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Top 10 biz headlines: Pre-Budget meets, automobile sector slowdown, & more

From PM Modi meeting with economists ahead of Union Budget to Govt may scrap 3% IGST on unsold jewellery imports, BS brings you top 10 stories that happened on Saturday

BS Web Team  |  New Delhi 

Prime Minister Narendra Modi said the institutional structure designed for a different era needs to be changed

Govt will bring bigger opportunity for transformation in next 5 years: PM

The Narendra Modi government in its second term is looking to do much more than it did during its first tenure. The next five years will present a bigger opportunity for transformation than the government had in the last five, the PM is learnt to have said in a meeting with economists and chief executives of India Inc at the Niti Aayog on Saturday.

This was part of a series of meetings that the PM lined up ahead of the Union Budget to be presented on July 5. Read more here

Market capital of ancillary firms shrink as slowdown

A slowdown in the is having a cascading effect on component makers, with large listed ancillary firms witnessing their market capitalisation shrink on account of reduced orders, piled-up inventories, and an uncertain future.

The current slowdown, which is a combination of complex regulations that go into effect next year, heightened competition across segments, and less-than-optimum consumer sentiment, has been the most protracted in a decade, and side- effects are being felt even by dealers who distribute vehicles to the end consumer. Read more here

India to have a Electricity Discom, NTPC-Grid sign MoU

Heralding a major change in the distribution sector of the country, two leading public sector utilities — NTPC and Grid Corporation of India — have formed a joint venture to set up Electricity Distribution Company.

This paves way for NTPC, a leading power generator, and Power Grid, which owns India’s largest power transmission network, to get into consumer electricity supply business. Read more here

Private equity funds pump in $1.1 billion in logistics, warehousing sector

Private equity (PE) funds have pumped in excess of $1.1 billion in the logistics and warehousing sectors between the first quarter of 2017 and the first quarter of 2019, as against zero investment in 2015 and 2016 combined.

Infrastructure status, the multi-modal logistics park policy, and implementation of the GST had all led to PE firms’ greater interest in the logistics and warehousing sectors. Read more here

Discovery India firms up new strategy to get top spot in infotainment space

Discovery Communications India, the 13-channel network that houses channels like Discovery, Animal Planet, TLC, and Discovery Kids, is looking at a busy 18 months ahead, as it chalks out its strategy for growth in India.

Present in the country for almost two decades, the network is now looking at growing by stepping up regional language penetration across key channels, and a robust direct-to-consumer digital product. Read more here

Govt may scrap 3% IGST on unsold jewellery imports from foreign exhibitions

In a major relief for diamond jewellery exporters, the government is planning to waive the three per cent Integrated Goods and Services Tax (IGST) levied on unsold precious ornaments brought back to India from overseas exhibitions.

As a practice, exporters carry large quantities of diamond jewellery for displaying in exhibitions abroad, for which they have to pay three per cent IGST levy. Read more here

SBI plans tapping Singapore SME businesses, to introduce YONO SBI app

The State Bank of India is planning to expand its market in Singapore by enhancing its relationship across small and medium enterprises (SMEs) some of which have strong footholds across Asia Pacific.

Acknowledging the stiff competition from Financial Technology (FinTech) companies, the SBI is also contemplating introducing its YONO SBI app while having opened remittance services to all bank accounts through eRemit and remittance kiosk channels in the city state. Read more here

RBI to review ATM charges: How will it affect your money withdrawal?

On Friday, the RBI has recommended certain security features for ATMs such as cash replenishment only with digital one-time combination (OTC) locks, grouted structure and comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response. What do these changes mean for you? The Livemint asks you to take a look.

ITF seeks govt help to curb fall in apparel exports

Despite government support by way of special package and incentives, the Indian textile industry has hit roadblocks on exports. The likely reasons may be the industry’s focus on select markets/zones — where it has been unable to compete on the price front with FTA countries — rising manufacturing cost, inability to compete with low-cost destinations, or limited exposure to blended apparels, the Hindu Businessline reports.

View: Time to fill the political space with vision

The Opposition looks more like a bunch of prisoners of war — defeated, demoralised, mourning the fall of friends and comrades — than like determined champions of the democratic mandate to hold the government to account. This is especially so because of the disarray at the top of the Congress, the largest Opposition party, which got almost a fifth of the votes polled nationally. Appearances tend to deceive, the Economic Times reported.

First Published: Sun, June 23 2019. 08:52 IST