure that is different from that recommended by the GST Council.The council recommendations will not be binding on the states.

The Bill says the GST Council will make recommendations to the Centre and the states on issues such as taxes, cess andsurcharges that might be subsumed in the GST tax rate. Parliament and state assemblies have the right to accept those rec-ommendations in their GST Bills.

While the pan-India overhaul of India’s indirect tax regime has got the mandatory support of more than half the states,Tamil Nadu’s ruling AIADMK had walked out before the voting on the Bill began, both in the Rajya Sabha and the Lok Sabha.

The party had wanted some changes in the Bill, such as imposition of four per cent additional tax on inter-state trade andtransfer of money thus collected to the state of origin of the goods.

The Centre is to compensate the states for revenue losses for the first five years after the implementation of the GST if thestates’ revenues come down under the new tax regime.

Meanwhile, at a meeting here with the Empowered Committee of State Finance Ministers on GST last month, India Incpitched for an 18 per cent standard rate on the ground that this rate will generate adequate tax buoyancy without fuelling in-flation.

The opposition Congress had earlier demanded an 18 per cent cap on the GST rate.The Federation of Indian Chambers of Commerce and Industry (Ficci) suggested that to check inflation and the tendency

to evade taxes “the merit rate should be lower and the standard rate reasonable”.“As per the current indications and reports, goods will be categorised as being subject to merit rates (12 per cent), stan-

dard rates (18 per cent) and de-merit rates (40 per cent),” Ficci said in a release following a meeting here with the Empow-ered Committee.

WEEKLYECONOMIC BULLETIN >> NEWS FEATURE

“Certain goods will be exempted from the GST while bullion and jewellery will be charged at one-two per cent,” it said re-garding classification of goods for applying GST rates.

On the implementing of GST, Ficci said that in order to provide adequate time to trade and industry to prepare “for a has-sle-free rollout of the GST regime”, a minimum of six months should be permitted from the date of the adoption of the GSTlaw by the GST Council.

“Additional time would be required in case the GST law as passed by Parliament or state legislatures is significantly differ-ent from the one adopted by the GST Council,” the statement added.

In a meeting here with Revenue Secretary Hasmukh Adhia last month, industry chambers had expressed concerns aboutthe draft GST law, flagging issues like dual administrative control and wide discretionary powers for tax authorities.

Source: Indo-Asian News Service

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India among top M&A markets in Asia-Pacific: StudyIndia is becoming an attractive investment market for inbound mergers and acquisitions (M&A) in the Asia-Pacific, accordingto a report by Kroll and Mergermarket. The report points to a favourable economic and demographic conditions, plus an en-couraging regulatory regime.

Since 2011, inbound transactions have trendedup, and India’s become a leading destination forglobal foreign direct investment, ahead of regionaleconomic rival China, it said.

India attracted six per cent of all US outboundM&A transactions (deal volume) in 2015, surpass-ing the two per cent of outbound M&A directed atChina that year as per the Kroll and Mergermarketreport (the former is a global risk mitigation entityand the latter is a deal tracking one).

So far in 2016, India has continued to attract USinterest, with $3.1 billion through 27 deals, com-pared to similar US investment in China at $1.3 bnand 13 deals.

“General sentiment among foreign investors forIndian investment opportunities remains strong, creating a bright outlook for inbound M&A through the rest of this year andinto 2017. As the pipeline of deals grows, foreign investors are reminded to deploy a due-diligence process that is rigorous,comprehensive and truly independent - one that will assist them in making decisions with confidence and to be in a better po-sition to protect such investments,” said Reshmi Khurana, head of South Asia for Kroll.

Against a backdrop of global volatility, widespread uncertainty and a fragile geopolitical situation in many regions, inbounddeal flow in India has increased steadily. In 2015, inbound M&A totaled 227 deals worth $19.6 bn. In the first half of this cal-endar year, 82 deals worth close to $9 bn were announced, putting the country on track for another banner year of such in-vestment.

Investment into India over the past two years has been led by the US, UK and Japan, which should instill further confi-dence in India -- all three countries are known for strong regulatory oversight, a culture of in-depth due-diligence and a busi-ness environment that seeks growth in international markets, said the report.

Given the country’s advantages, corporations globally are raising their exposure to India. Some are taking the organic routeand building on-the-ground businesses from the bottom-up and through alliances. Others will remain more aggressive, inor-ganically expanding in the market but remaining cautious of a global slowdown, sluggish commodity prices and a decelera-tion in economic activity in key emerging markets.

“Numerous analysts suggest that India has potential to overtake China as India’s growth appears to be accelerating whileChina’s growth continues to slow down. In addition, India is expected to rebalance its growth from services driven sectors toexport-oriented manufacturing and this, combined with the ongoing removal of much of the bureaucratic red tape, will ar-guably drive further interest from foreign investors,” said the report.

Source: Business Standard

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Asean key to northeastern India’s development: ModiAhead of his visit to Laos to attend the 14th India-Asean Summit and the 11th East Asia Summit, Prime Minister NarendraModi said on Tuesday that southeast Asia is the key to the development of India’s northeastern region.

“Asean is a key partner for our Act East Policy, which is vital for the economic development of our Northeastern region,”Modi said in a pre-departure statement postedon his Facebook page.

Modi will be attending the annual India-Asso-ciation of Southeast Asian Nations (Asean) an-nual summit on September 7 and the East Asiasummit on September 8.

The India-Asean summit will be attended bythe leaders of 10 southeast Asian nations - In-donesia, Malaysia, the Philippines, Singapore,Brunei, Cambodia, Laos, Myanmar, Vietnam andThailand.

The East Asia summit will be attended by theleaders of the 10 Asean nations and those ofIndia, China, Japan, South Korea, Australia, NewZealand, the US and Russia.

“Our strategic partnership with Asean is alsoimportant for safeguarding and promoting our security interests and countering traditional and non-traditional security chal-lenges in the region,” Modi said in his Facebook post.

“East Asia Summit is the premier forum for discussions on the challenges and opportunities before the Asia Pacific region.”His statement assumes significance in the wake of his visit to Vietnam, India’s country coordinator for the Asean, on Friday

and Saturday.New Delhi elevated its relationship with Hanoi from Strategic Partnership to Comprehensive Strategic Partnership while

announcing a $500-million defence credit line to the southeast Asian nation.“Our ties with the countries of South East Asia are truly historic,” Modi stated.“Our engagement and approach can be best encapsulated in just one word - connectivity,” he said.After the NDA government turned the UPA government’s Look East Policy into Act East Policy, New Delhi has been work-

ing on a number of projects to improve connectivity with southeast Asia, the key projects being the India-Myanmar-Thailandtrilateral highway and the Kaladan multi-modal transport project connecting the Sittwe port in Myanmar with Mizoram innortheast India.

“We wish to enhance our physical and digital connectivity; to see greater people to people links; to strengthen our institu-tional linkages; and, to leverage the modern interconnected world for the mutual benefit of all our people,” Modi said.

“During the visit, I will also have the opportunity to interact with the leaders of participating countries to discuss bilateralissues of mutual concern,” he added.


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With a view to supply energy at affordable prices to Indian consumers, the government has introduced transparent policiesto encourage investment in refineries and petrochemical plants, Petroleum Minister Dharmendra Pradhan said on Friday.

“Consumers are the kings in India. We want to provide af-fordable energy to our consumers,” Pradhan said herelaunching a road show for the auction 67 discovered smallfields in India.

He said participation by big global energy players likeSaudi Aramco, Shell, BP and Rosneft is important for devel-oping the energy sector and creating competition in the do-mestic market.

“Rosneft is eyeing Indian market,” Pradhan said, addingthat the Russian energy major is currently in negotiationswith India’s Essar Group for participating in the refining sec-tor.

“When we are talking about free and transparent poli-cies, we have to open our market. Consciously, we havederegulated our market and we are giving gradually price and marketing freedom to the investors,” he told reporters here.

“Our focus is on simplifying policies and improving the environment for ease of doing business in the country,” the minis-ter said.

“Singapore and India can jointly partner for the mutual growth,” he added. Later, addressing institutional investors here at an event organised by Indian firm ICICI Securities, Pradhan highlighted

the potential of the huge Indian market and said he was happy with the interest shown by foreign investors.“Addressed Institutional Equity Investors, organised by ICICI Securities, in Singapore,” Pradhan tweeted. “Had an interactive meeting with potential investors from Singapore; many of them have experience of working in India,”

he said in a separate tweet. “Addressed Media about ‘Destination India’;happy to see their interest in Indian energy sphere and big market,” he added

in another tweet.Pradhan arrived here on Friday on the first leg of his six-day, two-nation visit to lead the country’s road shows to attract

foreign investors in exploiting its discovered small oil and gas fields.“Addressed road show on small discovered blocks in Singapore. About 200 delegates and potential investors partici-

pated in it,” Pradhan tweeted, on what was his first engagement. He will go to Britain later.“Singapore is a global hub for trading of petroleum, petrochemical products and oil service equipment. There can be

good synergy between the two countries. It is also a major financial centre in Asia from where FDI and foreign equity in-vestors can invest in Indian oil and gas sector.”

India’s Petroleum Ministry along with the Directorate General of Hydrocarbon (DGH) is organising the interactive meet-cum-roadshow here on September 9-10.

“During the meetings, Pradhan is expected to highlight the paradigm shift in the policy regime for the exploration andproduction sector in India and the improved investment environment for exploration and production companies under thenew Hydrocarbon Exploration Licensing Policy (HELP) which emphasises on improving the ease of doing business and op-erational autonomy to attract investment,” DGH said in a statement earlier.

WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT7


Transparent policies now to boost investment in energy: Pradhan

DGH said that with significant reforms introduced to reduce regulatory risk, the industry will find the revised guidelinesand processes attractive for the current bid round.

Road shows were earlier held in July in the US and Canada, for the auction of India’s 67 hydrocarbon discovered smallfields (DSF).

Bidding opened on July 15 and will be open till October 31.The previous exploration licensing round ended in 2012.The auction will be under the HELP round approved in March, based on a revenue-sharing model, as opposed to cost-

and-output-based norms earlier.The new model will replace the controversial production sharing contracts -- by which oil and gas blocks are awarded to

firms which show they will do maximum work on a block -- that has governed the bidding under the earlier nine NELProunds.

Under the Discovered Small Field Policy, the government is offering for bids 67 discovered small fields in 46 contractareas spread over nine sedimentary basins on land and in shallow and deep water areas.

The offered fields hold 625 million barrels of oil and gas reserves.Of the 46 small fields, 26 are on land, 18 offshore in shallow water and two in deep water.Eventual operators will be issued a single licence for exploration of conventional and non-conventional hydrocarbons

and will have the freedom to sell oil and gas at “arms length” market prices. There would be no cess on crude oil.The production sharing contracts regime, which allows operators to recover all investments made from sale of oil and

gas before profits are shared with the government, was criticised by India’s official auditor, who said it encouraged compa-nies to keep inflating costs -- “gold plating” -- so as to postpone giving a higher share of profits.

The change in model is designed to help keep the government share in cases of windfall from both a steep rise in pricesas well as a quantum jump in production.






Indian equity markets remained bullish, witnessing a good rally during the abbreviated trading week ended Friday, promptedby a healthy inflow of foreign funds and value buying by investors.

The key indices maintained their upward trajectory by rising more than half a percentage each, although some gains werecapped as investors turned picky on their investments and chose to book profits on the last day of trade.

The 30-scrip sensitive index (Sensex) of the BSE,which had touched a new 17-month closing high onThursday, ended the week’s trade with an appreciablegain of 265.14 points or 0.93 per cent at 28,797.25 points.

Similarly, the 51-scrip Nifty of the National Stock Ex-change (NSE) edged up 57.05 points or 0.65 per cent toclose at 8,866.70 points. The Nifty had touched its new18-month closing high last week.

“Good inflows continued to push benchmark indices tofresh 18-month peaks, with several stocks hitting new52-week highs,” Anand James, Chief Market Strategist atGeojit BNP Paribas Financial Services, told IANS.

“Reduced chances of a September US rate hike alsoformed a good backdrop, though the ECB (European Cen-tral Bank) decision to not extend easing measures keptglobal vibes under check.”

The equity indices started off the trading week on a higher note, with both touching their 52-week highs in almost 18months.

Dismal US non-farm payroll data released last Friday, which reduced the potential for a September rate-hike, increased therisk-taking appetite of investors.

Besides, positive cues such as value buying at lower levels, substantial inflow of foreign funds, healthy quarterly results anda rise in global crude oil prices aided the equity markets in paring their losses.

“Global stock markets witnessed volatile movements after soft US economic data reinforced concerns over the recovery inthe world’s largest economy,” said D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors.

“On the domestic market front, active participation of the market participants, healthy quarterly results, inflow of foreignfunds and a rise in global crude oil prices supported the domestic market in the week gone by.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity markets traded with volatile senti-ments during the week mainly due to profit booking at higher levels by traders.

“Investors got some peace of mind from Chief Economic Advisor Arvind Subramanian’s statement that India has the poten-tial to sustain 8-10 per cent GDP (gross domestic product) growth during the next two to three years, despite April-June GDPgrowth coming in below expectations at 7.1 per cent,” Desai said.

“Some support also came with an International Monetary Fund (IMF) report saying that India has recently taken importantsteps towards a national goods and services tax which, when fully implemented, promises to boost tax buoyancy and growth,including by enhancing the efficiency of the internal goods and services market.”

Markets remain bullish on value buying,foreign funds inflow

WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT

Moreover, on the macro front, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) showed a sharp improve-ment in the health of the manufacturing sector in August, climbing to a 13-month high of 52.6, from July’s 51.8, adding to thepositive momentum of the key indices.

However, disappointment over the ECB decision against extending the current bond buying programme led the global anddomestic investors to book profits.

Besides, caution ahead of the release of major macro-economic data next week weighed heavy on the indices.The factory output data -- Index of Industrial Production (IIP) -- for July and inflation figures for August are scheduled to be

released on Monday.“Traders took some encouragement with the report that the growth in India’s service industry accelerated to its fastest

pace in more than 3-1/2 years in August, driven by a surge in domestic and foreign demand,” Desai added.“However, there was some concern too with the report that the country-wide monsoon deficit stood at four per cent, with

the northeastern and eastern states reporting 13 per cent less rains from June 1 to September 7, 2016.”The Indian rupee showed firm movement during the week to close at 66.68 against a US dollar on Friday.Provisional figures from the stock exchanges showed that the week witnessed an inflow of Rs 2,088.95 crore.Figures from the National Securities Depository (NSDL) disclosed that foreign portfolio investors (FPIs) were net sellers of

equities worth Rs 6,207.39 crore, or $933.17 million from September 6-9.Among the individual Sensex stocks, ONGC was the top gainer (up 7.55 per cent at Rs 254.40), followed by Maruti Suzuki

(up 6.78 per cent at Rs 5,401), Tata Steel (up 5.54 per cent at Rs 394.50), Tata Motors (up 5.40 per cent at Rs 573) and ICICIBank (up 5.08 per cent at Rs 274.15).

The losers were led by Tata Consultancy Services (TCS)(down 6.19 per cent at Rs 2,352.50), Coal India (down 1.75 per centat Rs 332.15), HDFC (down 0.78 per cent at Rs 1,410.85), ITC (down 0.73 per cent at Rs 258.70) and Wipro (down 0.63 per centat Rs 480.65).


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WEEKLYECONOMIC BULLETIN >> OVERSEAS INVESTMENT

India is not considering allowing foreign direct investment (FDI) in multi-brand retail trading in the current circumstances, thegovernment said on Wednesday.

“At the moment, India can create several Walmarts of itsown. We welcome anybody. But if some way this dialogue ismoving towards, why not in multi-brand retail in India? Myanswer is - Not yet,” Commerce Minister Nirmala Sithara-man said at The Economist magazine’s ‘India Summit’ here.

Elaborating on the rationale behind government policy,the minister said there is an issue of last-mile connectivity,adequate infrastructure and financial inclusion of segmentslike farmers and small traders.

“If only that happens, and if they (farmers and smalltraders) are adequately empowered to tackle the marketthemselves. But today we are trying to bridge those gaps. Weare still not ready to have them and face a competitionwhere there would not be a level playing field,” Sitharaman said.

India currently permits 51 per cent foreign investment in multi-brand retail. The Bharatiya Janata Party, the largest con-stituent of the ruling NDA, is opposed to FDI in this sector.

To a query on the absence of big supermarkets in India, Sitharaman said that “our supermarkets are friendlier than thefaceless supermarkets I have been in the West.”

Meanwhile, an e-commerce committee headed by NITI Aayog chief executive Amitabh Kant held its first meeting here onMonday to discuss issues related to the sector, a senior official said.

Currently, the government allows 100 per cent FDI via the automatic route in the marketplace model of e-commerce.However, foreign investment is not permitted in inventory-based e-commerce.


Not considering FDI in multi-brand retailyet: Sitharaman

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WEEKLYECONOMIC BULLETIN >> SECTORAL NEWS12


Fulfilling a key promise made in this year’s Union budget, the centre on Tuesday kicked off work to complete 99 majorand medium irrigation projects pending for years. Slated to be completed by 2019, these projects will bring 7.6 millionhectares of land under irrigation in some of the most drought-prone regions of India.

The total cost of the project is estimated at Rs.77,595crore, to be spent over four years.

“Prime Minister Narendra Modi has made irrigation a toppriority. Earlier, irrigation structures were made but notutilized,” said water resources minister Uma Bharti at anevent to launch the scheme in Delhi on Tuesday.

Bharti added that the project will cover the drought and(farm) suicide prone regions of Bundelkhand (in UttarPradesh and Madhya Pradesh) Marathwada in Maharash-tra and Telangana. Overall, 56 of the 99 projects belong tothe most parched regions of India.

“This scheme is a major reform in agriculture so thatwater reaches farmers’ fields,” said Amarjit Singh, missiondirector of the project at the water resources ministry.“Our main objective is to bridge the large gap between irrigation potential created and utilised.”

Earlier, irrigation projects were beset with cost overruns of an average 1,352%, which is a huge “waste of publicmoney”, according to Shashi Shekhar, secretary at the ministry. “To ensure efficiency in functioning, we have made itmandatory to have participatory management by forming water users’ associations,” he added.

Of the 99 projects, 23 will be completed by 2016-17, and 31 and 45, respectively, in the following two years.According to a statement from the ministry, a major reason why the projects remained incomplete was inadequate

provision of funds by state governments. “Large amount of funds spent on these projects were locked up and the bene-fits envisaged at the time of formulation of the projects could not be achieved,” the statement said.

Finance minister Arun Jaitley had announced the creation of a long-term irrigation fund of Rs.20,000 crore under theNational Bank for Agriculture and Rural Development (Nabard) in this year’s budget speech, following consecutive yearsof drought which elevated farm distress across the country.

Of the Rs.20,000 crore, Nabard will get around Rs.1,000-1,500 crore from the budget. It will raise around Rs.6,000crore through bonds at an interest rate of around 7.4% from the market but this will be repaid by the government.Nabard will separately raise around Rs.12,000 crore through bonds at an interest rate of 7.5%, which will be repaid byNabard itself, said Harsh Kumar Bhanwala, chairman, Nabard.

This will be the first time that the apex rural bank will be lending to both, the central and the state governments, forirrigation. So far, it has been lending only to state governments to meet their irrigation requirements. Nabard’s loans tothe government will bear an interest rate of 6%.

“The terms of the agreement will be such that it will ensure that state governments cannot default on the payments,”Bhanwala said.

Source: Livemint

Govt starts work on 99 stalled irrigationprojects

WEEKLYECONOMIC BULLETIN >> SECTORAL NEWS13


Construction contractors and concessionaires of government projects that are under dispute are set to get a Rs 40,000crore boost with the NITI Aayog pushing central public sector units to release 75% of the amount due to them to revivethe sector.

Part of the money paid will be used to clear bank debt,which will also help reduce the stress on lenders strug-gling with bad loans.

The push follows the government’s decision on August31 to release construction sector funds locked up in arbi-tration. NITI Aayog has written to ministries and depart-ments to implement the decision. According to NITIAayog’s assessment, 597 cases involving Rs 52,488 crorespread across central public sector enterprises includingNational Highways Authority of India, NTPC, NHPC and In-dian Oil Corporation are under arbitration or pending incourt.

“Based on the instructions issued by the NITI Aayog, 75% of this amount, i.e., Rs 39,366 crore, is likely to be releasedto the contractors/concessionaires on furnishing the bank guarantees,” NITI Aayog CEO Amitabh Kant said.

Kant said the move would open the gateway for revival of the construction sector, which is the second-largest em-ployment provider. “These measures are expected to release a substantial amount of liquidity for the construction indus-try, help them meet their debt obligations, help the banks in taking care of their NPAs (non-performing assets) andrelease of resources for completion of stalled projects,” he added.

The construction sector, which is one of the key contributors to economic activity accounting for about 8% of GDP,has been facing a number of problems, mainly arising from liquidity constraints caused on account of disputes raised bygovernment agencies.

Although many such cases have been decided in favour of construction companies, payments are stuck because ofappeals. On average, these cases take up to seven years to settle. Following approval by the Union Cabinet on NITI’sproposal to revive the construction sector, the Aayog had instructed ministries and PSUs concerned to use 75% of theaward amount towards payment of lenders’ dues, completion of the project and then completion of other projects of thePSU/department.


Construction sector to get Rs 40,000 crore boost

WEEKLYECONOMIC BULLETIN >> SECTORAL NEWS

The government is shifting up gears for renewable energy promotion with a clutch of policy measures to be rolled outsoon. These are meant to protect clean energy producers from payment delays by distribution firms, and the latter fromthe eroding market for conventional grid-connected power due to wider adoption of roof-top solar power generation, agovernment official said.

New and renewable energy secretary Upendra Tripathytold reporters on the sidelines of the Renewable EnergyIndia Expo in Greater Noida that the government is in theprocess of instituting a $400 million (over Rs.2,600 crore)fund sourced from World Bank that will be used to protectclean energy producers from payment delays by distribu-tion firms. Tripathy said the government was also explor-ing the possibility of setting up a scheme that willcompensate power distribution companies (discoms) thatlose a part of their market for conventional power from thegrid due to the increased adoption of rooftop solar powerprojects by institutions and households.

This will address the reluctance of discoms to actively promote rooftop solar power generation projects.“We have to find a mechanism for compensating distribution firms for loss of market share. We are now studying which

entities are losing revenue and the extent of their loss in different cities arising from rooftop power projects,” Tripathi said.The three-day expo started on Wednesday.The government has set a target of achieving 40 gigawatts (GW) of rooftop solar power capacity by 2022, as part of an

overall solar power target of 100 GW. Distribution companies that have signed long-term power purchase deals with powerproducers will anyway have to pay a fixed component of the power cost even if they do not buy the committed level ofpower, which acts as a disincentive for promoting rooftop solar power projects. According to Munehiko Tsuchiya, executivedirector of New Energy and Industrial Technology Development Organization of Japan, who was present on the occasion,the Asia-Pacific region is set to witness more investments in renewable energy than the rest of the world. “Within Asia,while China is slowing down, India will emerge as the bastion of growth for renewable energy,” Tsuchiya said.

India’s proposed payment guarantee fund will cushion power produces from payment delays of up to 12 months bymaking available the amounts due to them from distribution firms for the period. Tripathy said the fund will be adminis-tered either by the Indian Renewable Energy Development Agency or the Solar Energy Corp. of India.

According to Ashok Haldia, managing director and chief executive of PTC India Financial Services, a lender to the en-ergy sector, some power generation companies earlier used to delay interest payments by five to six months to thelender. They have now improved their repayment record by narrowing the delays to two to three months because theircustomers—distribution companies, or discoms—have improved their payment record.

“This is an indirect way of gauging the improvement in the financial health of distribution companies,” said Haldia. Stategovernments are implementing a debt takeover scheme for discoms to turn them around. Tripathy said the government willauction solar projects with a combined capacity of about 20,000 megawatts (MW) this fiscal year. It had auctioned 21,000MW in 2015-16. In such auctions, companies that offer to sell solar power at the lowest rate get the projects. Auctions haveled to a reduction in solar power tariff to below Rs.5 a unit now, from about Rs.15 a unit a few years ago.

Source: Livemint

Govt plans $400 million fund for renewable energy firms

14


WEEKLYECONOMIC BULLETIN >> SECTORAL NEWS

Railways are working to link Northeastern India with Nepal, Bhutan and Bangladesh.According to Railways, to provide rail connectivity to the neighbouring countries like Nepal, Bhutan and Bangladesh,

the Construction Organization of Railways has undertaken many survey works for new railway lines to these countries.“Northeast Frontier Railway (NFR) has already con-

nected Bangladesh at Singhabad. Works to connect Rad-hikapur and Haldibari are in progress. The proposedAgartala-Akhaura International rail link project will boostsocio-economic development of not only Tripura state butentire Northeast Region and the nation as a whole”, theNFR in a statement added.

The link will be a part of the Trans Asian Railway net-work and will provide a much shorter connectivity fromTripura to Kolkata.

On completion, this India -Bangladesh rail line projectwill be Gateway to entire North Eastern region. It will con-nect Northeast India with Ashuganj and Chittagong Port ofBangladesh. It will also connect Agartala to Kolkata via Dhaka shortly. The existing distance between Agartala andKolkata on Indian Railway network is 1613 Km which will get reduced by around 900 KM.

NFR added that at present there is no rail line in Bhutan. Feasibility studies have been carried out for extending Railhead (India) to Bhutan at five locations. In Nepal, one Broad gauge connectivity work between Jogbani (India) and Birat-nagar(Nepal) (18.60 Km) is in progress.


Railways to link North East with Nepal,Bhutan and Bangladesh

15


WEEKLYECONOMIC BULLETIN >> TRADE NEWS

India signed an open skies agreement with Greece, the first after the finalisation of the civil aviation policy in June.At present, there are no direct flights between India and Greece and passengers travel one stop via Gulf states or

Turkey to Greece. In fact, there was no air services agreement between India and Greece till now thus preventing thestart of air services between two countries.

The open skies agreement will allow airlinesfrom India to operate unlimited number offlights to Greece while Greek carriers have beengranted unlimited traffic rights to six Indianmetro cities.

“Greece has become the first country to havean open sky agreement with India under thenew policy,” said civil aviation secretary R NChoubey.

Prior to this, India had entered into an openskies agreement with the US and Britain. Theopen skies with Britain covers airports exclud-ing London Heathrow.

According to the civil aviation policy, the gov-ernment can enter into an ‘open sky’ air serv-ices agreement on a reciprocal basis with SAARC nations as well as countries with territory located entirely beyond a5,000 kilometre radius from New Delhi.

Open sky beyond 5,000-km, even without any restrictions, will have very limited or no impact as there is very low de-mand for additional bilaterals on these routes, Kapil Kaul, chief executive officer, South Asia, Centre for Asia Pacific Avi-ation had said last year.

Kaul added that European carriers had unused bilaterals and there was scope for limited growth on these routes.”Further, carriers in Latin America, Africa and Australia were unlikely to show interest, he had said

Source: Business Standard

India signs open skies pact with Greece

16


WEEKLYECONOMIC BULLETIN >> TRADE NEWS17


India for the first time on Saturday transported petroleum products through Bangladesh to Tripura, officials said.Tripura Industries and Commerce Minister Tapan Chakraborty and other state and central government officials re-

ceived the tanker trucks at Kailashahar alongthe India-Bangladesh border at around 11 p.m.on Saturday.

Bangladesh had earlier allowed India to ferryheavy machineries of the Oil and Natural GasCorp (ONGC) and carry foodgrains to Tripura.

“Indian Oil Corp Ltd (IOCL) today transportedpetroleum products from Assam to Tripurathrough Bangladesh,” an IOCL official said.

“The special arrangement was taken due tothe difficulties faced in carrying petrol, diesel,kerosene and cooking gas through the nationalhighways linking Tripura,” the official added.

The official said nine tank trucks carrying 108kl of diesel and kerosene along with one LPG(Liquefied Petroleum Gas) truck travelled from Betkutchi near Guwahati to Dawki, Meghalaya’s border point withBangladesh, and then on to Tamabil and Chatlapur in Bangladesh, eventually reaching Kailasahar and Dharmanagar innorth Tripura.

The trucks reached the Dharmanagar IOCL depot on Saturday night after plying 136 km in Bangladesh. To carry these products, the IOCL under the Ministry of Petroleum and Natural Gas of India and the Roads and High-

ways Department (RHD) of Bangladesh had signed MoU in Dhaka on August 18. “This new route via Bangladesh wouldsave time and costs in carrying petroleum products from Assam to Tripura as the existing over 400 km of mountainousroute required more than 10 hours to carry these essential items,” the official had said.

“Besides, the condition of national highways in Meghalaya and southern Assam is horrifying,” the official added.The short-term India-Bangladesh deal on shipping of the petroleum products is valid till September 30.“This move by IOCL not only paves the way for future logistic management but also exemplifies its commitment to be

the energy accessibility of India in true sense,” said IOCL Executive Director Dipankar Ray. A statement of the Indian High Commission in Dhaka said that Bangladesh has granted permission for the movement

of petroleum goods on humanitarian grounds through its territory.The MoU will facilitate India to carry petroleum goods (Motor Spirit, High Speed Diesel, Superior Kerosene Oil and

LPG) from Assam to Tripura through Bangladesh to make a buffer stock in the northeastern state. The Food Corp ofIndia had transported 2,350 tonnes of rice earlier this month from Kolkata to Tripura via Bangladesh.

There is only a narrow land corridor to the northeastern region through Assam and West Bengal that passes throughhilly terrain with steep gradients and multiple hairpin bends, making transportation, especially of loaded trucks, very dif-ficult. The distance between Agartala and Kolkata via Bangladesh is just 620 km.


India ferries petroleum products viaBangladesh for Tripura

India and South Korea reviewed the progress made in the Comprehensive Economic Partnership Agreement betweenthe two sides here on Thursday.

“The two leaders reviewed progress in thenegotiations to improve the India-South KoreaComprehensive Economic Partnership Agree-ment (CEPA) as also the $10 billion financialpackage announced by South Korea for India’sinfrastructure development,” External AffairsMinistry spokesperson Vikas Swarup said herefollowing a meeting between Prime MinisterNarendra Modi South Korean President ParkGeun-hye on the sidelines of the 14th India-Asean Summit and the 11th East Asia Summit.

“The EXIM banks of the two countries are dis-cussing modalities for the utilisation of thepackage,” Swarup said.

While Modi described his visit to South Koreain May last year as memorable, President Park said the profile of India was rising due to the Prime Minister’s proactiveleadership.

“She complimented him on the success of India’s economic development strategy, which had led to 7 percent plusgrowth rate despite the global slowdown,” Swarup said.

“The two leaders reviewed the Strategic Partnership which had been upgraded to a Special Strategic Partnership dur-ing the Prime Minister’s visit to South Korea.”

Both leaders agreed that their shared commitment to democracy and free market economy and complementarystrengths made both countries ideal partners.

“President Park appreciated the Korea Plus programme initiated by the Prime Minister and said it would lead to fur-ther investments in India by Korean firms,” the spokesperson said.

The two leaders discussed further cooperation in areas such as counter-terrorism and maritime security as also de-velopments in the region.

Modi also invited Park to visit, according to Swarup.Earlier in the day, Modi met host and Laos Prime Minister Thongloun Sisoulith.He is also scheduled to meet US President Barack Obama later in the day. The India-Asean Summit on Thursday is being attended by leaders of 10 southeast Asian nations -- Indonesia,

Malaysia, the Philippines, Singapore, Brunei, Cambodia, Laos, Myanmar, Vietnam and Thailand.The East Asia Summit later in the day will be attended by leaders of the 10 Asean nations and those of India, China,

Japan, South Korea, Australia, New Zealand, the US and Russia.Source: Indo-Asian News Service

India, South Korea review progress in economic partnership agreement

WEEKLYECONOMIC BULLETIN >> TRADE NEWS18


WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP19


India tops global survey for best valueflightsOnline travel agency Kiwi.com has produced a ranking detailing countries of the world which offer the least and most ex-pensive flights.

The research, which took into account over 1million international and domestic journeys,found that India offered the least expensiveflight prices per 100km of travel, while theUnited Arab Emirates (UAE) clocked in with themost expensive tickets.

India is ranked number 1, making it the bestvalue location for international and domesticflights worldwide.

India offered the least expensive domesticflights on both low-cost and legacy airlines, at$2.27 and $2.67, respectively, per 100km oftravel.

India is calculated to have an average flightcost of $3.25 per 100km of travel, factoring inboth domestic and international journeys.

China offered the least expensive international flights on both low-cost and legacy airlines, at $1.22 and $2.84, re-spectively, per 100km of travel.

The UAE offered the most expensive domestic flights on both low-cost and legacy airlines, at $181.38 and $202.36,respectively, per 100km of travel.

Canada offered the most expensive international flights on both low-cost and legacy airlines, at $43.70 and $94.66,respectively, per 100km of travel.

To calculate the rankings, Kiwi.com analysed over a million flights to find an average price of domestic and interna-tional flights on a low-cost and a legacy airline from each of the countries.

Domestic flights were calculated by finding an average of flight costs from the country’s capital to up to five majorcities within the country (where available), or a major city in a neighbouring country where no domestic flights wereavailable, while international costs were calculated from the capital of each country to up to five international hubswithin the same continent. All flights were checked for the same dates of travel (or neighbouring dates where neces-sary) on- and off-season, taking into account the same destinations and travel scheduling.

“The Aviation Price Index is a fascinating guide to the costs of air travel around the globe,” said Kiwi.com’s chief execu-tive officer Oliver Dlouhý. “We always aim to offer travellers the best possible deals, and hope this ranking informs cus-tomers on the countries from which they can expect the most cost effective airfare, and assist them in booking the bestvalue journey.”

The study revealed the 10 countries offering the least expensive and most expensive flights:Source: Livemint



DST commits 500 Crores for PM’s Vision on Startup IndiaNIDHI (National Initiative for Development and Harnessing Innovations), an umbrella program is pioneered by the Depart-ment of Science & Technology(DST), Government of India, for nurturing ideas and innovations (knowledge-based andtechnology-driven) into successful startups.

In order to realize the Prime Minister’s ambi-tious Initiative on Startup India, DST aims tobring both speed and scale to transform theStartup Ecosystem in the country and has com-mitted 500 crores to implement these new pro-grams in next few years. This was announced bythe Union Minister for Science & Technologyand Earth Sciences, Dr. Harsh Vardhan, whileaddressing the media in New Delhi today.

NIDHI focuses on building a seamless and in-novation driven entrepreneurial ecosystem es-pecially by channelizing youth towards it andthereby bringing in the positive impact on thesocio-economic development of the country.The program aims to provide technological solutions not only to the pressing needs of the society but also targets to cre-ate new avenues for wealth and job creation.

NIDHI, by design connects and strengthens all the links of the innovation chain from scouting to sustaining to securingto scaling to showcasing, because a chain is only as strong as its weakest link. The key stakeholders of NIDHI includesvarious departments and ministries of the central government, state governments, academic and R & D institutions,mentors, financial institutions, angel investors, venture capitalists, industry champions and private sectors. NIDHIstrongly addresses the new national aspirations by massively scaling up DST’s experience of three decades in promotinginnovative startups.

There are 8 components of NIDHI that support each stage of a budding startup from idea to market. The first compo-nent PRAYAS (Promoting and Accelerating Young and Aspiring Innovators & Startups), launched on 2nd September,2016, aims to support innovators to build prototypes of their ideas by providing a grant up to Rs.10 lakhs and an accessto Fabrication Laboratory (Fab Lab). The final component is the Seed Support System which provides up to One Crore ru-pees per start-up and is implemented through Technology Business Incubators. During the current financial year with aview to drive the innovation and startup centric new initiatives in a scaled up manner for its wider outreach across thecountry, a 450% increase in allocation (Rs. 180 crores) has been made in the Department’s budget.

So far, DST has established more than 100 Technology Business Incubators in academic and R & D institutions of re-pute. These institutions include IITs, IIMs, NITs and other institutions. Each of these incubator is focused on a TechnologyDomain and all of these combined together house more than 2000 startups currently and offer a total incubation spaceof approximately 7 lakh square feet.

The Minister, also mentioned that various successful and high growth stories in affordable health care, diagnostics,applications of unmanned aerial vehicles, renewable energy, service oriented online platforms, payment gateways etc.have emerged out of these incubators.

WEEKLYECONOMIC BULLETIN >> NEWS ROUND UP

In the recently concluded National Expert Advisory Committee Meeting on 3rd September, 2016, proposal to establish6 Centers of Excellence were decided, at SINE- IIT Bombay, Venture Center-NCL Pune, CIIE-IIM Ahmedabad etc.,14Technology Business Incubators which include IIT Patna and Mizoram University etc.

Ten more Incubators to be supplemented with Seed Support Systems for startups include Startup Oasis-Jaipur, Am-rita TBI -Kollam, Venture Center, NCL -Pune etc. establishing a Research Park at IIT Gandhinagar . In addition, a varietyof other new programs including a fellowship program for Entrepreneurs i.e. Entrepreneurs in Residence, scaling up ofstartups through accelerator program and women empowerment through entrepreneurship.

Apart from setting the ground ready for the prospective startups in an enabling aenvironment of Incubators, DST hasalso partnered with large corporates like Intel, Lockheed Martin, Texas Instruments and Boeing to initiate variety of tech-nology driven and innovation based programs to promote startups. Further, DST has also partnered with Department ofHigher Education, MHRD to establish Research Parks and Startup Centers in various academic institutions of nationalimportance.

Dr. Harsh Vardhan said that Indian youth is highly talented and innovative and through NIDHI we would like to ignitethe spark and help the youth to succeed and make India a preferred Startup Nation in near future.

Source: Livemint

21


Isro successfully launches weather satellite INSAT-3DRIndia’s space odyssey crossed a milestone on Thursday when a locally made cryogenic engine helped power a rocketthat carried an advanced weather satellite to space. The engine has been used only for testing purposes so far.

At 4.50pm, the Indian Space Research Organ-isation’s (Isro) Geosynchronous Satellite LaunchVehicle-F05 (GSLV-F05) lifted off from theSatish Dhawan Space Centre at Sriharikota inAndhra Pradesh, carrying with it the INSAT-3DRweather satellite.

“GSLV-F05 is the tenth flight of India’s Geo-synchronous Satellite Launch Vehicle (GSLV).GSLV-F05 is the flight in which the indigenouslydeveloped Cryogenic Upper Stage (CUS) is beingcarried on-board for the fourth time during aGSLV flight,” Isro said in a statement after theroc -ket launch.

The launch was delayed by about 40 minutesdue to time taken to tank up the cryogenic en-gine.

The 2,211-kg rocket has three stages, and the last stage is fitted with the cryogenic engine which provides a thrust 1.5times greater than in vehicles propelled by conventional liquid rocket engines. Once launched, the rocket’s engines burnand fall off in stages. At the last stage, the cryogenic engine comes to life and takes the satellite to space. A propulsionputs the INSAT-3DR into a Geostationary Transfer Orbit (GTO).

INSAT-3DR has a Data Relay Transponder as well as a Search and Rescue Transponder to assist search and rescueoperations of security agencies including all defence forces, the Coast Guard, and in shipping. The vehicle launch will beable to provide meteorological services and continue the INSAT-3D mission, according to Isro.

The INSAT-3DR joins KALPANA-1 and INSAT-3D meteorological satellites currently orbiting in space. INSAT-3D whichwas launched in 2013 counted features like using Atmospheric Sounding System to monitor weather. INSAT-3DR will becapable of imaging in two thermal infrared bands for estimation of sea surface temperature with better accuracy, as perIsro.

Although delayed by 10 days —the previous launch date was 28 August—the launch will be a test of Isro’s capabilitiesand programmes to develop indigenous propulsion systems.

On 6 January 2014, Isro launched the first Geosynchronous Satellite Launch Vehicle— the GSLV-D5—with an indige-nous cryogenic engine, joining the US, Russia, Japan, China and France in a select club of nations capable of developingsuch technology.

The earlier launches using this technology—GSLV-D5 and GSLV -D6—were a success. The GSLV class of satellitesalso includes EDUSAT, which is used for distance education and other academic purposes.

Source: Livemint



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