QBiz: Self-Reliance in Defence Manufacturing, Nuke Liability Fund

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 Prime Minister Narendra Modi speaks during the laying the foundation stone for HAL’s new helicopter manufacturing facility at Biderehalla Kaval,Gubbi taluk, near Bengaluru on Sunday. (Photo: PTI)

1. Narendra Modi Pitches For India’s Self-Reliance in Defence Manufacturing: FE

Prime Minister Narendra Modi on Sunday made a strong pitch for India’s self-reliance in defence production, saying it has to be ensured that the weaponry and equipment its soldiers carry should be “the best in the world”.

If India has to be self-reliant in the area of security, we have to make our own weapons. Indian Armed Forces are ready to make any sacrifice for the country and are second to none. But the time has come now to ensure that the weapons and equipment they carry and use are also the best in the world.

Narendra Modi, Prime Minister

The PM was addressing a gathering after laying the foundation stone for a Rs 5,000-crore greenfield helicopter project of HAL at Biderhalla Kaval in the district.

Read more here.

2. FPIs’ Net Inflow Drops to $7.4 bn in Debt Markets in 2015: FE

Overseas investors poured in just about $7.4 billion in the Indian debt markets in 2015, after having pumped in a staggering $26 billion in the preceding year. Foreign funds also stayed away from Indian equities in 2015 and invested just Rs 17,806 crore ($3.2 billion) in stock markets last year. In comparison, FPIs had been investing around Rs 1 lakh crore each into equities in the preceeding three years.

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3. Expect Big Rural Push in Budget: BS

In a move to boost rural consumption and alleviate distress in the hinterland, the government is likely to give an allocation push in Budget 2016 to programmes on irrigation, rural roads, soil health cards and agriculture.

According to officials, the Union Budget for 2016-17 could see a significant increase in allocation to marquee programmes like the Pradhan Mantri Krishi Sinchai Yojana, Rashtriya Krishi Vikas Yojana, Pradhan Mantri Gram Sadak Yojana, and the one to provide soil health cards to the country’s 140 million farmer families over three years. The increase is likely to be over the allocations in 2015-16 (according to the revised estimates).

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4. Tax Waiver Phase-Out to Hurry Investments Says Hasmukh Adhia: FE

The scheduled phase-out of most corporate and non-corporate tax exemptions and deductions without a terminal date from 1 April 2017, along with the plan not to extend the “sunset dates” in other cases, would spur investments rather than hamper them, according to revenue secretary Hasmukh Adhia.

Allaying fears that the proposed gradual withdrawal of tax incentives could come into conflict with the imperative of boosting economic growth, he said: “As for companies which complete their investments by 1 April 2017 and (commence) production by that date, all the existing exemptions would continue (for whatever periods defined). This would actually expedite the investments in the short term in order to cope up with the deadline.”

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5. Mumbai, Delhi Figure in World’s Top-30 ‘Super Cities’: FE

Delhi and Mumbai are the two Indian cities that have made it to a top-30 list of the world’s most powerful, productive and connected cities. According to the study conducted by international real estate consultancy JLL, India’s financial capital Mumbai has been ranked 22nd while the national capital Delhi is placed at 24th. The list is topped by Tokyo, which along with New York, London and Paris, make the top four ‘super cities’. These four were the destination of over 50 percent of all foreign capital invested in the Global Top 30 cities.

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6. First Power Project Commissioned Under Incentive: BS

Following the power ministry’s recent order to incentivise power transmission projects achieving early completion, the transmission project of Rajasthan Atomic Power Project (RAPP) has been commissioned ahead of schedule.

The government had issued an order in July 2015 that transmission projects won under tariff-based competitive bidding (TBCB) and those awarded to PowerGrid Corporation for system strengthening would get transmission charge from the date of commercial operations, even if it is ahead of schedule.

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7. Alibaba Product Range May Power Paytm’s China-to-India Play: BS

Chinese e-commerce major Alibaba is set to display its edge in the Indian online space this year. While the group has already invested in Paytm and Snapdeal, the Chinese giant’s big India play will now go beyond funding.

Vijay Shekhar Sharma, founder & CEO of One97 Communications, which owns Paytm, has kept aside $400 million for expanding its online marketplace business in India. And, Alibaba’s India play will coincide with Paytm’s expansion.

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8. Quikr Plans to Invest Rs 250 Crore in Home Services Market to Beat Rivals: ET

Quikr is stepping up the heat in India’s home services market, where the mobile and online classifieds company is planning to invest. Rs 250 crore as it looks to emerge the largest player in the space.

It plans to spend this money on product development — this will include technology and in-house supply — as well as marketing and for strategic investments in startups.

Read more here.

9. Govt Approves Setting Up a Nuclear Liability Fund With a Corpus of Rs 2,000 Crore: ET

India has cleared the decks for setting up a Nuclear Liability Fund with a corpus of Rs 2,000 crore that will allow the government to pitch in if damages resulting from a nuclear accident in the country exceed the limit specified for nuclear plant operators under the law.

The operators will have to pay a levy of 5-10 paise per unit of electricity sold to the fund, which will be the biggest addition to the pool of compensation available for nuclear damages.

Read more here.

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