1. Naresh Goyal Steps Down As Jet Airways Chief
Jet Airways Chairperson Naresh Goyal, and his wife Anita Goyal, stepped down from the airline’s board on Monday, 25 March, to allow the board to move ahead with a debt recast plan for rescuing the airline he founded.
One nominee of Etihad Airways PJSC will also step down from the board, Jet Airways said in a media statement. Goyal will cease to be the chairperson of the airline.
Abu Dhabi-based Etihad is a strategic partner with a 24 percent stake in Jet Airways.
According to the statement, the board has also approved immediate funding support of Rs 1,500 crore by lenders via debt. The bidding process for new investors will start in June.
The official statement issued by Jet Airways also read that the airlines will constitute an Interim Management Committee at the “instructions of the lenders to manage and monitor the daily operations and cashflow of the company.”
(Source: PTI)
2. Job Creation Dips 6.9% in January
Job creation fell by 6.91 percent in January to 11.23 lakh compared to 12.06 lakh in the same month last year, according to payroll data of the Employees State Insurance Corporation (ESIC) released Monday.
During September 2017 to January 2019, as many as 2.08 crore new subscribers joined the ESIC scheme, the data showed.
The ESIC provides health insurance and medical services to its insured persons covering all those establishments which have 20 or more workers and all those employees whose monthly wages are up to Rs 21,000.
The ESIC data is one of payroll numbers released by the Central Statistics Office (CSO) in its reports based on people joining various social security schemes run by the Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA).
(Source: PTI)
3. MNREGA Job Demand Highest in Eight Years
The government data shows that the demand for jobs under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme was highest since 2010-11 and saw a 10 percent increase, as compared to the previous year.
Till 25 March, this fiscal work generated under MGNREGA was 255 crore person-days, up from 233 crore person-days in 2017-18 and 166 crore in 2014-15, when the Modi government came to power.
The data is an indicator of distress and joblessness in the rural areas.
(Source: The Indian Express)
4. RBI Governor Meets Arun Jaitley Ahead of Monetary Policy
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday met Finance Minister Arun Jaitely, and is believed to have discussed the current economic situation, ahead of the first bi-monthly monetary policy for 2019-20.
The meeting of the six-member Monetary Policy Committee (MPC) to decide on the first bi-monthly policy statement for 2019-20 will be held from 2 April to 4 April. The policy will be announced on 4 April.
"It was a courtesy meeting, there is a tradition of RBI Governor meeting the Finance Minister before monetary policy, so it is part of that," Das told reporters after the meeting.
The bi-monthly policy assumes significance as it will be announced just a week before the commencement of the seven-phase general elections beginning 11 April.
According to sources, economic issues were discussed during the meeting.
5. Guatemala Drags India to WTO’s Dispute Mechanism
After Brazil and Australia, Central American country Guatemala on Monday dragged India into the World Trade Organisation's (WTO) dispute settlement mechanism alleging that New Delhi's sugar subsidies to farmers are inconsistent with global trade rules.
Guatemala has sought consultations with India under the rules and procedures governing the settlement of disputes of the Geneva-based 164-member WTO.
They have filed dispute under certain articles of WTO's Agreement on Agriculture, Agreement on Subsidies and Countervailing Measures and the General Agreement on Tariffs and Trade 1994 with respect to "domestic support measures maintained by India in favour of producers of sugarcane and sugar, and export subsidies for sugarcane and sugar," according to a communication by the WTO, which was submitted by Guatemala.
(Source: PTI)
6. Sebi Modifies Norms for Mutual Funds Industry
Markets regulator Sebi on Monday reviewed and modified the commission as well as disclosure norms for the mutual fund industry.
The move comes after the regulator in October 2018 asked the asset management companies (AMC) to adopt full trail model of commission in all schemes while allowing upfronting of trail commission only in case of inflows through systematic investment plans (SIPs).
The Sebi amended the conditions required for upfronting of trail commission based on SIP inflows at the mutual fund level.
"The upfronting of trail commission may be for SIP of upto Rs 3,000 per month, per scheme, for an investor who is investing for the first time in mutual fund schemes," Sebi said in a circular.
(Source: Mint)
7. 12,000 Cases Filed Since Implementation of Insolvency Law
As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said Monday.
Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency.
"In some of the NCLTs, the number of cases filed and the number of cases disposed off are almost the same. That means you are almost current," he noted.
Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country.
(Source: PTI)
8. India May Seek Deadline Extension From US for Withdrawal of GSP Export Benefits
India is considering to seek extension of the deadline set by the US for withdrawal of export benefits to domestic exporters under Generalised System of Preferences (GSP) programme, sources said.
Earlier this month, the US has decided to go ahead with its decision to scrap the preferential trade benefit under GSP scheme after 60 days, which is expected to impact India's exports to the US worth USD 5.6 billion under this scheme.
Although, the government has said that the US government's move to withdraw duty concessions on certain products under the GSP programme will not have any significant impact on exports to America, small and medium exporters have flagged concerns.
Sources also said that issues can be sorted by holding bilateral dialogues as the US is important economic and strategic partner of India.
They added that India may seek two more months for withdrawal of export benefits.
(Source: PTI)
9. RBI Governor to Meet Heads of Payments Banks Later This Week
The Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said he will be meeting heads of payments banks later this week to understand their issues.
As many as seven payments banks have commenced their operations after the first set of licences were issued in 2015.
"I have started a process of very active engagement with stakeholders and players who are supposed to play these kind of roles. I have met (top officials) banks, cooperative banks, NBFCs and various other stakeholders. I met the (heads) small finance banks last week and later part of this week I am meeting payments banks also," he said at an event organised by NITI Aayog here.
RBI has undertaken a detail consultation process with them and discussed issues, he said.
(Source: PTI)
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