Millennium Tower-A in Visakhapatnam to soon get operational
- The much-awaited Millennium Tower-A in Visakhapatnam would be operational by the end of this summer, it has been reported. The tower, which will be serving IT firms, will also be accompanied by its twin tower, Millennium Tower-B.Tower-B, would be consisting of eight storeys and be constructed at an estimated cost of Rs 55 crores, it was earlier reported.“The tenders will be called for the Tower-B any time by May. The Tower A will be ready for operational by this summer end,” a senior official of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) told TOI.
- The sea facing Millennium Towers in Visakhapatnam have reached an advanced stage of completion. Once completed, the towers, the officials feel, will help the city establish as a major IT hub in Andhra Pradesh.The Millennium Towers are being constructed over 4 acres of land with Rs 145 crores. A parking space, spread over 1.5 lakh square feet, has been allocated too.
- The towers will be first given to Conduent Inc to carry out their operations in Visakhapatnam. The company, which is headquartered in New Jersey, offers digital platforms for businesses and governments, and operates in 40 countries. Conduent is expected to provide employment to about 5000 people in a phased manner.It has also been learned that the towers, which are IoT enabled, are being constructed with green technologies and would be capable of resisting winds of speed upto 200 kmph.
Contractor finalised for GVMC’s 24×7 drinking water supply project :
- The proposed 24×7 drinking water supply project for the residential areas in the north-west part of the Greater Visakhapatnam Municipal Corporation (GVMC) limits is all set to become a reality soon as contractor for the project has been finalised. The state government has directed the GVMC to issue a letter of acceptance to it. The Asian Development Bank will provide about Rs 350 crore for the capital works of the project as part of the Visakhapatnam-Chennai Industrial Corridor.
- The proposals of the project include 24×7 water supply in the north-west area of the central town, reducing the extent of non-revenue water (NRW) and fixing tamper-proof water meters. The GVMC has proposed another 24×7 water project in the area-based development (ABD), part of the Visakhapatnam Smart City project.The existing prestressed concrete pipeline network will be replaced with mild steel pipeline from Narava water treatment plant to Ramakrishnapuram. Four ground-level reservoirs and three elevated level service reservoirs will also come up to pave way for 24×7 water supply. Currently, about 4 lakh people live in the north west area of the city with a water demand of 67 MLD each day that is expected to go up to 94 MLD by 2029.
‘Centre planning strategy to boost services exports’ :
- The government is formulating a new strategy to boost services exports by identifying new markets such as Latin America as well as services, including healthcare and financial services, which have tremendous potential in terms of exports and job creation, according to Commerce Minister Suresh Prabhu.
- Addressing the Services Conclave, organised by CII in cooperation with the Commerce Ministry and Services Export Promotion Council, Mr. Prabhu said with manufacturing becoming increasingly automated, services would contribute more to employment generation. He said his Ministry, along with the EXIM Bank, was working on a strategy to define each market along with the kind of products that could be exported.
‘X’ will be another feather in Vizag’s cap
- X Development Centre, LLC, formerly known as Google X, coming to Visakhapatnam augurs well for the city, Chief Minister N. Chandrababu Naidu has said. Comparing it to Microsoft setting up its centre in Hyderabad, he said: “It’s a flagship company and a breakthrough for Visakhapatnam.”
- He congratulated IT Minister N. Lokesh on his efforts stating he had been sent to sign a different MoU but he clinched the Google pact too. “A number of other MNCs and IT companies will follow suit. With Fintech and Blockchain technologies also contributing, it will usher in knowledge economy and help in the city emerging as financial capital of the State,” he said here after launching heli-tourism at the VUDA Park.VUDA is operating the heli-tourism in association with APTDC and the public sector Pawan Hans Limited.
- Mr. Chandrababu Naidu said foundation would be laid to the convention centre in the city after the partnership summit in February. He had seen the development made by LuLu group in Kochi where it was receiving 80,000 footfalls a day.
ఏపీకి గూగుల్ ఎక్స్ కార్యాలయం :
- ఆంధ్రప్రదేశ్ రాష్ట్రానికి ప్రతిష్ఠాత్మక గూగుల్ ఎక్స్ డెవలప్మెంట్ సెంటర్ తరలిరానుంది. అమెరికాలోని శాన్ఫ్రాన్సిస్కోలోని గూగుల్ ఎక్స్ కార్యాలయంలో ఆంధ్రప్రదేశ్ ప్రభుత్వం, గూగుల్ ఎక్స్ సంస్థ మధ్య ఈ మేరకు కీలక ఒప్పందం కుదిరింది. ఇప్పటివరకూ అమెరికాలో తప్ప ఏ ఇతర దేశంలోనూ కార్యకలాపాలు సాగించలేదు గూగుల్ ఎక్స్. అయితే, తాజా కుదిరిన ఒప్పందం ద్వారా తొలిసారి ఆంధ్రప్రదేశ్కు ఈ సంస్థ రావడం విశేషం. విశాఖ పట్నంలో త్వరలోనే ఇది ఏర్పాటు కానుంది.
- అధునాతన టెక్నాలజీలను అభివృద్ధి చేయడమే లక్ష్యంగా గూగుల్ ఎక్స్ డెవలప్మెంట్ సెంటర్ ఏర్పాటుకానుంది. ఫైబర్గ్రిడ్తో ఒప్పందంలో భాగంగా ఆంధ్రప్రదేశ్లోని 13 జిల్లాల్లో 2వేల ఫ్రీ స్పేస్ ఆప్టికల్ కమ్యూనికేషన్ లింక్స్ను గూగుల్ ఎక్స్ ఏర్పాటు చేయనుంది. దీంతో ఫైబర్ కేబుల్ అవసరం లేకుండానే మొబైల్ డేటా, వైఫై సేవలు అందుబాటులోకి రానున్నాయి.
Multi-storied construction likely for urban housing :
- Aim is to meet targets of Prime Minister Awas Yojna .Having finalised five locations, the government is considering the feasibility of going in for G+7 construction in several locations in the district to meet urban housing targets.Tenders have already been finalised by A.P. Township and Infrastructure Development Corporation (TIDCO) for construction of housing in G+3 blocks at five locations- Satyanarayanapuram, Raticheruvu, Parawada, Aganampudi and China Mushidiwada.The units are being constructed under Prime Minister’s Awas Yojna – Housing for All (urban) with State and Central governments subsidising the scheme. The Government of India has sanctioned 4,408 units at the five locations. In the other 23 locations, the housing units sanctioned are 16,820.
- The G+7 construction is being mainly considered in view of the land constraints that are turning out to be a hurdle to meet the targets, it is learnt.However, the main criterion for feasibility is the width of the road. With multi-storied construction, the norms of the Fire Department have to be adhered to, to meet any contingency, to obtain building plan approval.The number of housing units that can be constructed in the identified sites in the city limits will now depend upon the feasibility of multi-storied blocks in 15 locations.In another six locations, small extents of land is available and the TIDCO is expected to go ahead with construction there.Besides Visakhapatnam, Yelamanchili and Narsipatnam are the other two urban areas where housing under the scheme is being taken up.
Big Boom!! Visakhapatnam Smart City goes digital :
- Civic utilities which are both a boon and bane in the city will now be the focus of continuous monitoring and supervision. In this regard, Greater Visakhapatnam Municipal Corporation (GVMC) is using digital capacities to cut no slack in the civic facilities in a smart city. There is a major digital up-gradation in their online profile and real time inputs and status of civil facilities will be fed into their Command and Control Center. We are looking at better accountability, transparency and efficiency. The handle which was launched by CM Chandrababu Naidu will now bear fruit.
- One can now access the information required by going through the website or the app that GVMC has provided. Use of a smartphone is all one needs. This is a major digital boost and one that will have far reaching effects on the realization of Visakhapatnam Smart City project. All fields of public interest are included i.e water and power supply, beach surveillance, traffic management, pollution levels, weather and temperature etc.
International Air Cargo Facility to be inaugurated today at Visakhapatnam Airport :
- The International Air Cargo facility which is highly anticipated by the residents and commercial hubs in Visakhapatnam will be inaugurated today by none other than the Union Civil Aviation Minister P. Ashok Gajapathi Raju. This facility for air cargo was much needed while stating the the fact that Andhra Pradesh post-bifurcation has been well developed in the aviation sector. It has 3 international airports at Visakhapatnam, Vijayawada and Tirupathi and 3 National airports. The facility is a major boon for local traders and exporters who have been facing a lot of difficulty in exports of their goods for want of an International Air Cargo facility in Visakhapatnam.
- Visakhapatnam is an emerging industrial city with presence of large public sector units such as Vizag Steel Plant, Coromandal Fertilisers, BHEL, HPCL etc. In addition to this venture in private sector such as investments in the private sector from major industrial units such as Worldwide diamond, Preceux, Bradix India Pvt Ltd, Pfizer Hospira , Divis etc require the facility. The project inauguration comes as a fillip to the many budding projects in AP Special Economic Zone, Visakhapatnam Special Economic Zone etc., EISAI, Mylan, Vasudha Pharma and many other projects in the industrial parks like, Ramky Pharma City etc.
Govt. seeks ₹13,000 crore surplus from RBI :
- The RBI’s profit was about ₹44,000 crore, of which ₹30,000 crore has been distributed and ₹13,000 crore it retained towards risks and reserves. The government has not asked the Reserve Bank of India (RBI) to pay any special dividend and is only seeking ₹13,000 crore of surplus lying with the Central bank, Economic Affairs Secretary Subhash Chandra Garg has said.
- In August, the RBI had paid a dividend of ₹30,659 crore for the fiscal ended June 2017. It was less than half the ₹65,876 crore it had paid in 2015-16.The government had budgeted for a ₹58,000 crore dividend from the RBI in its budget for this fiscal year.
- The RBI’s profit was about ₹44,000 crore, of which ₹30,000 crore has been distributed and ₹13,000 crore it retained towards risks and reserves. So the government has made a suggestion that the ₹13,000 crore may also be transferred, he said.The government last month announced an unprecedented ₹2.11 lakh crore capital infusion in PSU banks, which are grappling with high non-performing assets (NPAs).Asked about the contours of the recap bonds, Mr. Garg said “the recapitalisation package is in the final stages. The Department of Financial Services is working on it and soon we would see all these aspects being addressed.”Of the ₹2.11 lakh crore, ₹1.35 lakh crore would be infused through recapitalisation bonds and the remaining ₹76,000 crore through budgetary support and banks diluting equity in capital market.
Vizag is the best place for real estate investment :
- The port city is the best place for investment in real estate, opined the experts at a panel discussion on ‘Vizag Property -Trends Today and Tomorrow’ at Credai-VSP Property Expo-2017
- Initiating the discussion, G Sambasiva Rao of AP Chamber of Commerce and Industry said several industries and other projects in the field of tourism, education, and IT are in the pipeline and such development would boost the real estate sector. “Development of six lane roads and the international airport at Bhogapuram would also contribute to the development of real estate,” he added.O Naresh Kumar, managing director of Symbiosis IT firm, said even though the IT sector had a late start in the city, it has picked up in recent years thanks to surplus power supply and other steps taken by the state government. The revenue from the IT sector was Rs 2,000 crore per year and is expected to go up, he added. President of Credai-VSP, GVVS Narayana said there was no possibility of prices of flats coming down, but are likely to rise. P Koteswara Rao, convener of the Property Expo, made a plea for construction of a modern convention centre in the city.
- Pappula Chalapati Rao, MLC, appreciated the contribution of Vizag Credai Chapter to the overall development of the city, especially housing. G Chakradhar, president, APREDA (Andhra Pradesh Real Estate Developers Association) asserted that demonetisation had no negative impact on the housing sector.He said the master plan of Vizag is being revised. This would take at least one to one and a half years. Representatives from real estate sector should represent to the government and get required changes incorporated in the proposed master plan.
GST impact drops the tourist season :
- The hospitality and restaurant sector in the city seem to be staring at one of the dullest seasons this year with many reporting a drop in business by over 20%.The festive season which begins with Dasara and moves on to Diwali is known to draw hordes of tourists from West Bengal who arrive in the Port City for their annual vacation. This year, however, restaurants, mid-segment hotels and guest houses have witnessed a steep fall in bookings as compared to the year before. Industry players attribute it to the impact of GST, which has resulted in an overall increase in the cost of tour packages.
- Vihar restaurant located in Rushikonda reported a drop of 15% business this season. “We had at least five families who walked out of the restaurant in the peak Dasara week after enquiring if we had moved to the GST regime.Except for the last three days of the festival, the business has been dull. This is very unlike the peak festive season rush we see in Vizag,” said Seshagiri Mantri of Vihar Hospitality. Air-conditioned restaurants like Vihar fall under the 18 % GST slab.
- “Our business is impacted by 30 % this tourist season as against the Dasara period last year. Till last year, we used to be sold out during the entire Dasara – Diwali period. This season, 20 % of our inventory is vacant post October 1. We don’t know how Diwali week will be. The advance bookings don’t look that encouraging,” said V. Suresh Kutti of Beach View Holiday Home.Tour bookings have dropped from 15 days package seen in the previous tourist season to eight days with travellers curtailing their stay duration owing to rise in overall cost.
Fuel price rise, economic slowdown to hit demand: Auto body
- Auto industry body Siam has said that slowdown in economic growth and rise in fuel prices will impact demand for new vehicles in this financial year. It further expects the heavy trucks segment to remain down as high running cost due to expensive diesel and poor freight rates will weaken demand.The industry has registered a growth of nearly 9% in the first half of this fiscal, but is now uncertain about the coming months as companies say that there had been a pre-ponement in purchases on fears of a duty hike under GST. “Also, the festive season has come in early this time around, in October, and we are not very confident of a strong retail showing in the latter half of the fiscal,” a senior official with a leading company said, requesting anonymity.New models, attractive discounts and schemes have been major reasons for the growth in car and SUV segment this fiscal. However, concerns around the advent of electric mobility, which has meant lower focus on hybrids, has stumped carmakers such as Toyota, Maruti Suzuki and Hyundai.
Govt. decided to Visakhapatnam the blockchain capital of India :
- India BPO Promotion Scheme (IBPS), envisaged under Digital India Programme, will offer incentives for establishment of 48,300 seaters in respect of BPO/ITES operations across the country with an outlay of ₹500 crore, Special Chief Secretary and IT Adviser to Chief Minister J.A. Chowdary said here on Tuesday.Speaking at an awareness programme organised at Tech Hub by Software Technology Parks of India, he said the main objective of the scheme was to create jobs for 1.5 lakh persons. He said Andhra Pradesh had been able to create 3,050 jobs so far in allotment by setting up 16 BPO units across the State.
Essar invests ₹830 cr. in Vizag port facility :
- Essar Ports has invested ₹830 crore to upgrade and almost double the iron ore handling capacity of its Vizag Terminal (outer harbour) in Andhra Pradesh, a top company official said.The capacity enhancement work from 12.5 million metric tonnes per annum (MMTPA) to 23 MMTPA is nearing completion and will be fully operational in November this year, he said.
- Essar Vizag Terminal Ltd (EVTL), the entity that bagged 30-year concession from Visakhapatnam Port on Design-Build-Finance-Operate-Transfer (DBFOT) basis, has already ramped up iron ore handling capacity of the terminal from 25,000 tonnes per day to 70,000 tonnes per day by replacing and modernising the conveyor belt and related infrastructure.
- The ₹830-crore investment includes ₹200 crore upfront payment made to Visakhapatnam Port Trust at the time of takeover. In the last two years, EVTL officials said the company had managed to reduce spillage rate to 0.18%.
Sony eyes 25 % growth in festive season :
- Sony India, which has come up with several offers during the festive season (August-November), is expecting 25 % spurt in sales, managing director Kenichiro Hibi has said. He termed Andhra Pradesh as a very important market for the company and its sales during the four months of festival season in the previous year amounted to 325 crore.
Nifty hits fresh high of 10,178.95, Sensex up 100 points :
- The Nifty advanced by around 26 points or 0.25 per cent to scale a new high of 10,178.95 while the Sensex rallied over 100 points in opening today on the back of persistent buying by domestic institutional investors amid positive Asian cues.The Nifty rallied 25.85 points, or 0.25 per cent, to a new record high of 10,178.95, surpassing its previous intra-day high of 10,171.70 it touched on Monday.
- Rising for the ninth day, the 30-share Sensex advanced by 100.35 points, or 0.30 per cent, to 32,524.11. The gauge had risen 761.79 points in the previous eight straight sessions.Sectoral indices of auto, realty, healthcare, consumer durables and oil & gas were in the positive space, rising up to 0.69 per cent.
India needs data safety reforms :
India needs regulatory reforms to protect people against fraud and misuse of data by unscrupulous elements, United Nations’ Resident Coordinator in India Yuri Afanasiev said.Current protocols for encrypted data transfer, from money to medical records, to be shared between many companies, people and institutions have raised questions on how this data will be stored and accessed, he said at a conclave. “Recent breaches heighten these fears. These concerns warrant regulatory reforms that protect against fraud and misuse, especially for those with low digital literacy,” he said.
Sensex recovers 79 points in opening trade on Asian cues :
- The benchmark BSE Sensex recovered by 79 points in early trade on Tuesday on buying in oil, realty, metal and PSU stocks after Monday’s losses.The 30-share index rebounded by 78.72 points, or 0.24 per cent, to 31,780.97. The gauge had lost 189.98 points in the previous session in line with overall weakness across the globe fuelled by North Korea’s nuclear test on Sunday.
- All the sectoral indices led by oil&gas and realty were trading in the green, adding up to 0.82 per cent.The NSE Nifty also moved up by 23.85 points, or 0.24 per cent, to quote at 9,936.70.
Call for low-cost technologieson grid management :
- Grid management with better low-cost generational technologies is the need of the hour with the share of renewable energy poised to increase significantly, said speakers at the two-day seminar organised by Confederation of Indian Industry on ‘Energising South India’ which concluded here on Saturday.During a session on grid integration and micro grids with reference to renewable energy, K. Venugopal, co-chairman of the power, renewable energy and infrastructure sub-committee of CII, South India, said power evacuation was the real challenge in renewable energy and advanced micro grid systems should be developed and refined to suit the needs of the sector.
- Abhilash Nair of ABB India Limited said a micro grid could broadly be defined as ‘a smart system with the features of generation, energy storage and uninterrupted supply.’ He said ABB was manufacturing solar inverters and other storage devices for supplying to micro grid systems. The devices offer wide range of technical solutions for better grid integration.
India’s growth will rebound to 7%-7.5% :
- The new Vice-Chairman of NITI Aayog Rajiv Kumar on Friday said he was confident that India’s growth would rebound to 7%-7.5% in the current quarter after declining for five consecutive quarters.“I am confident that in the July-September quarter, economy will grow by minimum 7-7.5% because re-stocking has started, there is more clarity on the GST and there is prediction for a good monsoon,” said Dr. Kumar, who took charge on Friday after Dr. Arvind Panagariya’s resignation.
HSL earns operational profit of ₹37.49 crore after 30 years :
- After a gap of nearly three decades, Hindustan Shipyard Limited has posted an operational profit of ₹37.49 crore. This was announced at the 65th annual general meeting of the State-owned company held at the corporate office here on Thursday to approve the financial results for 2016-17.The company has also achieved the highest turnover of ₹629 crore since its inception and posted a net profit of ₹53.77 crore. HSL’s focused efforts for improvement in productivity and stringent austerity measures resulted in highest turnover and net profit, Rear Admiral Sarat Babu said.
- The CMD presided over the meeting and Sadhna Khanna, Deputy Secretary (Naval systems) represented the President of India. Among others, Bijoy Kumar Sahoo, Chairman of Audit Committee, members of the board and representatives from the statutory auditors attended. Briefing the participants, the CMD said nominated high value orders for fleet support ships and special operation vehicles would materialise in the near future.
- He also highlighted the welfare measures being implemented by the company to boost the morale of the employees.
Government Notifies E-way Bill Excludes Some Mass Consumption Items :
The government has notified the e-way bill and excluded some of the mass consumption items from its ambit including vegetables, fruits, food grains, meat, curd, bread, books and jewellery. The notification shall guide on the transport of goods under the new GST regime.An e-way bill is a sort of permit required in electronic format for the transportation of goods valued over Rs. 50000 within the country. The bill would encompass all information pertaining to the goods being transported. Generation of the bill can be done by either of the three parties; registered supplier, recipient or transporter. The SMS facility can also be used for the generation and cancellation of the e-way bill.Other items that have been kept outside the purview of e-way bill are contraceptives, newspapers, non-judicial and judicial stamp paper, raw silk, khadi, human hair, Indian flag, kajal, cheques, earthen pots, puja samagri, kerosene, LPG, hearing aids, municipal waste and currency.
యాక్సిస్ గృహ రుణాల్లో 12 ఈఎంఐలు కట్టక్కర్లేదు :
హోం లోన్ మార్కెట్లో ఎక్కువ వాటాను చేజిక్కించుకునేందుకు యాక్సిస్ బ్యాంక్ వినియోగదారులకు బంపర్ ఆఫర్ ప్రకటించింది. శుభ్ ఆరంభ్ పేరుతో కొత్త గృహ రుణ పథకాన్ని మొదలుపెట్టింది. ఈ కొత్త పథకం ప్రకారం దీర్ఘకాల గృహ రుణంలో 4,8,12 సంవత్సరాల్లో ప్రతి సంవత్సరం 4 ఈఎంఐలను మాఫీ చేస్తారు. అంటే ఆయా ఏడాది సమయాల్లో నాలుగు ఈఎంఐలను గృహ రుణ దారు కట్టక్కర్లేదు. యాక్సిస్ బ్యాంకు ప్రవేశపెట్టిన ఈ పథకం గురించి ముఖ్య అంశాలను కింద తెలుసుకోండి
1. శుభ్ ఆరంభ్ కింద గృహ రుణాలను ఇంటి నిర్మాణానికి, కొత్త ఇంటి కొనుగోలుకు, ప్లాట్ తీసుకుని ఇల్లు కట్టకునేందుకు, నిర్మాణంలో ఉన్న ఇంటికి వంటి వాటికి తీసుకోవచ్చు.
2. వినియోగదారు 20 ఏళ్ల కాలానికి రుణం తీసుకుంటే, మొత్తం 12 వాయిదాలను మాఫీ చేస్తారు. అంటే మొత్తం రూ.30 లక్షల రుణంలో రూ.3.09 లక్షలు ఆదా అవుతుంది.
3. ఈ వాయిదాలను మాఫీ చేసే సౌకర్యం రూ.30 లక్షలు లేదా అంతకు లోపు రుణాలకు వర్తింపజేస్తారని యాక్సిస్ బ్యాంకు తెలిపింది.
4. అయితే ప్రతి వాయిదాను క్రమం తప్పకుండా చెల్లించేవారికే ఇది వర్తిస్తుంది.
5. మొదటిసారి గృహ రుణం తీసుకునే వారిని దృష్టిలో పెట్టుకుని, ఇప్పటికే తీసుకున్న వారి విషయంలో ఒక బ్యాంకు నుంచి మరో బ్యాంకుకు గృహ రుణం మార్చుకునే వారిని ఉద్దేశించి ఈ పథకాన్ని ప్రవేశపెట్టినట్లు బ్యాంకు వివరించింది.
6. ప్రభుత్వం ప్రవేశపెట్టిన ప్రధానమంత్రి ఆవాస్ యోజన పథకానికి అర్హత సాధించిన వారు దాన్ని సైతం ఉపయోగించుకోవచ్చు.
E-payments: Govt planning 2% GST relief
- You may soon need to shell out less if you pay digitally. The government is looking at giving a 2% incentive over the applicable GST tax rate in case of digital payments. where the bill is up to Rs 2,000, in a move aimed at discouraging cash payments. the proposal which may give the benefit in the form of a discount or cash-back – is being discussed between the finance ministry, RBI, cabinet secretariat and ministry of electronics and IT. “The idea is to incentivise all kinds of digital payments, especially smaller transactions, in line with the government’s plan of making India a less-cash economy,”.”Transactions of up to Rs 2,000 are very high in volumes and if an incentive can be given here, it will provide an impetus to digital payments while also facilitating the entry of more people within the formal economy.This will help plug in leakages while playing a credible part in countering the development of black money.”
Realty prospects look up in city :
- Real estate dealers are coming out with novel schemes to attract buyers.Properties of different kinds were showcased at ‘The Hindu Property Plus Living Spaces-2017’ that concluded on Sunday at The Gateway Hotel.
- With several industries, information technology (IT) units and educational institutes being located in the city and the international airport coming up at Bhogapuram, real estate prospects are looking up.Luxury flats, right in the heart of the city, to villas and plots in the newly developing areas, mainly on the outskirts, are being marketed aggressively.
GST new rate will impact jobs, says JLR India MD :
- Jaguar Land Rover (JLR), the luxury car brand of Tata Motors, has termed the government’s plans to increase the GST cess on large cars and SUVs a “flip-flop” and “disturbing” and said that the move will hit job creation at the company and at its dealerships. Rohit Suri, president and MD of JLRIndia, said the government’s proposal to hike the GST rates — in under two months after reducing the taxes — will slow down the sales of luxury cars, especially as prices may go up with the implementation of the latest measure. “If the volumes are not enough, we will have to take are-look at our expansion plans,” , just as the company drove in the new Land Rover Disco-very priced upwards of Rs68 lakh (ex-showroom Del-hi). “All the plans need to be re-worked.”The government had earlier this month decided that it will hike the tax component on luxury cars and SUVs, just a month after the duty on them had come down in the GST regime beginning July. The move that will hike the cess on vehicles from the existing 15% to the proposed 25% (over and above the 28% GST tax rate) has been cleared by the GST Council and now awaits legislative approval. Suri said one of the key impacts from the slowdown in demand will be on creation of jobs with as many as 500new vacancies going into deep freeze.Gold Rate Today in India :
- Gold is probably the most preferred asset for all kinds of investors in India. The jewellery gifted at weddings in India has always been seen as an investment too. The country has been the largest consumer of gold in terms of volume consumption, followed by China and the USA. The gold rate is subject to speculation and volatility in the market. The gold rate changes on daily basis as it depends on various world political and economic factors such as economy of the country, stock market indices, currencies exchange rates, international relations etc.
Markets turn to green as Sensex, Nifty open on positive note :
- On Monday, the investors had a reason to smile in morning trade as both Sensex and Nifty opened in the green after last week’s slump.
GST panel to review tax on large cars, leased vehicles
- The Centre and states will review the tax structure on large cars as well as continuation of central sales tax (CST) on petrol and natural gas when they meet a month after Goods and Service Tax (GST) was launched.
The GST council, which meets on Saturday, will also discuss concerns over leased vehicles, given that the levy has been raised to 43% compared to 12.5-13% VAT earlier. This has resulted into an increase of almost Rs 10,000 a month on a Toyota Altis where one year of the four-year lease has been completed. In addition, it will impact Ola drivers and travel agencies, which depend on leased cars.The GST Council had agreed to a 15% compensation cess on large vehicles, resulting into a situation where the price of SUVs fell, while hybrid vehicles became more expensive.
Japanese team evinces interest in IT manpower :
- Members of AP Chambers of Commerce and Industry Federation met the Japanese Industry delegation on a visit to the city on Wednesday.The delegation was led by chairman and president respectively of Information Technology Association of Andhra Pradesh Ravi Eswarapu and Krishna Gadiparthi, IT Secretary of Andhra Pradesh Kosaraju Sridhar and advisor and CEO of Symbiosys O. Naresh Kumar.During the more than two hours of discussions, the Japanese delegations evinced keen interest in the availability of manpower in the IT sector and Centres of Excellence to meet their requirements. The Chambers’ representatives told them that the 12 universities in the State had 200 affiliated engineering colleges and talented manpower was available.
The Japanese delegation had also shown interest in the construction and pharmaceutical sectors and Green City Concepts.G. Varun Kumar from Sravan Shipping Services briefed them on the logistics scenario and its growth with focus on imports and exports.
India biggest production hub: Honda
Honda Motorcycle & Scooter India Pvt. Ltd. (HMSI), the Indian subsidiary of Japanese automotive major Honda, on Wednesday said India had become the company’s biggest production hub for its two-wheelers worldwide with an annual production capacity of 64 lakh units from its four plants. Honda also inaugurated its fourth assembly line at its third two-wheeler plant at Narsapura, near Bengaluru.
According to the company, the fourth line has an annual capacity of 6 lakh units making the Karnataka plant as Honda’s biggest manufacturing plant worldwide with 24 lakhs units annual production capacity.
“Honda’s two-wheeler business spans more than 120 countries worldwide and India is leading the demand. In 2016-17, India alone contributed 28% to Honda’s global two-wheeler sales and became the number one contributor to Honda’s two-wheeler business,” stated Shinji Aoyama, Chief Officer, Regional Operations (Asia & Oceania), Honda Motor Company in a press release.The company commissioned its first line of the manufacturing unit in 2013 at Narsapura has so far invested about 2,600 crore and employs about 7,000 people.Apart from the direct investments Honda has created an ecosystem of 26 new suppliers in the State and have created 15,000 additional employment opportunities at their plants“In the long-term, Honda two-wheelers India’s steady and strategic investments will power our dreams to make India the Export hub worldwide,” said Minoru Kato – president & CEO, Honda Motorcycle & Scooter India Pvt. Ltd.
Nifty hits fresh high of 10,101, Sensex up 100 points
- The Nifty rallied 23.95 points, or 0.23 per cent, to a new record high of 10,101.05, knocking off its previous intra—day high of 10,085.90 it touched on Monday.
The Nifty spurted 24 points to scale a new record of 10,101 and the Sensex rallied over 100 points at the open today, fuelled by strong corporate earnings and positive global developments.
Participants were upbeat about the Reserve Bank’s monetary policy meet on Wednesday, which is expected to announce a cut in rates, traders said.The Nifty rallied 23.95 points, or 0.23 per cent, to a new record high of 10,101.05, knocking off its previous intra—day high of 10,085.90 it touched on Monday.
Rupee pushes up 14 paise on dollar’s global weakness
The rupee firmed up by 14 paise to 64.05 against the US dollar on Tuesday as exporters and banks intensified selling of the American currency.Dealers said the dollar’s weakness against other currencies overseas except the Japanese yen and a stronger opening in the domestic stock market gave the rupee strength.
On Monday, the rupee had ended 4 paise lower at 64.19, the second straight session loss against the US currency, owing to bouts of month-end dollar demand from importers and corporates.
Mobile employment exchange launched in Vizag
- The Andhra Pradesh State Skill Development Corporation (APSSDC) launched ‘Udyogaratham’, a digital technology-based employment van, in association with the Hindustan Petroleum Corporation Limited (HPCL) and TMI here on Friday.
- The mobile ‘employment exchange’ will keep job-seekers posted of vacancies from time to time through SMS messages on mobile phone. Job-seekers can download a mobile android App ‘Appli’ to view the vacancies.
- “The number of job-seekers entering the market every year in India is around 1.2 crore as against the 0.5 crore jobs available. Employers say they are unable to find the right talent to fill the vacancies despite several lakh graduates being turned out by colleges all over the country,” said T. Muralidharan, executive chairman of the TMI Group, a recruitment company.
To be constructed on the lines of Hitex at a cost of 700 crore
- Middle East-based LuLu Group International will build a world-class international convention centre, a five-star hotel and multiplex at beach-facing APIIC grounds, Harbour Park here, on the model of Hyderabad International Trade Expositions (Hitex).In addition to the convention centre, a long-awaited need for the City of Destiny to host international meets and promote Meetings, Incentives, Conferencing, Exhibitions (MICE) tourism and the star hotel, the Vizag’s prestigious project will also have an ultra modern shopping mall. The LuLu Group, which has diversified business activity, including imports, exports, shipping and a hypermarket chain, would complete the project in phases with a total investment of over ₹700 crore in 36 months.