Availability of fertilisers far exceeds the demand: Mandaviya
The Dollar Business Bureau The availability of overall fertilisers in the country is 129.92 lakh MT, which surpasses the overall demand of 95.84 lakh MT, said Minister of State for Chemicals and Fertilisers Mansukh L Mandaviya on Tuesday. “The availability of fertilisers far exceeds their requirement in the country,” Mandaviya said in a written reply to a question in Lok Sabha. “Nowadays, scarcity of fertilisers has become a thing of the past in the country which has been possible due to the visionary policies of current Government,” he added. The availability of urea, which is largely used by farmers in the country, is 80.28 lakh MT against the requirement of 63.64 lakh MT, informed Mandaviya. The availability of other fertilisers such as DAP (Diammonium phosphate) and NPK ...
The 2009 GST framework had only two rates, 5% & 14%, Asim Dasgupta
By Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu. Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various ...
IOC to set up Rs 600-cr ethanol plant at Panipat
PTI State-owned oil company Indian Oil Corporation will set up a Rs 600-crore plant to produce second generation ethanol at Panipat in Haryana. The state government has accepted the investment proposal, which was approved by the empowered executive committee at its meeting held here today, an official spokesperson said. "The plant will use plant waste, stubble, husk and straw to produce 100 KL of ethanol every day. The state government has agreed to provide land either on nominal lease or free of cost. Billed to be the largest such plant in the country, it is expected to generate hundreds of jobs," the spokesperson added. The plant, which would help reduce stubble burning drastically, is likely to be commissioned ...
Centre to replace 7.7 GW thermal plants with double-efficient ones
The Dollar Business Bureau In order to create better efficiency, the government has identified old thermal power projects and replace them with efficient ones, resulting in the creation of 18,560 MW of energy-efficient supercritical plants. Old power plants currently total 7,738 MW, and their replacement would help save natural resources, besides doubling the generation capacity of such sites. A senior official from the power ministry was quoted offering an example, he suggested that the 440 MW Haryana Power Generation Corporation in Panipat could be replaced with an 800 MW energy efficient plant. The official said the move towards energy efficiency and less-polluting technology makes more sense than renovation and modernisation and will yield long-term benefits. The move trails a December 2015 guideline from ...
GST Council caps TCS for e-commerce operators at 1%
Sneha Gilada After reaching a significant milestone by clearing C-GST, S-GST, I-GST and UT-GST laws, the GST Council has now touched upon e-commerce, a sector which struggles with ambiguity under the current indirect tax regime. According to the model GST law, it will now be mandatory for e-commerce platforms like Flipkart and Snapdeal to deduct up to 1% TCS (Tax Collected at Source) when making payments to sellers who use their portal to sell their merchandise. Experts have expressed concerns regarding the ground implementation of such a tax. Such a tax, when the transaction involves an interstate movement of goods, could escalate to 2%, as it will have to be levied twice. Industry concerns voice that the rule may discourage sellers from using digital marketplaces to sell their products, contributing to the hardships of ...
South Carolina gets FDI queries from Indian firms
The Dollar Business Bureau Officials of the Department of Commerce in South Carolina said India is widely considered as an upcoming market for Foreign Direct Investments (FDI), and have been getting many queries from India-based companies. The South Carolina Department of Commerce said it is doing everything to attract Indian companies in South Carolina. The Carolina government knows that India is becoming a great place to look for investments and the reason why the state government has been doing at least one trade mission to India every year. The US Commerce Department is confident that the Indian economy is likely to move beyond its borders and the state of Carolina is looking to strengthening it further. India has almost six ...
Mining Amendment Act to simplify procedures, avoid delays
The Dollar Business Bureau The Steel & Mines Minister, Narendra Singh Tomar, on Thursday, said the Mines and Minerals Development and Regulation (MMDR) Amendment Act will simplify the procedures and avoid delays in mining sector. Addressing the media, the Union Minister informed that once the Act is notified in a week’s time, the States will be provided with the draft rules of the Act to go ahead with the simplified mining procedures. The Union Minister further informed that the States will no longer have to wait for the Centre’s approval for a mining process, as the Act (Section 5(2)(b)) allows the State Governments to devise a system for filing of a mining plan avoiding the need for prior approval ...
