TRACKPAD

Declining Exports, Jacking Up Investment And Better Monsoon Key Challenges: FM

Finance Minister Arun Jaitley, who is on his Australia tour, has clearly jotted down key three challenges before the government that would be the key in pushing Indian economy. While meeting with Foreign Minister of Australia, Julie Bishop, Jaitley said; “the economic reforms are widely accepted in India especially the reforms in taxation and Foreign Direct Investment (FDI) among others.” While elaborating about the challenges he said; “India faces three major challenges now viz. boosting Exports in view of shrinking global trade, increase in private investment and better hope for monsoon this year after insufficient rains in last two consecutive years. 

Pushing hard for investment into the country, Jaitley said that there is lot of scope for foreign investment in India in various sectors which have now been opened for FDI including Railways, defence and manufacturing among others and invited Australian businesses to invest and make in India.

Julie Bishop seemed convinced to FM’s appeal and said that Australia can play a major role in providing various services to India especially in field of innovations, R&D and designing, vocational training and skill development among others.  Jaitley thanked the Australian Foreign Minister for concluding the Administrative Arrangements on civil nuclear cooperation to facilitate the flow of Uranium.

GAIL drills first exploratory well in Cambay Basin

Public Sector gas transporter, GAIL has now entered into exploration activity in a big way with company starting drilling the first exploratory well as Operator in its NELP-IX Block CB-ONN-2010/11 in Cambay Basin.  Company started spudding, technical term for drilling, recently in the well situated in Dugari village of Anand District of Gujarat. GAIL is the lead operator of the block with 25 per cent participating interest, while other partners in this block are Bharat Petro Resources, Engineers India, Monnet Ispat Energy and Bharat Forge Infrastructure. As per the information filed by the company, drilling of target depth of 2,500 meters of this well is scheduled to be completed in 40 to 45 days followed by testing for another 10 to 15 days and it will target Cambay Shale and Olpad formations. The consortium will drill eight exploratory wells in the initial Exploration Phase as per minimum work commitment of Production Sharing Contract (PSC). Importantly this phase will continue till March 2017 while Acquisition, Processing and Interpretation (API) of 2D and 3D Seismic Data have already been completed.

Sail Appoints CEOs of Three Steel Plants

In a major shuffle biggest producer of steel of the country, SAIL has appointed new Chief Executive Officers (CEO) to head its three steel plants at Burnpur, Rourkela and Durgapur. R.K. Rathi has taken charge as CEO, ISP, Burnpur while Ashwini Kumar and A.K. Rath have taken charge as CEO of Rourkela and Durgapur Steel Plant respectively.

Also, M. Ravi has been declared as the CEO designate for Bhilai Steel Plant and would take charge of the plant with the superannuation of the present incumbent. Important to note that steel sector is going through a rough phase due to decline in demand and company is hoping that this new team will strengthen SAIL’s thrust on ramping up production from new units, aggressive cost reduction and improvement in product mix in these three plants, which have recently completed modernisation and expansion program. 

RBI cancels registration of 22 NBFC’s

Reserve Bank of India has cancelled registration of 22 Non-Banking Financial Companies (NBFC’s) on March 30 including that of Amazon Capital and Mascot Commerce. Following the cancellation of registration certificates, these companies cannot transact the business of a non-banking financial institution

NBFCs whose registration have been cancelled include Akansha Consultancy Services, Bini Commercial Enterprises, Kundan Leasing and Finvest, Raseera Investments, Limtex Impex, Dignity Motors Finance, Nirankar Investments, and Surin Investments. Earlier this month, the RBI had canceled registration of six other NBFCs.

Tata Sons to increase stake in AirAsia India

Tata Sons will soon control 49 per cent stake in AirAsia India, having inked an agreement with Telestra Tradeplace to acquire all its remaining shareholding in the airline. So from a three-way venture (it started with AA Bhd holding 49 per cent, Tata Sons 30 per cent and Telestra 21 per cent), AirAsia India will eventually become a play between the Tatas and the Malaysian parent. The remaining 2 per cent equity will be acquired by two directors currently on the airline’s board, in their individual capacities.