Daily News - Thursday, 18 July 2024
Great Nicobar Port to Get LNG Power Plant, Intl Airport (The Economic Times)
The proposed ₹41,000-crore Great Nicobar Island International Container Transshipment Terminal will include a 450-megawatt LNG-based power plant and a greenfield international airport, with the Airports Authority of India (AAI) and NTPC responsible for these developments. This project aims for holistic development of the island, including an international port, airport, power plant, and township, with discussions already held at an inter-ministerial meeting and a pending appraisal by the Public Investment Board (PIB). The terminal, expected to reach a maximum capacity of 16 million twenty-foot equivalent units (MTEUs) by 2059, will serve as a regional hub for Bangladesh, Myanmar, and India's eastern coast, reducing dependency on neighbouring transhipment hubs and lowering container logistics costs.
2 Cabinet Notes on IPEF’s Clean, Fair Economy Soon (The Economic Times)
The Commerce and Industry Ministry is finalizing two cabinet notes for the clean economy and fair economy pillars of the Indo-Pacific Economic Framework (IPEF), with inter-ministerial discussions nearing completion. The IPEF, structured around trade, supply chains, clean economy, and fair economy pillars, aims to reduce dependence on China and promote sustainability, transparency, and anti-corruption efforts among its 14 member nations, which collectively represent 40% of global GDP and 28% of global trade. Although the agreements, which will enter into force once ratified by at least five members, are not mandatory, trade experts warn against the potential import of genetically modified seeds and foods under the guise of food security.
MeitY makes fresh pitch for duty cuts on phone parts (Financial Express)
The Ministry of Electronics and Information Technology (MeitY) has supported the industry's call for reduced import tariffs on smartphone and electronics components, forwarding these proposals to the finance ministry ahead of the 2024-25 budget presentation on July 23. The India Cellular and Electronics Association (ICEA) argues that high input tariffs increase production costs and hinder India's competitiveness in global value chains, suggesting that lowering these tariffs would enhance local manufacturing, exports, and job creation. Analysts believe that reducing input tariffs is crucial for India to compete with China and Vietnam, where production costs are significantly lower, and this tariff rationalization could attract more electronics companies to establish manufacturing units in India.
More customs benches sought for faster resolution, clearing backlog (Financial Express)
Tax experts and industry executives have urged the government to expand the capacity of the Customs Authority for Advance Ruling (CAAR), which currently operates with only two benches in Delhi and Mumbai, to address backlogs and expedite case resolutions. Despite several industry representations, the government is unlikely to announce this expansion in the upcoming budget. Given the significant rise in international trade and complex regulations, experts argue that adding more benches, particularly in southern and eastern India, would help distribute the workload, improve the accuracy and timeliness of rulings, and ultimately reduce business disruptions and costs.
Companies now have to report dealings with MSEs biannually (Business Standard)
The Ministry of Corporate Affairs (MCA) now requires all companies to disclose information on payments made or overdue to medium and small enterprises (MSEs) on a half-yearly basis using the new MSME-1 form on MCA V3. This form mandates detailed reporting on payment timelines and outstanding amounts to ensure transparency and accountability, addressing long-standing issues of delayed payments. While the amendment to ensure payments within 45 days aims to alleviate working capital shortages for MSMEs, it has garnered mixed reactions, with some sectors fearing it may push large businesses to shift orders to unregistered MSEs.
