Around the Globe

Around the Globe

IRCTC, IRCON, IRFC to be listed on bourses: Jaitley

Government will move ahead with the listing of Railway PSUs -- IRCTC, IRCON and IRFC -- and come out with a procedure for a time-bound listing of CPSEs.

In his Budget speech today, Finance Minister Arun Jaitley said the government will look at consolidation option for PSUs and a new CPSE Exchange Traded Fund (ETF) in 2017-18.

"We will come out with procedure for a time-bound listing of CPSEs. IRCTC, IRFC, IRCON to be listed. For CPSEs we will seek opportunities through consolidation," Jaitley said.

FM raises allocation towards M-SIPS, EDF to Rs 745 cr

Aimed at positioning India as a global manufacturing hub, Finance Minister Arun Jaitley today announced increase in allocations towards schemes like Modified Special Incentive Package Scheme (M-SIPS) and Electronic Development Fund (EDF) to Rs 745 crore in 2017-18.

"We are also creating an ecosystem to make India a global hub for electronics manufacturers. Over 250 investment proposals for electronics manufacturing has been received in the last 2 years, totalling an investment of Rs 1.26 lakh crore," Jaitley said while presenting Union Budget 2017-18 in the Lok Sabha.

Govt abolishes FIPB; more FDI policy easing on anvil

Finance Minister Arun Jaitley today announced the abolition of FIPB, a body that clears proposals envisaging foreign investment up to Rs 5,000 crore.

The minister also announced that further liberalisation of the FDI policy is under consideration.

"FIPB has successfully implemented e-filing and online processing of FDI applications. We have now reached a stage where FIPB can be phased out. We have, therefore, decided to abolish the FIPB in the year 2017-18. Our roadmap for the same will be announced in the next few months.

Centre raises CLSS loan tenure to 20 years

The Centre today approved extension of tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) to 20 years from 15 years and introduction of a new CLSS for middle income group with a provision of Rs 1,000 crore in 2017-18.

"The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the proposals for extension of tenure of loans under the CLSS vertical of Pradhan Mantri Awas Yojana (Urban) Mission from 15 to 20 years," said an official statement.

Agri credit raised to record Rs 10 lakh cr in FY18

In a major thrust to agriculture, Finance Minister Arun Jaitley today announced a whopping Rs 1 lakh crore hike in the credit target for the next fiscal to Rs 10 lakh crore as part of the government's efforts to double farm incomes in the next five years.

"The target for agricultural credit in 2017-18 has been fixed at a record level of Rs 10 lakh crore," Jaitley said in his Budget speech.

The government will take special efforts to ensure adequate credit flow to underserved areas -- the eastern states and J&K, he added.

Demonetisation bold, decisive step; to boost economy: Jaitley

Terming demonetisation as "bold and decisive" measure, Finance Minister Arun Jaitley today said it will have a multiplier effect on the economy and will create bigger, cleaner and real GDP.

"We are moving from informal to formal economy and the government is now seen as a trusted custodian of public money," he said while delivering the Union Budget 2017-18.

Budget focuses on 10 sectors to ensure TECIndia: Jaitley

Finance Minister Arun Jaitley today said the focus of his Budget for 2017-18 will be on 10 important sectors, including farmers, infrastructure, digital economy and tax administration to transform, energise and clean India.

The other areas of focus include rural India, the youth, poor and under-privileged, the financial sector, public service and prudent fiscal management.

Manufacturing PMI rebounds from demonetisation downturn

Manufacturing sector rebounded from demonetisation downturn in January amid rising order books, production as well as buying levels and the expansion in the sector is likely to pick up pace in coming months, says a monthly survey.

The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- an indicator of manufacturing activity -- increased to 50.4 in January from 49.6 in December.

A reading above 50 indicates expansion while any score below the mark denotes contraction.

Policy rationalisation needed to push exports

While the Economic Survey sought to make Indian apparel, leather and footwear globally competitive, it acknowledged that the labour laws, taxes and tariffs and limited availability of cattle for slaughter are creating barriers for the sectors. The survey suggested the need to undertake rationalisation of domestic policies, which are inconsistent with global demand patterns.