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Indian power ministry seeks more time for coal-fired plants to install emission cutting equipment

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India's federal power ministry has proposed a new deadline for coal-fired power plants around New Delhi to install emission cutting equipment, a government official said on Friday.

The ministry has said that the power plants - 10 out of 11 of which missed a December 2019 deadline - be given deadlines starting July 2020 and ending December 2021 to install the equipment, the government official, who did not want to be named, told Reuters.

The environment ministry will take the final call on the power ministry's proposal.

Investments in new projects jump 37% to Rs 4.26 lk cr in Dec qtr

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Investments in new projects during the December quarter have risen 37.4 percent year-on-year (YoY) to Rs 4.26 lakh crore.

In the same period in 2018, projects worth Rs 3.1 lakh crore were announced, according to data provided by project tracker Centre for Monitoring Indian Economy (CMIE).

“This is not only the highest new investment announcements seen anytime in the past seven quarters it is also more than 50 percent higher than the average investment proposals seen over the same period,” CMIE said in a report.

CMI publishes capex data every quarter.

New projects worth Rs 1.36 lakh crore were completed during the December quarter, a slight drop from Rs 1.37 lakh crore during the same period in 2018. But, it is a sharp increase from the projects completed in the previous two quarters – 0.81 lakh crore in the June quarter and 0.79 lakh crore in the September quarter.

“The sudden spurt in completion of projects is welcome but, it does not imply a change in the overall slowdown in project completions during 2019-20,” CMIE said in the report.

CMIE estimates that 2019-20 may still see lower fresh investment proposals than the Rs 12 lakh crore reported in 2018-29.

Projects worth Rs 13,200 crore were stalled during the October-December quarter, which was the lowest in 11 years. The scenario of stalled projects being at a record low is unlikely to change soon though the estimate may be revised in future.

At the beginning of the December quarter, there were projects worth Rs 188.7 lakh crore in the pipeline, and the quarter ended with Rs 191.3 lakh crore projects in the execution and completion stages.

Coking coal import signals more slowdown in steel output

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A dip in country's steel output is set to become more prominent in the coming months with declining imports of coking coal, a key raw material for the metal production, industry analysts said.

Coking coal imports in November declined by 14.52 percent to 3.61 million tonnes (MT), against 4.22 MT in the same month last fiscal, Iman Resources said. The country's crude steel production in November was down by 2.8 percent to 8.9 MT, compared to the production figure of November 2018.

In October, India had reported a 3.4 percent fall in crude steel output at 9.089 MT as against 9.408 MT in the same month in the previous fiscal, according to a global body.

Till November, import of coking coal in the current fiscal was 44.09 MT, recording a dip of 5.11 percent over the corresponding period of the previous fiscal, when it recorded an import of 46.46 MT.

A dip in country's steel output is set to become more prominent in the coming months with declining imports of coking coal, a key raw material for the metal production, industry analysts said.

Coking coal imports in November declined by 14.52 percent to 3.61 million tonnes (MT), against 4.22 MT in the same month last fiscal, Iman Resources said. The country's crude steel production in November was down by 2.8 percent to 8.9 MT, compared to the production figure of November 2018.

In October, India had reported a 3.4 percent fall in crude steel output at 9.089 MT as against 9.408 MT in the same month in the previous fiscal, according to a global body.

Till November, import of coking coal in the current fiscal was 44.09 MT, recording a dip of 5.11 percent over the corresponding period of the previous fiscal, when it recorded an import of 46.46 MT.

245 Star Export Houses, 5,000 small exporters denied GST dues: Report

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More than 5,000 exporters and 245 Star Export Houses have not been given their Goods and Services Tax (GST) dues as a result of overreach by the taxman, the Financial Express.

This comes at a time when the country's exports have not performed all too well, with merchandise exports having contracted by 0.34 percent year-on-year (YoY) in November. In the past eight months, this was the fifth time that exports shrank.

Moneycontrol could not independently verify the report.

According to the report, the newly-designed system aims to identify genuine claims as against those suspected to have made excessive input tax credit claims. However, the long verification process undertaken by tax officials for the same has its downsides, with some genuine refund requests being withheld.

Sources told the paper what worries the community of exporters is that trading houses, some of which even have the Star Exporter tag, have faced similar issues. This, they said, highlighted that the system of identification was not without faults.

The director general of analytics and risk management (DGARM) wrote to tax officials, the report noted, wherein he pointed out that the methods undertaken to check malpractices on the part of exporters had either been ‘blunt’ or ‘draconian’.

Star Export Houses are basically established Indian exporters that have been accorded the status based on their export performance in two out of the three preceding financial years. The status allows the exporter to enjoy certain benefits and exemptions aimed at facilitating business.

Labour ministry to build Rs 20,000cr social security fund for unorganised sector

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The labour ministry is in talks with the corporate affairs ministry to build a social security fund worth Rs 20,000 crore for unorganised workers.

The fund will be used to provide benefits to more than 80 percent of professionals from the unorganised industry that consists of around 500 million workers, the report stated. The benefits include pension, maternity, insurance and so on.

Moneycontrol could not independently verify the report.

The central government will administer the works from the unorganised sector in the social security code, introduced earlier in the recent winter session of Parliament.

The corporate affairs ministry controls the corporate social responsibility (CSR) norms as the fund is planned to be constituted with corporate contributions. 

A government source told the newspaper that the labour ministry would press for CSR to include such contributions. 

Indian companies that have a net profit of at least Rs 5 crore, or a turnover of at least Rs 1,000 crore, or a net worth of at least Rs 500 crore, have to spend two percent of their average net profit of the preceding three years on CSR activities, as per the Companies Act.

Under CSR activities in the last four years until June, more than Rs 52,533 crore have been spent on causes like environmental sustainability, sanitation, healthcare and education. Indian companies spent the maximum amount on education (Rs 15,742 crore) followed by healthcare (more than Rs 9,093 crore).

Merry Christmas 2019

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Sharetipsinfo team wishes everyone a Merry Christmas 2019. May god bring happiness in the life of all.




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IMF says India in midst of significant economic slowdown, calls for urgent policy actions

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India is now in the midst of a significant economic slowdown, the International Monetary Fund has said, urging the government to take urgent policy actions to address the current prolonged downturn.

In its report released Monday, the IMF Directors noted that India's rapid economic expansion in recent years has lifted millions of people out of poverty. However, in the first half of 2019, a combination of factors led to subdued economic growth in India.

"The issue in India currently is the growth slowdown. We still believe it is mostly cyclical, not structural... because of the financial sector issues, we think, the recovery will be not as quickly quick as we thought earlier. That's the main issue," Ranil Salgado, Mission Chief for India in the IMF Asia and Pacific Department told PTI in an interview as it released its annual staff report on India.

With risks to the outlook tilted to the downside, the IMF Directors called for continued sound macroeconomic management. They saw an opportunity with the strong mandate of the new government to reinvigorate the reform agenda to boost inclusive and sustainable growth, the report said. The staff report was done in August when the IMF was not fully aware of India's current economic slowdown.

"India is now in the midst of a significant economic slowdown," Salgado told reporters over phone.

Growth in the second quarter of FY 2019/20 came in at a six-year low of 4.5 per cent (y/y), and the composition of growth indicates that private domestic demand expanded by only 1 per cent in the quarter. Most high-frequency indicators suggest that weak economic activity has continued into December, he said.

Salgado attributed this to the abrupt reduction in non-bank financial companies' (NBFC) credit expansion and the associated broad-based tightening of credit conditions appears to be an important factor and weak income growth, especially rural, has been affecting private consumption.

Private investment has been hindered by the financial sector difficulties (including in the public sector banks (PSBs)) and insufficient business confidence, he said. Some implementation issues with important and appropriate structural reforms, such as the nation-wide goods and services tax (GST), may also have played a role, he added.

Responding to a question, Salgado said that the new growth projections for India, which will come out in January, would be significantly lower than the previous ones.

"By other measures, India still is doing well. Reserves have risen to record level. The current account deficit has narrowed. Inflation, although we have a little jump right now because of vegetable prices, we think (it) has been under control for the last few years. So, by other measures, India is doing quite well. The issue is primarily how to address the growth slowdown," Salgado said.

Responding to a question, he said that the IMF has been surprised on India's slowdown. But he responded in negative if this slowdown can be described as an economic crisis.

"I think that would be going too far to say that. What we have seen is a growth slowdown. It may be longer than we had originally anticipated. But other elements like on the external side, on inflation, those are under controlled," he told PTI.

In the short term, he said, the most critical thing is carrying out reforms in the financial sector.

"We have, what we used to call a twin balance sheet problem being in the commercial banks and corporate sector. Now we may add additional balance sheet issue, which is on the NDFs. I'm including housing finance companies in that sector that as well.

"So the most immediate thing would be to try to have some policies related to restoring the health of this sector," he said.

Some steps have already been meaning the improvements that should be soon in place in terms of regulation of the sector, there is more information related to the sector; the steps to have a process to its resolution by including them, at least initially in the IBC process.

"On that though, we think a more comprehensive financial sector resolution plan or act as needed. There were earlier thoughts in this area by the government and we think those should be pursued again, because there are certain complications related to financial sector that don't necessarily work well in a simple kind of insolvency and bankruptcy code. It would be important to have a more comprehensive framework specifically for financial sector," the IMF official said.

Observing that early in the term is the time to push for structural reform, he said the current government in its first term carried out majority of its reforms early in the term.

"It is also true globally that it is easier to pursue structural reforms in the first half of the term," Salgado said.

From the IMF perspective, these areas are labour, land, different product market reform, continuing to enhance competition and also pursuing some of the more medium to long term reforms such as in education and health, he said.

Noting that the IMF believes that India has fiscal base at-risk, Salgado said that as a result New Delhi's ability to use a fiscal policy for stimulus is very limited.

"India already has a relatively high general government deficits and general government debt," he added.

Have sent auto sector's Budget wish list to finance minister: Arjun Ram Meghwal

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Union minister Arjun Ram Meghwal on Monday said his ministry has received 3-4 demands, including suggestion to cut GST rates, from automobile industry body SIAM and has forwarded them to the finance minister.

Addressing the 4th annual SIAM CSR Conclave here, the minister of state for heavy industries and public enterprises asked the auto industry for more suggestions, if any, before the finalisation of the Budget.

"I have received 3-4 demands from the SIAM. I have sent your suggestions, including the one related to reduction in GST rate, to the finance minister. If you (industry) have any other suggestions please submit those as the Budget consultation process is still going on," Meghwal said here.

He said it was important to submit suggestions before the consultation process gets over.

"After the 'halwa ceremony', nothing can be added. So please give suggestions, if any, before that," Meghwal said adding that the finance ministry will not accept any suggestion after the halwa ceremony, which marks the launch of formal printing of Budget documents, is over.

Meghwal also emphasised on the need for corporates to wholeheartedly support social initiatives under their CSR activities.

The Society of Indian Automobile Manufacturers (SIAM) is a not for profit apex national body representing all major vehicle and vehicular engine manufacturers in India.

Indian pharma sector expected to grow at 10-12% during FY19-22, outlook stable: ICRA

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Ratings agency Icra on Wednesday said the Indian pharmaceutical industry is expected to grow around 10-12 percent between FY2019 and FY2022 while maintaining a stable outlook on the sector.

Icra cited abating headwinds from pricing pressure in the US (which is the largest regulated market), stable growth for the Indian market driven by increasing healthcare spending and better accessibility as likely key growth drivers for the Indian pharma companies, coupled with comfortable balance sheet structure.

It, however, said increased cost related to regulatory compliances, especially for the US market, price controls across markets and mandatory genericisation for Indian market remained key risks.

"The domestic pharmaceutical industry has gained adequate scale and generic drug development capabilities over a decade of growth which will keep them in good stead to capture bigger opportunities, especially in the specialty/niche segments in the regulated market," Icra said in a statement.

The FY2019-2022 compound annual growth rate (CAGR) is expected to be around 10-12 percent for domestic pharmaceutical companies, it added.

Icra said growth from the US picked up in FY2019 to 12.1 percent after seeing a decline of 13.1 percent in FY2018.

"The growth was supported by higher market share for Indian players as several generic MNC players optimised product portfolios along with new product launches," it added.

The pricing pressure led by consolidation of supply chain in the US market and faster abbreviated new drug application approvals is abating and is expected to remain in mid-single digit in FY2020 compared to low teens in FY2018.

Icra, however, warned that while the US growth is expected to remain at high single digit to low double digit, it will face headwinds given the relatively moderate proportion of large size drugs going off patent, generic adoption reaching saturation levels in the US market and increased regulatory scrutiny as reflected in increased issuance of warning letters/import alerts.

It further said productivity of research and development expenditure, operational risk related to increased level of due diligence by regulatory agencies and price controls were key concerns.

GST Council to meet on Wednesday amidst talk of rate hike to meet revenue shortfall

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The GST Council will meet on Wednesday to review the taxation structure for shoring up the revenue as lower-than-expected collections has led to a delay in compensation payment to states.

Some of the states such as West Bengal have opposed any hike in cess rates or rate calibration amid a slowdown in the economy, stating that consumers as well as the industry are passing through a distressing time.

With the revenue shortfall looming large, there have been suggestions for raising GST rate and cess to meet the gap.

The GST Council headed by Finance Minister Nirmala Sitharaman had sought suggestions from states on review of GST and compensation cess rates on various items, rate calibrations for addressing the inverted duty structure, compliance measures other than those currently under implementation to augment revenue.

In a letter to Sitharaman, West Bengal Finance Minister Amit Mitra said states have received letter from the GST Council wherein suggestions have been sought on review of items currently under exemption for shoring up GST revenues.

"This is indeed alarming. We should not in any way tinker with the rate structure or impose any new cess at a time when the industry and consumers are going through the most distressing times with 'stagflation' knocking at our door (stagnation accompanied by growing inflation)," Mitra said.

Many economists, including former RBI Governor Raghuram Rajan, have expressed fear of India getting into a slow growth high inflation or stagflation mode.

Rising food prices pushed retail inflation in November to an over three-year high of 5.54 per cent, while industrial sector output shrank for the third month in a row by 3.8 per cent in October, indicating deepening slowdown in the economy.

India's economic growth slowed to a 6-year low of 4.5 per cent in the July-September quarter. With inflation rising, fears of stagflation -- a fall in aggregate demand accompanied by rising inflation -- have resurfaced.

"Instead of increasing or imposing new taxes or cesses the GST Council has to collectively find ways and means to provide relief to industry so that they are able to tide over the present crisis...the solution of additional resource mobilisation lies not in tinkering with the rate structure but focus on anti evasion and fraud detection measures," Mitra said.

Facing heat over delay in payment of GST compensation, the central government on Monday released Rs 35,298 crore to states to make up for the loss of revenue due to rollout of the Goods and Services Tax (GST).

When GST was rolled out on July 1, 2017, states were through legislation promised to be compensated for the loss of revenue as not just their taxes such as VAT were being subsumed in the new levy but also their right to levy taxes was being snatched.

The compensation amount was fixed at 14 per cent on top of revenue in the base year of 2016-17. The corpus for paying compensation was collected by levying a cess on top of GST rates on tobacco products, cigarettes, aerated water, automobiles, and coal.

The Central GST collection fell short of the Budget Estimate by nearly 40 per cent during the April-November period of 2019-20, according to government data.

The actual CGST collection during April-November stood at Rs 3,28,365 crore, while the Budget Estimate was Rs 5,26,000 crore for these months.

According to sources, the Finance Ministry has set a Rs 1.1 lakh crore monthly GST collection target for the remainining four months of 2019-20 financial year

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection targets.

Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled, the source said.

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