Search Result for : Psus

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

The Dollar Business Bureau  State-owned steel firms are not holy cows and these public sector undertakings (PSUs) should have to come out from their comfort zone in order to perform and to compete with the private players, said Steel Minister Chaudhary Birender Singh. “I have told my PSUs, especially those that produce steel, that there is a new environment where PSU is not a holy cow. You should perform and compete with your private players,” he said in an interview to PTI on Friday. The steel minister has warned that these PSUs can’t afford to just sit on their glories in this changing world scenario. “So, either perform or perish,” he said, in a blunt message. Singh suggested that the state-run organisations should expand their ...

The Dollar Business Bureau The government is planning to utilise surplus land available with public sector units (PSUs) by forging joint ventures (JV) with private players for setting up of new steel plants, which will also help the government to achieve its target of taking the steel production capacity of the country to 300 million tonnes by 2030.  The Union Cabinet on Wednesday has approved the New Steel Policy (NSP) 2017 that is aimed at achieving the country’s steel production capacity to 300 million tonnes by 2030 with an additional Rs.10 lakh crore investment. Currently, the steel production capacity of the country is 126 million tonnes. “A new policy for steel industry has been approved after 12 years that will give a ...

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 After approval of the merger of State Bank of India (SBI) with five associate banks, the consolidation drive in public sector banking seems to have come to a standstill. Officials from Finance Ministry said that the government intends to wait until the non-performing assets (NPA) situation is ameliorated, before pursuing further consolidation of banking sector. The fear of jeopardising the financial health of merged behemoths has put breaks on the ongoing M&A efforts in the NPA ladden public banking sector. Meanwhile, chiefs of around 10 PSU banks, including Bank of Baroda, Punjab National Bank and State Bank of India convened with the Finance Minister to discuss a range of issues troubling India's banks. Apart from addressing the elephant in the room (NPAs), the meeting ...

The Dollar Business Bureau The current fiscal's divestment target of Rs 45,500 crore is likely to be overshot due to strong equity markets. In alignment with PM Narendra Modi's motto of 'less government, more governance', the finance ministry has recently approved stake sale in two more PSUs. A good response to the most recent divestment proposals has emboldened the Centre's hopes of surpassing the set target for revenue from divestments by a few thousand crores. Gains from a better performing stock market have also translated into higher prices for the government's divestment bids. So far, in the current fiscal, the government has sold stake in four PSUs via the Offer for Sale (OFS) route. In April 2016, a 11.36% stake ...

Sairaj Iyer Uday Kotak, Executive Vice Chairman and MD of Kotak Mahindra Bank, believes that the premise for rejuvenation of India’s economy (post demonetization) and the overall financial atmosphere is to replenish the confidence of the public in banks. Especially since we see receding confidence in recent times due to an uncertain global environment. But to do so there is a need to improve upon governance standards, specifically in PSU banks. At a talk show organised by the Indian Merchants Chamber, Kotak said that the PSU banking sector is an area that needs immediate attention. Referring to the rising NPAs, and infusion of tax-money into recapitalization of failing PSU banks, he said, “70% of bank accounts are with the PSUs, and I want ...

The Dollar Business Bureau Setting strict timelines for the listing of profitable public sector undertakings (PSUs) on stock exchanges, the government has mandated the launching of IPO (initial public offer) within a period of five-and-half months after the approval from the concerned ministry. Within 2 weeks of the announcement in the Budget for listing of all profitable central public sector enterprises (CPSEs), the Department of Investment and Public Asset Management (DIPAM) has handed out guidelines specifying the procedure and mechanism for listing of CPSEs in a time-bound manner on stock exchanges. All CPSEs with a positive net-worth, having earned net profits back-to-back in previous three years and with no accumulated losses will be eligible for listing via divestment of 25% equity of the government, ...