The Ministry of Electronics and Information Technology (MeitY) on Tuesday said it has approved 16 eligible applicants under the Production-Linked Incentive (PLI) Scheme for large-scale electronics manufacturing that had been notified on April 1.

The scheme extends an incentive of 4-6 per cent on incremental sales (over base year) of goods under target segments that are manufactured in India, to eligible companies, for a period of five years subsequent to the base year (FY2019-20).

“The PLI scheme has been a huge success in terms of the applications received from global as well as domestic mobile phone manufacturing companies and electronic components manufacturers. The industry has reposed its faith in India’s stellar progress as a world-class manufacturing destination,” said Ravi Shankar Prasad, Minister for Electronics & IT, Communications, Law and Justice.

He said the government is optimistic and looking forward to building a strong ecosystem across the value chain and integrating

Read More

The Centre has received requests from companies for setting up 20 gigaatts (GW) of domestic solar module and cell manufacturing capacity.

Speaking at the India PV Edge 2020 virtual symposium, Minister of State (Independent Charge) for Power and New and Renewable Energy RK Singh said: “Expression of intent for setting up 20 GW of module and cell manufacturing have been received by the Centre.”

According to Singh, this is on the back of various steps taken by the government to support the domestic manufacturing industry, “These have come after India decided to have a safeguard duty, customs duty and the Approved List of Models and Manufacturers (ALMM) to prevent dumping and protect the domestic solar manufacturing industry.”

Singh said the ALMM is expected to be approved and finalised for new tenders from this month itself.

Commenting on how there may be more support for innovation in the solar energy sector,

Read More

Ahead of crucial GST Council meeting on Monday, Deputy Chief Minister and Finance Minister of Bihar Sushil Kumar Modi has pressed for initiation of special window for borrowing to meet compensation shortfall. At the same time, State such as Punjab wants Dispute Resolution Mechanism to be set up as early as possible.

“The process of borrowing too is expected to take some time since arrangements will have to be made to create the special window through which State can borrow with convenience. I would, urge you to make necessary arrangements for initiating the process for arranging the special window so that willing State can go ahead and borrow,” Modi wrote in a letter to the Finance Minister Nirmala Sitharaman.

Also read: CAG raps Centre over non-utilisation of cesses, levies for specified purposes

In August, during 41st meeting of GST Council, it was decided to give two borrowing options. First one

Read More

The Government has informed the Supreme Court that loans up to ₹2 crore taken by individuals and Micro, Small and Medium Enterprises (MSMEs) will be eligible for waiver of compound interest during the six-month moratorium period, i.e., March-August 2020.

In other words, these borrowers will not have to pay interest on interest. During the period of moratorium, interest accrued in case of equated monthly instalment (EMI) deferred becomes a part of principal and then interest calculated on the larger base. This compound interest is basically interest on interest.

“The Union of India has decided to continue with the tradition of handholding the small borrowers. The Government, therefore, has decided that the relief in waiver of compound interest during the six-month moratorium period shall be limited to the most vulnerable category of borrowers,” the affidavit submitted by the Centre dated October 2 said. Now the apex court will hear a bunch

Read More

The National Dairy Development Board (NDDB) on Friday launched a call centre — Pashu Mitra — for dairy farmers to address their queries on animal health, nutrition and productivity.

The move follows an increasing number of farmers seen engaging themselves in dairy farming as an agriculture-allied activity.

Dilip Rath, Chairman, NDDB, said, “From guiding the farmers to providing crucial information for enhancing animal productivity, NDDB’s call centre will prove to be a true companion of farmers. This exclusive call centre’s aim is to further strengthen dairy farming and help farmers emerge as an empowered community.”

Pashu Mitra is expected to provide substantial relief to dairy farmers in difficult times.

Also read: Amul plans to usher in a sweet revolution with branded honey

NDDB has roped in experts to address concerns of farmers on various issues relating to animal health and productivity. The dairy institution has released a number — 7574835051

Read More

Denmark is eager to move ahead on Prime Minister Narendra Modi’s recent proposal of setting up energy parks in India for Danish companies, which would also include facilities for research and development and skilling centres for job creation, according to Freddy Svane, Denmark’s Ambassador to India.

“We are discussing the concept right now as PM Modi’s proposal has just been made. We are keen to work on it and have started preparations on the Danish side. We will soon talk to the relevant Ministries in Delhi as well as States where we think there is a possibility of setting such parks. It can be in Tamil Nadu or Gujarat…we will have to see,” Svane told BusinessLine.

Modi and his Danish counterpart Mette Frederiksen, in their virtual bilateral summit on Tuesday, agreed to elevate India-Denmark relations to a ‘Green Strategic Partnership’ which also calls for increased focus on renewable energy,

Read More

Govt looking to sell nearly 53% stake in PSU to strategic buyer in privatisation bid

The government has extended the deadline for the submission of expression of interest (EoI) for the privatisation of state-run oil refiner Bharat Petroleum Corporation Ltd (BPCL) to November 16.

Also read: BPCL employees filing litigations against sale will be denied shares under ESPS

“In view of the further requests received from the interested bidders and the prevailing situation arising out of Covid-19, the last date and time for submission of EoIs is extended up to 16 November,” said a corrigendum issued by the Department of Investment and Public Asset Management (DIPAM) on Wednesday.

 

The earlier deadline was Wednesday, September 30.

 

The government has sought initial bids to privatise BPCL, India’s third biggest oil refiner and second largest fuel retailer, by selling its 52.98 per cent stake to a strategic buyer.

Read More

The Centre will consider a proposal for granting a five-year extension to existing plastic and worn-clothing recycling units in special economic zones in Kandla (KASEZ), Gujarat, Falta, Kolkata, and Noida, Uttar Pradesh, as a policy framework on such units is yet to be finalised by the relevant ministries and departments.

“A meeting to resolve the divergent views and finalise a roadmap or policy framework for such existing units in SEZs and EoUs was held on September 8, 2020. As the policy is yet to be finalised, the BoA (Board of Approval for SEZs) may take a decision on further extension of LoA (letter of approval) of the plastic recycling and worn and used clothing units in KASEZ, Noida SEZ and Falta beyond September 30, 2020,” as per the agenda of the BoA meeting scheduled on September 25.

So far, the BoA has been giving piece-meal extensions to the recycling units

Read More

The Centre is giving the states Rs 107 against its earning of Rs 100 during the current fiscal, Finance Minister Nirmala Sitharaman said on Friday. She said the GST Council will take a final decision on bridging the compensation shortfall.

On her remarks about the pandemic being an Act of God, she said, it was a ‘simple expression that would be used by a housewife or neighborhood aunty’ and it was preferable to using an expression like ‘force majeure’.

Responding to over four hours of debate on the first Supplementary Demands for Grants in the Lok Sabha on Friday, she said the total transfer, tax devolution plus grants, during the current fiscal was 19 per cent higher than that in the last fiscal.

Read also: GST compensation: AP, Odisha join 11 other States to go for borrowing

“In-fact 107 per cent of Central Gross Tax Revenue has been given to

Read More

Wellness facilities provided by naturopathy centres are not exempted from Goods & Services Tax (GST), a ruling by Gujarat AAR (Authority for Advance Ruling) has said.

Under GST mechanism, when two or more goods/services are provided then they are called either ‘composite supply’ or ‘mixed supply’. Composite supply are those where goods or services or both are usually provided together in the normal course of business. While goods and service are treated as principal and the other as incidental. GST rate for principal will be applicable on the entire supply.

Mixed supply is applicable for bouquets of various goods or services. Highest rate among such goods or services will be the rate for the entire supply.

In this instance, wellness facilities by naturopathy centres are treated as composite supply.

The applicant Oswal Industries Limited operates Nimba Nature Cure Village near Gandhi Nagar in Gujarat. It claims to be one of

Read More