Companies & Sectors
India may end coal imports by 2017, says minister
 India should be able to end coal import by 2017, thereby saving precious foreign exchange, Power and Coal Minister Piyush Goyal said on Monday.
 
"By 2017, India need not import coal, except for a few power plants on the coast where it is difficult to transport fuel," Goyal said at an energy conference organised here by international accounting firm KPMG.
 
"It will be the end of the era of shortages," he added.
 
Noting that India imported 215 million tonnes of coal last year, the minister said it was the "band-aid" kind of approach to energy problems in the past that led to this situation despite the country having the third largest coal reserves in the world.
 
Last week, Goyal said he visualised state miner Coal India's production doubling in the next five years.
 
"It (Coal India) will hopefully produce about 500 million tonnes this year. We'll do a billion tonnes in 2019," Goyal said.
 
On Monday, referring to Petroleum Minister Dharmendra Pradhan's remarks at KPMG's annual energy conclave here that agriculture in Odisha accounted for only two percent of electricity consumption in the state, Goyal said this was very poor compared to the national average of around 20-25 percent power use in agriculture.
 
"People of Odisha have been deprived of the fruits of coal in the state, as well as of development," Goyal said.
 
Later on Monday, addressing the CLSA India Forum in the national capital region, Goyal said that 250 million tonnes of coal washeries were in the pipeline.
 
Referring to the financial restructuring package for distressed state distribution companies - Uday - approved by the union cabinet earlier this month, the minister said it would be a game changer.
 
"Uday will also help the banking and manufacturing sectors by reducing NPAs (non performing assets) and lower power cost," he said.
 
"Uday will save $30 billion every year by 2018-19," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Jyoti Dua

1 year ago

It appears that Energy sector is getting the due attention of Central Govt. Mr Goyal and Mr Pradhan are doing good job.

'Way forward is to get things done without legislation'
The recent change to the FDI policy regime by the Indian government is a welcome move. In spite of the huge setback to the political strategy of the NDA-led government at the center after the Bihar debacle, the government seems keen on reviving the investment cycle. That is the sure shot way to regain the growth momentum.
 
The most recent reforms are seen to impact as high as 15 distinct sectors of the economy. This will will certainly take India forward in its quest to achieve economic development for its citizens and global competitiveness among its peers. 
 
The slew of reforms pertain to different aspects of the Foreign Direct Investment regime. The core issue of these reforms is to further "ease, rationalise and simplify the process of foreign investments" in the country and to put a greater number of FDI proposals on the automatic instead of the government route that investors are never keen on taking. 
 
Thus, the impetus is clearly on easing the hassles investors and businesses face in investing in India's growth story. These changes can be seen in light of the government's push for bettering India's performance on the Ease of Doing Business Ranking of the World Bank where this country is placed a dismal 130 in spite of improving 12 places (4 places on the new methodology) in comparison to the previous year. 
 
Some of the reform measures include increasing the monetary limit for Foreign Investment Promotion Board (FIPB) from Rs.3000 ($455 million) to Rs.5000 crore. Proposals above Rs.5000 crore would go to the Cabinet Committee on Economic Affairs. The proposals also contain measures to correct the long-pending issues like limited liability partnerships as well as NRI-owned companies who seem keen to invest in India. Some proposals also seek to enhance the sectoral investment caps so that foreign investors don't have to face fragmented ownership issues and get motivated to deploy their resources and technology with full force.
 
Other sectors where the reforms have been initiated include establishment and transfer of ownership and control of Indian companies, agriculture and agricultural husbandry, plantation, mining and mineral separation of titanium bearing minerals and ores. Also, changes have been made in sectors like defense, broadcasting, civil aviation, construction development sectors, cash and carry wholesale trading/wholesale trading (including changes to time of sourcing from medium and small sector) enterprises. A boost has also been provided to single brand retail trading and duty-free shops that might see a proliferation of better equipment manufacturing in India. Also, some changes have been proposed in the banking in private sector and India's ailing manufacturing sector.
 
These changes are seen to be harbingers of the reform promise that had seen the coming to power of the Narendra Modi government in May 2014. The government's recent push in FDI is seen to a be a positive development both in the policy circles as well as in the business and investor community - both of which have expressed their satisfaction with the move. 
 
FDI constitutes the highest inflows to developing countries - even higher than the official development assistance (ODA) and the much talked about remittance flows to developing countries. The government's push to reform the FDI policy regime is likely to be seen in the light of the liberalization and calibration of the economy further to bring in capital and technology necessary for economic growth and development. 
 
Over the next year or so, the reform agenda, if pursued properly, can have a multiplier effect on the economy with investors, businessmen and most importantly consumers benefiting from better goods and services. The recent changes to the FDI regime only showcase that much can be achieved even without legislation. The way forward is to get things done without legislation that can benefit the people of the country.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Narendra Doshi

1 year ago

YES,this road has been forced upon & MUST be used extensively.

DLF gets Competition Commission's nod for Rs.1,990 crore deal with GIC
 Indian realty major DLF Ltd on Monday said it has received approval from the Competition Commission of India for a joint-venture with Singapore's sovereign wealth fund GIC, which is investing close to Rs.1,990 crore in two projects in Delhi.
 
"DLF Home Developers Ltd (DHDL), a wholly-owned subsidiary of DLF Ltd and GIC, Singapore's sovereign wealth fund, have signed an agreement to enter into a joint venture to invest in two upcoming projects located in central Delhi," the company said in a regulatory filing with the Bombay Stock Exchange.
 
The statement said GIC would invest a sum of approximately Rs.1,990 crore in the two projects, subject to meeting all statutory requirements and conditions precedents which are customary, prior to the closing.
 
"In continuation of the above... (the) Competition Commission of India... considered and approved the proposed combination in terms of sub-section (1) of the Section 31 of the Competition Act, 2002, "the company said, adding that it was now awaiting the detailed order from the commission.
 
"Pursuant to receipt of this approval, both parties are initiating the necessary steps to successful closing of this transaction," the company added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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