Daily News - Friday, 20 September 2024
India to Cut Port Charges, Buy Five Used Container Vessels (The Economic Times)
India is taking measures to boost exports by reducing port charges and acquiring five more used container vessels to address shipping challenges like high freight costs and container shortages. These initiatives, which involve multiple ministries and trade organizations, aim to lower shipping costs, increase container availability, and reduce port congestion, as India’s goods exports have dropped amid rising shipping costs and global economic slowdowns. Further actions include enhancing port capacities, reducing storage and handling fees for containers, and improving customs processes to facilitate faster export clearances.
Financial incentives doubled for drugmakers seeking to upgrade plants (mint)
The Department of Pharmaceuticals has doubled financial incentives for drug manufacturers, raising the subsidy cap from ₹1 crore to ₹2 crore to help modernize facilities in line with global good manufacturing practices. This increase, part of the Revamped Pharmaceutical Technology Upgradation Assistance Scheme (RPTUAS), offers subsidies based on company revenue: 20% for those earning ₹1 crore to less than ₹50 crore, 15% for ₹50 crore to less than ₹250 crore, and 10% for ₹250 crore to less than ₹500 crore. Industry representatives welcomed the move, but requested an extension of the December deadline to allow more time for upgrades.
Centre approves sale of Ferro Scrap Nigam to Japanese firm for ₹320 cr. (The Hindu)
The Indian government has approved the sale of Ferro Scrap Nigam Limited (FSNL), a subsidiary of MSTC under the Ministry of Steel, to Japanese company Konoike Transport Co. Ltd. for ₹320 crore. This marks the first privatization in over two years, following an initial approval for disinvestment in 2016. The transaction will now proceed through the final stages, including the signing of the Share Purchase Agreement, with FSNL specializing in scrap recovery during steel production.
India needs norms for domestic PEPs, says FATF (Business Standard)
The Financial Action Task Force (FATF) urged India to enhance due diligence on domestic politically exposed persons (PEPs), tighten monitoring of transactions in gems and jewellery, and safeguard the non-profit sector from terrorist financing risks. While India achieved compliance or partial compliance on 37 out of 40 parameters, it was found partially compliant in these three key areas, particularly with cash-based transactions in the jewellery sector and the risk of misuse in non-profits. India, placed in FATF’s highest follow-up category, has been advised to implement preventive measures and improve prosecution efficiency.
Fed rate cut impact to be muted: CEA (Business Standard)
The recent US Federal Reserve rate cut of 50 basis points is expected to have a muted impact on India, as much of it was already factored into the markets, according to Chief Economic Advisor V. Anantha Nageswaran. Economic Affairs Secretary Ajay Seth added that the rate cut is unlikely to significantly influence foreign inflows into India, despite being positive for the global and Indian economies. While the cut may improve dollar liquidity and benefit emerging markets, uncertainties like geopolitical conflicts and the slowing global economy could limit its broader impact.
