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India improves its ranking by 19 places on World Bank Logistics Performance Index

India improves its ranking by 19 places on World Bank Logistics Performance Index

Jul 01,2016

India has improved its ranking in the World Bank Groups bi-annual Logistics Performance Index 2016, jumping from 54th in 2014 to 35th in 2016. This was announced by the World Bank Group in its recent launch of the report. In the latest ranking India has gone past countries like New Zealand, Thailand, Saudi Arabia, Iceland, Latvia and Indonesia who were ahead of it in the index. Indias jump of 19 positions in the ranking demonstrates the commitment of various Ministries and agencies of Government of India to make it easy to do business in India. Dr. Jim Yong Kim, President of World Bank met the Prime Minister of India recently and congratulated him on this achievement.

The World Bank studies the policy regulation as well as supply chain performance outcomes across six sub-indices of the Logistics Performance Index and ranks countries based on their performance in all the indices. It is a perception survey based on the feedback of operators on the ground as they are the people who can best assess the aspects of logistics performance. Feedback of companies responsible for moving goods around the world like multinational freight forwarders and express carriers is taken on a structured online survey. Various aspects of international trade relating to streamlining border clearance procedures, ensuring access to physical infrastructure and quality of logistics services are assessed.

Among the six sub-indices of the Logistics Performance Index, India improved the most on the efficiency of customs and border management clearance, jumping from 65 in 2014 to 38 in 2016. Recent reforms at Customs, such as the introduction of a Single Window Interface for Trade (SWIFT) and electronic messaging system between Shipping lines and Custodians for electronic delivery order,filing of import and export declarations and manifests online with digital signature,extension of Customs risk management system to other regulatory agencies to ensure risk-based inspection, reduction of documents required for export and import, extension of 24x7 customs clearance facilities to 19 seaports and 17 air cargo complexes, removal of limit on the number of consignments released under direct delivery,etc.,have resulted in improvement in the indicator.

India also improved significantly in the following sub-indices:

- The ability to track and trace consignments, improving from 57 to 33;

- The quality of trade and transport infrastructure, improving from 58 to 36; and

- The competence and quality of logistics services, improving from 52 to 32.

On the remaining two sub-indices - the ease of arranging competitively priced shipments and the frequency with which shipments reach consignees within scheduled or expected delivery times - by 5 and 9 places respectively.

The World Bank Groups bi-annual report Connecting to Compete 2016: Trade Logistics in the Global Economy, launched on Wednesday, captures critical information about the complexity of international trade. The Logistics Performance Index (LPI) within the report scores 160 countries on key criteria of logistics performance.

The scores are based on two sources of information: a worldwide survey of logistics professionals operating on the ground (such as global freight forwarders and express carriers), who provide feedback on the countries in which they operate and with whom they trade; and quantitative data on the performance of key components of the supply chain, such as the time, cost and required procedures to import and export goods.

Global trade depends on logistics and how efficiently countries import and export goods determine how they grow and compete in the global economy. Countries with efficient logistics can easily connect firms to domestic and international markets through reliable supply chains. Countries with inefficient logistics face high costs - both in terms of time and money - in international trade and global supply chains. Indias improvement in Logistics Performance Index is ample evidence that our competitiveness in manufacturing and services is also improving which will provide the required boost to the Make in India programme.

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Six Member Countries of the South Asia Sub-regional Economic Cooperation (SASEC) releases its Operational Plan 2016-2025
Sep 26,2016

The six (6) member countries of the South Asia Sub-regional Economic Cooperation (SASEC) programn++Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lankan++ released this week, the SASEC Operational Plan (OP) 2016-2025. The SASEC OP is the programs first comprehensive long-term plan to promote greater economic cooperation among the member countries.

Established in 2001, the SASEC program is a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. The Asian Development Bank (ADB) is the secretariat and lead financier of the SASEC program. To date, ADB has approved 40 SASEC projects worth almost $7.7 billion in transport, energy, trade facilitation, and information and communications technology.

The SASEC OP brings regional cooperation to a higher level. The plan in the next ten years is to extend physical linkages not only within SASEC, but also with East and Southeast Asia.

ADB India Resident Mission Country Director M. Teresa Kho and ADB South Asia Departments Regional Cooperation and Operations Coordination Division Director Ronald Antonio Q. Butiong presented today copies of the SASEC OP to Mr. Raj Kumar, Joint Secretary, Multilateral Institutions Division, Department of Economic Affairs, Ministry of Finance,Government of India.

Speaking on the occasion, Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs said that India fully supports the SASEC OP as an important milestone in the SASEC program. He further said that the Indian Governments Act East Policy resonates well with the objectives of the OP and we will work closely with our SASEC neighbors to develop the infrastructure needed to make our regions enterprises more competitive.n++

The SASEC OP identifies regional road and rail links aligned closely with trade routes toward the east. Planned measures to streamline and harmonize trade procedures will cover both land-based and sea-based routes. This will open opportunities for the SASEC countries to participate more actively in regional value chains that are more advanced in Southeast Asia. The SASEC OP also promotes the development of economic corridors within and between the member countries.

The energy strategy under the SASEC OP aims to diversify the energy mix in the SASEC countries to cope with the projected increase in demand. The immediate priority is to improve energy infrastructure that will allow countries to access commercial sources of energy and diversify their fuel mix.

The SASEC OP identified over 200 potential transport, trade facilitation and energy projects, which will require over $120 billion in investments for the next five years, out of which 74 projects have been identified in India with an estimated project cost of over $60 billion. Majority of these projects are located in North East or Eastern part of the country.

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India signs Contract for Exploration of Polymetallic Sulphides with International Seabed Authority
Sep 26,2016

Ministry of Earth Sciences (MoES), Government of India, signed a 15-year contract with the International Seabed Authority (ISA), for exploration of Poly-Metallic Sulphides (PMS) in Indian Ocean, here today. The contract was signed by Dr. M Rajeevan, Secretary, MoES and Mr. Nii Allotey Odunton, Secretary General, ISA. The ISA is an institution set up under the Convention on Law of the Sea to which India is a Party.

The ISA earlier approved an application submitted by the Ministry of Earth Sciences for allotment of 10,000 sq. km. area along with 15-year plan of work for exploration of PMS along Central Indian Ridge (CIR) and Southwest Indian Ridge (SWIR) region of the Indian Ocean. The Union Cabinet approved signing of this 15-year contract by the Ministry with the ISA in its meeting held on June 15, 2016.

PMS, containing iron, copper, zinc, silver, gold, platinum in variable constitutions, are precipitates of hot fluids from upwelling hot magma from deep interior of the oceanic crust, discharged through mineralized chimneys. PMS in the Ocean Ridges have attracted worldwide attention for their long term commercial as well as strategic values.

By signing the 15-year contract, Indias exclusive rights for exploration of PMS in the allotted area in the Indian Ocean will be formalized. Further, it will enhance Indias presence in the Indian Ocean where other players like China, Korea and Germany are active.

The program will be implemented by the Ministry of Earth Sciences with the participation from various national institutes and research laboratories/ organizations.

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Rupee surges
Sep 26,2016

Rupee closed higher at 66.60/61 per dollar on Monday (26 September 2016), versus its previous close of 66.65/66 per dollar.

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JSW Steel announces change in nominee director
Sep 26,2016

JSW Steel announced that Karnataka State Industrial and Infrastructure Development Corporation (KSIIDC) has vide its letter dated 20 September 2016 nominated Naveen Raj Singh, IAS as its Nominee Director on the Board of the Company in place of Pankaj Kumar Pandey, IAS.

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Satin Creditcare Network opens QIP issue
Sep 26,2016

Satin Creditcare Network announced that pursuant to the authorization of the Working Committee (a committee of the Board of Directors of the Company empowered pursuant a board resolution dated 30 June 2016, to undertake various activities involved in the QIP), in its meeting held on 26 September 2016 the Company has decided to open the Issue on 26 September 2016.

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Srikalahasthi Pipes announces cessation of nominee director
Sep 26,2016

Srikalahasthi Pipes announced B. Sreedhar, IAS, Nominee Director of Andhra Pradesh Industrial Development Corporation Limited (APIDC) has resigned from the Board of Directors of the Company vide his letter dated 20 September 2016, which was received by the Company on 26 September 2016.

B. Sreedhar ceases to be Director of the Company w.e.f. 26 September 2016 and his resignation letter will be placed in the ensuing Board Meeting of the Company.

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PMs National Insurance Scheme on the Anvil: Minister of State for Health
Sep 26,2016

Hon. Mr. Faggan Singh Kulaste, Minister of State, Ministry of Health & Family Welfare, has called for continuous dialogue with all stakeholders, including health and insurance industry for successful implementation of Prime Ministers National Health Insurance Scheme currently being considered.

The Minister said that the PMs insurance scheme would be a game changer in coverage and enhanced benefits.

Mr. Kulaste stated that the present scheme for people below poverty line (BPL) operated under Rashtriya Swasthya Bima Yojana (RSBY) has expanded the national health insurance scheme with more than 75% coverage. The new scheme would entail larger financial commitment from the government. The private health and insurance industry could partner in creating more facilities for treatment of patients, such as leveraging idle beds in private hospitals.

The minister also said that the new national insurance scheme would dovetail fragmented schemes to make the project more homogeneous and impact-oriented. The primary objective of the government is to make health services universal and accessible. He added that the government would monitor implementation of the scheme through data and share it with industry.

Mr. P J Joseph, Member (Non-Life), Insurance Regulatory and Development Authority (IRDA), said that number of people covered under health insurance has touched 36 crore now, mostly under government schemes. New IRDA guidelines, such as provision for pilot products, which allow insurance companies to withdraw a project if it fails to click in the market, allowing wellness and preventive packages, permitting offer of discounts etc. have been introduced to expand coverage. Insurance companies could bring down premium if the number of people covered under the scheme increases.

The IRDA Member called for a strong regulatory mechanism and Intellectual Property Rights (IPRs) for insurance products. He said that there should be concerted efforts to prevent frauds and unethical practices.

Dr Naresh Trehan, Chairman, CII Healthcare Council and CMD, Medanta-The Medicity, stressed addressing issues such as steep administrative charges levied by the insurance companies, transparent hospital billing, wrong and high pitched claims etc. With the launch of the Prime Ministers national insurance scheme, business opportunities would go up considerably. n++We have to earn peoples faith in the system to expand our business horizons,n++ he added. Stress should be on managing care through preventive and wellness measures, he said.

Mr Neelesh Garg, Co-Chair, CII Sub -Committee on Accessibility-Health Insurance & CEO & MD TATA AIG, underscored the need for evolution of an ideal sustainable universal health insurance architecture which should include OPD, post hospitalization coverage, wellness package etc. The integrated package should be for the entire lifecycle of a person and cover all possible eventualities relating to health and wellness.

Mr. A Vaidheesh, Chairman, CII Sub-Committee on Accessibility -Health Insurance & Vice President South Asia & Managing Director, India GSK, observed that an ideal health insurance ecosystem for India should have more private players. Only six crore people are covered under private insurance schemes, which should go up substantially.

Mr. Segar Sampathkumar, Mentor & Co-Chairman CII Sub-Committee on Accessibility-Health Insurance & General Manager, New India Assurance Co., highlighted customer satisfaction and sustainability as the key drivers of growth of health insurance sector in India.

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Piramal Enterprises completes purchase of brands
Sep 26,2016

Piramal Enterprises announced that the Company has completed the purchase of four products - Neko soap, Sloans, Ferradol and Waterburys Compound for a total consideration of Rs 110 crore from Pfizer.

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Amal to hold board meeting
Sep 26,2016

Amal will hold a meeting of the Board of Directors of the Company on 14 October 2016 to consider and approve the un-audited Financial Results of the Company for the quarter / half year ended on September 30, 2016.

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Moschip Semiconductor Technology to hold board meeting
Sep 26,2016

Moschip Semiconductor Technology will hold a meeting of the Board of Directors of the Company on 30 September 2016.

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Board of Gati accepts resignation of director
Sep 26,2016

Gati announced that the Board of Directors of the Company at its meeting held on 26 September 2016 has accepted the resignation of Sanjeev Jain as the Whole Time Director and Chief Financial Officer of the Company with effect from 31 October 2016.

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Zee Learn allots equity shares
Sep 26,2016

Zee Learn announced that the ESOP Allotment Sub-Committee of the Company at its meeting held on 26 September 2016 has approved allotment of total 78,906 equity shares consisting of 56,631 Equity Shares of Re. 1/- at an exercise price of Rs. 20.85 per Equity Share and 22,275 Equity Shares of Re. 1/- at an exercise price of Rs. 14.50 per Equity Share, under the ZLL ESOP 2010 - AMENDED 2015 Scheme.

Consequent to the above allotment, the paid up share capital of the Company has increased from 320,603,361 equity shares of Re. 1/- each aggregating Rs. 320,603,361/- to 320,682,267 equity shares of Re. 1/- each aggregating Rs. 320,682,267/-.

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Saumya Capital announces change in direcorate
Sep 26,2016

Saumya Capital announced that Vitthal Kumar Jajoo was appointed as additional executive director and Anand Kishore Lohiya was appointed as additional independent Director of the Company and Shiv Shankar Bhootra resigned from the directorship of the Company with effect from 24 September 2016.

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Outcome of board meeting of IGC Foils
Sep 26,2016

IGC Foils announced that the Board of Directors of the Company at its meeting held on 26 September 2016 has transacted the following -

The name of the Company has changed from IGC Foils to IGC Industries.

The Board has decided to insert the following main object in its existing Memorandum of Association (MoA) - Lead & Plastic Manufacturing.

The Board has decided to keep the EGM on 19 October 2016 to approve the above mentioned transaction.

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Infibeam Incorporation allots equity shares
Sep 26,2016

Infibeam Incorporation announced that the Nomination and Remuneration Committee (NRCn++) of the Company in its meeting held on 26 September 2016 has approved allotment of 2,70,900 Equity Shares of Rs. 10/- each to the option grantees who have exercised their options under Employee Stock Option Scheme 2013-14 and Employee Stock Option Scheme 2014-15.

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