Search Result for : Private Sector

The Dollar Business Bureau The Government’s move to allow commercial mining of coal by private sector will not only enhance production but also help in cutting the import bill by around Rs.30,000 crore, through substitution of imported non-coking coal with local production, according to the global rating agency CRISIL. Last month, the Cabinet Committee on Economic Affairs (CCEA) has approved the methodology for auction of coal mines/blocks, under the Coal Mines Act, opening up the commercial coal mining for private sector. “The move to allow the private sector to commercially mine coal will boost both production and mining efficiency. Moreover, the substitution of imported non-coking coal with domestic production could save roughly Rs.30,000 crore of coal imports,” CRISIL said in a statement. At present, ...

The Dollar Business Bureau Mineral exploration in the country is presently constrained due to lack of participation from the private sector, said Power, Coal, New & Renewable Energy and Mines Piyush Goyal, and suggested a public private partnership (PPP) model to provide a fillip to the mineral exploration activity. “The time is ripe to reflect on where we had gone wrong”, the Minister said while addressing a conference on ‘Indian Mining Industry 2030 - Way Forward’, organised jointly by FICCI and Ministry of Mines on Tuesday. He suggested setting up of a committee that consists of young mining aspirants for developing a position paper to expedite exploration activities. “This committee should look at innovative ways to bring down the time of actual operation of mine after it ...

The Dollar Business Bureau  India and Latin America organised a business networking seminar on Thursday in Mumbai in order to boost trade and investment between the two regions.  The International Conclave on India-Latin America & Caribbean Partnership: Opportunities to Promote Trade and Investment was jointly organised by the Group of Latin America and Caribbean countries (GRULAC) in India, the All India Association of Industries (AIAI) and World Trade Centre Mumbai.  The conclave, which was organised for the first time in the commercial hub of Mumbai, was attended by nearly 40 Heads of Missions, overseas experts, investment and trade promotion agencies from LAC, and senior government officials from India and LAC.  Trade between India and LAC is expected to reach $100 billion from the current $46 ...

The Dollar Business Bureau  India’s economic growth declined to 6.1% in the last quarter of January-March 2016-17, a four-quarter low, mainly due to adverse impact of demonetisation on economic activity. The GDP growth was 8% the same quarter a year ago.  After taking out indirect taxes, the figures seem to be grimmer. Gross value added (GVA), grew by just 5.6% in the fourth quarter — the lowest in nearly eight quarters, as per the official data released on Wednesday.  GVA is the difference between GDP (gross domestic product) and net indirect taxes.  The impact of note ban was evident in the data, with the growth being mainly supported by government spending and agriculture. In the given quarter, except government spending and agriculture, GVA grew only 3.8%, down from 8.4% in first ...

The Dollar Business Bureau A gazette notification issued by India’s Home Ministry on  Saturday, says that  the Secretary in the Department of Industrial Policy and Promotion (DIPP) can now issue licences to private players for manufacturing defence items. Private sector players can now apply to the commerce ministry for licences to take up the manufacture of tanks, fighter planes, warships and other defence equipment. This is a step the government feels will promote ease of doing business and give impetus to the 'Make In India' initiative. However, the licences will be issued only after the Home Ministry supervises the contenders to the license. The power of issuing licences was exclusively with the home ministry earlier. The decision has been taken ...

The Dollar Business Bureau  The International Monetary Fund (IMF) said on Tuesday that the economic growth of India is likely to rebound to 7.2% in the current fiscal of 2017-18 and 7.7% in the next fiscal of 2018-19 after the disruptions caused due to demonetisation, whereas it recommends the elimination of long-standing structural bottlenecks to increase market efficiency. The disruptions (majorly to consumption in private sector) caused due to shortage of cash post demonetisation, accompanying the initiative on currency exchange are likely to slowly dissipate this year as shortage of cash would ease, the IMF said in its report on regional economic outlook. Such type of disruptions would also be dissipated on account of a good monsoon season and sustained progress in resolving ...

The Dollar Business Bureau The Government said on Sunday that it is targeting to bring down the imports of thermal coal to ‘zero’ of power public sector units (PSUs) such as NTPC Ltd in this fiscal, a step that will help in cutting down the import bill of the country by about Rs.17,000 crore. “This year we want that coal import by these plants (of public sector companies) should be brought down to zero and slowly we would convince the private sector that there is no need for you to import coal,” Susheel Kumar, Secretary - Coal told the PTI. The government would gradually persuade the private firms to stop the imports of thermal fossil fuel and source their coal requirements through local sources as this is ...

The Dollar Business Bureau  India will be expanding its refining capacity from nearly 230 million metric tonnes (MMT) to 600 MMT. The Union Minister for Petroleum, Dharmendra Pradhan shared this ambitious target at a recently inaugurated industry congregation- ‘21st Refinery Technology Meet’. He shared that the rising demand of petroleum will be met by focusing on technological innovation and strategic R&D. The increased number will not only facilitate in plugging the supply-demand in the domestic market, but also cater to requirements of neighbouring Nepal, Bhutan, Bangladesh, Myanmar and Sri-Lanka. Certain policy related issues had been hampering the growth of the sector, but he admitted that these would be countered in order to meet the ever-rising demand. The minister added that the Modi government ...