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DoNER Ministry proposes revised guidelines for Northeast projects
Oct 04,2016

The Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh announced in Guwahati today that a new revised guidelines will be prepared by the Ministry of DoNER with the objective of expediting development projects in Northeast by simplifying procedures to avoid delay and at the same time bring in more transparency.

At a joint meeting of Ministry of DoNER and Government of Assam, Dr Jitendra Singh disclosed that judicious time-bound planning and monitoring of projects using Space technology, satellite imaging and IT tools like Portal and App will be put to optimum use to avoid undue delays. At the same time, he said, use of Space technology can bring in more transparency and authenticity in Utilisation Certificates (UCs) submitted for various projects.

Emphasising on the completion of the ongoing projects without resorting to parking of funds, Dr Jitendra Singh made it clear, no fresh sanction for new projects will normally be issued if unspent balance of the State is more than 1.5 times of the normative allocation of the State on account or Utilisation Certificates (UCs) due is more than 5 per cent of the total release. The introduction of online submission of documents should leave no excuse for delay in file work, he added.

Dr Jitendra Singh also advised the State Governments to prepare Department Project Reports (DPRs) and get them vetted techno-economically and recommended from SLEC in order to avoid delay.

Lauding the innovative and fast track approach adopted by the Ministry of DoNER, Dr Jitendra Singh said that there has been a substantial jump in the release of funds and submission of UCs in the last two and a half years in which a total of Rs.252.54 crores has been released. Citing the figures, he said, in 2014-15, when the present Government took over, a total of Rs. 60.46 crores was released for NLCPR projects in whole of the year while in the current financial year of 2016-17, in the first 6 months itself, Rs. 92.67 crore has already been released.

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India Post Payments Bank starts recruitment
Oct 03,2016

India Post Payments Bank, IPPB has started its recruitment drive with the release of the advertisement for the post of the Chief Executive Officer/ Managing Director, the Chief Technology Officer (CTO), other CXOs who will be heading its Operations, Risk and Compliance, Finance, HR & Administration and Sales and Marketing Departments. It has also advertised for some contractual positions across multiple Departments. Regular recruitment for other positions across scale I-VII will also be announced in the coming weeks. IPPB has also called for deputations from Public Sector Banks for some corporate HQ positions and will shortly be seeking deputations from banks, post office & other Government Departments for its branch locations. IPPB plans to recruit about 3,500 professionals in the coming months. Details are available on the India Post website.

IPPB will be headquartered in New Delhi and plans to launch 650 branches across the country by the next year. The India Post Payments Bank will leverage the widespread reach and the trust that the Post office enjoys in the minds of the citizen to truly drive financial inclusion.

With all 1.54 lakh Post offices, including 1.39 lakh rural post offices as its access points and 650 Payments bank branches in district Headquarter locations, it will be the most accessible bank in the world in terms of reach. It will deploy state of the art technology to make banking both simple and convenient to its customers. IPPB calls upon dedicated and committed professionals who would want to be part of the journey to create a national financial architecture which will connect every citizen with the financial services that they need to access.

It may be recalled that the India Post Payments Bank Limited has received the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs on 17th August, 2016 under the Companies Act 2013. This would be the first PSU under the Department of Posts. This has happened in the wake of Prime Minister Shri Narendra Modis Independence Day address, raising the expectations of the people from the soon to be set up India Post Payments Bank. With this move the Department of Posts has cleared an important milestone on this journey.

The Department of Posts is expected to complete the roll out of its branches all over the country by September 2017. This could be the fastest roll out for a bank anywhere in the world.

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Ministry of Corporate Affairs launched a Simplified Proforma for Incorporating a Company Electronically (SPICe) e-Form
Oct 03,2016

The Ministry of Corporate Affairs has taken another bold initiative in Government Process Re-engineering (GPR) and launched a Simplified Proforma for Incorporating a Company Electronically (SPICe) e-Form, on the occasion of Gandhi Jayanthi 2016.The main objective of launching this e-Format proforma, SPICe, is to provide speedy incorporation related services within stipulated time frames which are in line with the international best practices.

SPICes USP is as follows: -

1.Simplified and completely Digital form for Company Incorporation

2.Standard format of e-Memorandum of Association as per Companies Act, 2013

3.Standard format of e-Articles of Association as per Companies Act, 2013

4.Memorandum and Articles will now be filed as linked e-forms (except for Section 8 companies)

5.Provision to apply for Company Incorporation with a pre-approved Company Name

6. Mandatory DSCs of Subscribers and Witnesses (max 7+1) in SPICe MOA and SPICe AOA

7.Back Office productivity gains due to faster review of e-MOA and e-AOA by approving authorities.

Existing INC-29 and INC-7 will be phased-out and SPICe will be the Sole, Simplified & Versatile form available for incorporation of a company in India

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Developing and Operating Inland Water Transport Terminal at Kolkata and Patna under PPP Model
Oct 03,2016

Inland Waterways Authority of India (IWAI), Ministry of Shipping, has identified development and operation of Kolkata Terminals GR Jetty -I, GR Jetty-II & BISN and Patna Terminals Gaighat & Kalughat on National Waterways -1 i.e. River Ganga under the Public-Private Partnership (PPP) model. After invitation of bids, nine firms have expressed their interest in taking up the project and the work is expected to be awarded by November, 2016.

This is the first PPP project undertaken by the IWAI. Under the transactional structure worked out by International Finance Corporation (IFC), the operator will undertake the operations and maintenance services at both Kolkata and Patna clusters and invest in equipment handling mechanism, goods, items, container loading and unloading equipment and warehousing. The operator will also provide labour, professionals, supervisory, and managerial personnel for performance of operations and maintenance services.

The operator will have the right to demand and collect user fees from the users. Service charges would be revised from time to time so as to suitably reflect variation in the market conditions. The operator will be responsible for the payment of revenue share to IWAI for the period commencing from the third anniversary of the appointment date until the duration of the concession. The Operator is expected to handle 10,000 TEU or 15,000 tonnes at both the Terminals within five years of signing the contract.

IWAI will finalise the Front End Design (FEED) of the Kalughat Terminal and construct it with the technical assistance of the World Bank under Jal Marg Vikas Project. IWAI will initially invest Rs 80 crore for the estimated cost construction of the Kalughat Terminal and Rs 10 crore as the cost of land acquisition of about 2-3 hectares for the container cargo Terminal. IWAI has taken land on lease for thirty years for GR Jetty I & II, and BISN Terminal in Kolkata.

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No Impact seen on Indias Trade and Economy, PHD Chamber
Oct 03,2016

While applauding the Modi Government for taking desired action of surgical strikes against Pakistan, Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry, said there will be no impact on Indias trade and economy.

The volatility in the financial markets will also be short lived.

Our economy is growing from strength to strength and has become the fastest moving economy in the world economic system, said Dr. Gupta.

Our industry and businesses will continue to function as usual, he said.

Pakistans presence in Indian trade and investments is minuscule and insignificant said Dr. Mahesh Gupta.

Indias flow of two way trade with Pakistan is only US $2.5 billion of which India exports to Pakistan for 2 billion dollars and imports worth half a billion dollar which accounts for only 0.4% of Indias overall trade.

We have lot of potential to divert our trade and investment flows towards many peaceful economies in the region, said Dr. Mahesh Gupta.

We salute and wish all the very best to our brave armed forces, said Dr. Gupta.

We believe Indias significant and desired action at border will establish peace in the coming times, he said.

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Nikkei India Manufacturing PMI slows to 52.1 in September from 52.6 in August
Oct 03,2016

Posting above the crucial 50.0 threshold for the ninth consecutive month, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers Index (PMI), a composite single-figure indicator of operating performance - highlighted a further improvement in the health of the sector. Down from 52.6 in August to 52.1 in September, however, the latest reading indicated that growth lost some momentum.

Indias manufacturing upturn was sustained in September, as a further increase in order books underpinned growth of output and purchasing activity. That said, rates of expansion eased in all cases. One area of strength was external demand, with firms noting the strongest rise in new export orders since July 2015. The latest PMI figures also showed an intensification of inflationary pressures. Both input costs and output charges increased at quicker rates.

One factor contributing to the slowdown in the sector was a softer increase in new business inflows. Whereas improved client demand supported the upswing in order books, growth was reportedly hampered by strong competition for new work. Foreign new orders for Indian-manufactured goods expanded markedly in September, and at the quickest rate in 14 months. Panellists commented on successful price negotiations with clients. Greater workplace activity led companies to scale up their buying levels and hire additional workers in September. That said, quantities of purchases rose at the slowest pace since June, while job creation remained marginal overall. Manufacturing output in India continued to increase in September, marking a nine-month sequence of growth. However, the rate of expansion eased since August and was relatively modest.

Amid reports of orders being fulfilled directly from stocks, post-production inventories fell again in September. Conversely, holdings of raw materials and semi-manufactured goods rose for the tenth successive month. Average purchase costs increased at a faster pace in September, but one that was weak compared to its long-run trend. The main item reported to be up in price was steel. Data implied that manufacturers attempted to protect profit margins as output charges were raised further. Despite ticking higher, the rate of inflation was historically muted. Elsewhere, outstanding business volumes increased, while vendor performance deteriorated. Backlogs rose for the fourth straight month, which panellists associated with delayed payments from clients. Suppliers delivery times, meanwhile, slowed as a result of raw material shortages.

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Indian Telecom Industry ready to share n++ Know hown++ and n++Know why with foreign partners-Manoj Sinha
Oct 03,2016

The Union Minister of Communications Shri Manoj Sinha today assured the World that the Government of India will do everything to ensure that Indian Telecom Products and Services become 1st choice of anyones telecom needs. He said if one is looking for secure ICT products, they should rely on Indian products and our industry is eager to share n++ Know hown++ and n++Know whyn++. He said that Indian manufacturers have already made significant strides in exports of IT and telecom products to several countries and established that Indian IT and telecom products are of world-class quality and globally competitive on technology and price. Shri Sinha added that India has all the ingredients of a globally competitive telecom industry like large domestic market, world class talent, focus on R&D and IPR creation beside a robust framework for electronic manufacturing.

Shri Sinha told the representatives from 28 participating countries from South Asia, South-East Asia, Caribbean, Latin America and Africa that India also holds the distinction of being the fastest growing telecom network especially with advent of increased broadband penetration. This large telecom network requires equipment & technology that is second to none in the world, yet India offers the lowest telephony tariffs in the world. The Minister said, with this background, the foreign delegates can be assured that when they buy telecom products and services from India, they will be buying the best technology at competitive costs.

Shri Sinha informed that Indian Telecom Sector has been growing at a phenomenal pace and is considered as the fastest growing telecom market in the world with the 2nd largest subscriber base with more than 1060 million connectivity, 160 million Broadband connections and 350 million plus internet users. He said the rapid growth of the sector has fuelled the demand for telecom equipment including mobile phones which is about 20 billion US dollars in 2015-16 and is estimated to exceed 30 billion US dollars by 2020.

Referring to the Prime Minister Narendra Modis vision of Digital India to bridge the digital divide, Shri Sinha said with massive thrust on Make in India and Digital India initiatives, a large opportunity for innovative products and services has been created and India is poised for another digital and data revolution.

In his address Secretary Telecom Shri J.S.Deepak said that Indian Telecom sector in the last one month has witnessed some major developments like the major launch of a Telecom Operator, big mergers and Indias largest ever Spectrum auction which is now on. He said Indian companies have exported more than 110 billion US dollars of ICT products mostly to advanced countries, which is likely to witness a big spurt in near future. He said through Digital India we are empowering the common man by giving them Choice to choose best products and services and by giving Voice that is the opportunity to give feedback on government schemes.

Speaking on the occasion, Secretary, DIPP, Shri Ramesh Abhisek said that this is very good time to do business in India and business with India as the initiatives taken in the last two and half years are transformative in nature, be it Make in India or the Game Changer tax regime called GST. He said laws like Bankruptcy and Insolvency code, where exit mechanism for companies are there are helping toward Ease of Doing Business in India.

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EPFO To Launch Aadhar Linked Services For PF Withdrawal And Pension Fixation, Says Its Chief
Oct 03,2016

The Employees Provident Fund Organization (EPFO) will soon launch a host of Aadhar linked services like PF withdrawals and pension fixation for its four crore subscribers to facilitate such faster transactions for their benefit, according to its Commissioner, Dr. V P Joy.

Inaugurating a Seminar on Employees Provident Fund Organizationss initiatives - Simplification of EPF & MP Act and the Schemes framed there under, organized by PHD Chamber of Commerce and Industry, the Central Provident Fund Commissioner pointed out saying that at present, 1.5 crore subscribers of EPFO are seeded with Aadhar linked PF accounts and the challenge for the organization is to equip the remaining subscribers with this facilities for which all out efforts are being made so that it becomes effective by forthcoming March 31.

According to him, until 2011, the EPFO was largely manual driven and therefore, delay would be inevitable for both PF and pension subscribers for facilitating their transactions.

However, after 2011 onwards, with the facilitation of technology, the EPFO has begun to computerize most of its operations and now the time has almost come that this exercise is almost complete for PF and pension accounts for all its subscribers and if all goes well, the electronic Aadhar linked transactions for all EPFO subscribers would happen electronically to enable them conclude such transactions without any legwork latest by March 2017.

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Informal trade or smuggling rampant in India-Pak trade: ASSOCHAM Paper
Oct 03,2016

Informal trade or putting it bluntly, smuggling of goods, between India and Pakistan is estimated at over USD five billion, almost double the official two-way commerce between the two neighbours with history of chequered ties, an ASSOCHAM study has pointed out.

Based on well-researched documents and reports by over 50 top think tanks and research organisations, including ICRIER, annual reports of the Indian Ministry of Home Affairs, Lahore Journal of Economics, Institute of South Asian Studies-National University of Singapore among others, the ASSOCHAM Paper on India - Pakistan Trade, bought out some interesting facts which include the non-formal trade or unaccounted transactions, which can bluntly be called smuggling.

n++Smugglers/traders mainly carry out the informal trade between Pakistan and India through the exchange of goods at the Indo-Pakistan borders as well as through the misuse of the personal baggage scheme through the Green Channel facilities at international airports or railway stations. Informal trade is also taking place through Afghanistan whereby goods are exported officially from India to Afghanistan and later on brought into Pakistan through Peshawarn++.

It said while the actual volume of informal trade is difficult to calculate, there are different informal channels of information which has been collated over a period of time by different research bodies and think tanks. The ASSOCHAM Paper has largely drawn upon a wide bank of these research documents.

n++Informal traders in both the countries have developed efficient mechanisms for information flow, risk sharing and risk mitigation. The three important contributory factors towards thriving informal trade are quick realization of payments, zero documentation and little procedural hassles leading to lower transaction costs. n++

There are more exports from India than imports through the smuggling route. Besides the Afghanistan route, other channels of such informal trade include India-Dubai-Pakistan, Wagah by rail or road and Srinagar-Muzaffarabad. The composition of items going from India include jewellery, textiles, machinery and electronic appliances. On the import front, the items include textiles, dry fruits, spices and carpets.

Significantly the informal trade or smuggling is over and above the Third country trade which is generally done through Dubai and is not illegal. The Third country trade is also done through agents in Singapore. Through this route, exports from India include capital goods, textile machinery, dyes and chemicals, iron and ore, spices, tannery equipment, machine tools, cotton fabrics, tyres and chemicals and medicine. It is mostly exports.

n++Trade between Pakistan and India via Dubai has the advantage (for the traders) that consignments are not scrutinized as much as those coming directly from either countryn++.

So, the India-Pakistan official trade of USD 2.67 billion is far less than other channels.

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20 States rewarded for promoting urban reforms under Atal Mission during 2015-16
Oct 01,2016

19 States and the Union Territory of Chandigarh were today rewarded with performance incentive for promoting urban reforms under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) during 2015-16. While Tamil Nadu topped the list of performing States, Chandigarh headed the list of Union Territories.

Minister of Urban Development Shri M.Venkaiah Naidu felicitated the lead performers with mementoes and cheques during INDOSAN Conference in New Delhi. He said that the focus of reforms during 2015-16 was on e-governance, Double Entry Accounting, collection of user charges and municipal taxes, water and energy audit, single window clearences and the focus of reforms during 2016-17 is online building permissions in all the 53 million plus cities, replacement of old water pumpsets with energy efficient ones, reuse of treated water and urban flooding mitigation planning.

Reform incentive distributed to 20 States/UT was : Tamil Nadu (Rs.61.34 cr), Karnataka (Rs.29.92 cr), Odisha (Rs.10.27 cr), Telangana (Rs.10.73 cr), Kerala (15.00 cr), Chattisgarh (Rs.13.00 cr), Andhra Pradesh (Rs.13.62 cr), MP (Rs.33.45 cr), Gujarat (Rs.26.72 cr), Bihar (Rs.15.04 cr), Rajasthan (Rs.20.80 cr), Mizoram (Rs.1.63 cr), Maharashtra (Rs.45.57 cr), UP (Rs.63.47 cr), Jharkhand (Rs.7.28 cr), Himachal Pradesh (Rs.3.54 cr), Tripura (Rs.1.70 cr), West Bengal (Rs.24.89 cr), Goa (Rs.1.34 cr) and Chandigarh (0.69 cr).

Rs.400 cr was earmarked for reform incentive during 2015-16. 23 States/UTs applied to the Ministry of Urban Development. After verification of claims States/UT scoring 70% marks were identified for giving reform incentive. Haryana, Jammu & Kashmir and A & N Islands could not qualify.

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FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country
Oct 01,2016

The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule. The Finance Minister Shri Jaitley was making his Opening Remarks at the Fourth Meeting of the Parliamentary Consultative Committee attached to the Ministry of Finance. The subject of the meeting was the Goods and Services Tax (GST).

The Finance Minister Shri Jaitley further said that the First Meeting of the GST Council was held in a very cordial and constructive environment earlier this month and today, he will hold the Second Meeting of the GST Council. In the GST regime, the GST Council has been created under Article 279A of the Constitution. The GST Council is a joint forum of the Centre and the States. The Council will take decisions on important issues like tax rates, exemption list and threshold limits etc.

Thereafter, the Members of Consultative Committee sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale Awareness Campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of returns etc. Some of the members suggested that availability of IT network in all parts of the country, especially in small towns and rural areas, must be ensured as GST system will work only online. Some of the members appreciated the initiative of the Government in getting the GST law passed by both the Houses of Parliament as well as its commitment to implement it in a time bound manner. The members hoped that this law will bring relief to the common man by exempting certain essential items from GST and moderate rate of taxation on other items which in turn will bring down the prices of common man consumption items as well as cost of living at large.

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CBDT notifies 7 districts of Andhra Pradesh for availing tax incentives under the Income-tax Act
Oct 01,2016

Under the Andhra Pradesh Re-organisation Act, 2014 the Government of India is extending special assistance to four districts of Rayalseema and three districts of North coastal Region of Andhra Pradesh. To further boost the industrial activities, the CBDT has notified these seven districts for availing tax incentives under section 32(1)(iia) and section 32AD of the Income-tax Act.

Accordingly, any manufacturing undertaking set up during the period from 01.04.2015 to 31.03.2020 in these districts of Andhra Pradesh is eligible for 15% of higher additional depreciation and 15% of investment allowance on the cost of plant and machinery acquired by it during the said period.

The 7 districts of Andhra Pradesh notified as backward areas vide Notification in S.O.3075 (E) dated 28.09.2016 are:

1. Anantapur

2. Chittoor

3. Cuddapah

4. Kurnool

5. Srikakulam

6. Vishakhapatnam

7. Vizianagaram

The aforesaid incentives are in addition to other tax benefits available under the Income-tax Act.

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Ministry of Civil Aviation, Government of Puducherry and Airports Authority of India sign MoU to Promote Regional Connectivity Scheme
Oct 01,2016

The Ministry of Civil Aviation, State Government of Puducherry and Airports Authority of India today signed a tri-partite Memorandum of Understanding (MOU) for the Regional Connectivity Scheme thereby initiating the collaborative partnership. With the development, the State Government of Puducherry has formally agreed to provide the concessions required from the State Governments in the Regional Connectivity Scheme. The MoU is signed by Shri Manoj Parida, Chief Secretary, Puducherry, Smt. Usha Padhee, Joint Secretary, Ministry of Civil Aviation and Shri A.K. Dutta, Member, Airports Authority of India.

Speaking on the occasion, the MOS for Civil Aviation, Shri Jayant Sinha said that he hoped the subsidies would attract airlines which also needed to find the appropriate aircrafts and pilots to service the regional sector. The Chief Minister of Puducherry, Shri V. Narayanaswamy said that he was happy to cooperate in promoting the Regional Connectivity Scheme as it would improve the connectivity to Puducherry.

The Ministry of Civil Aviation had earlier released the draft Regional Air Connectivity Scheme (RCS) for stakeholder consultation, with the twin objectives of promoting balanced regional growth and making flying affordable for masses,. The RCS is the key component of the National Civil Aviation Policy which was released by the Ministry on 15th June 2016. The scheme, which would be in operation for a period of 10 years, envisages providing connectivity to un-served and under-served airports of the country through revival of existing air-strips and airports. This would be achieved through a financial stimulus in the form of Central and State government concessions, as well as Viability Gap Funding to the interested airlines to kick-off operations from such airports, so that the passenger fares are kept affordable. The fare for a one hour journey of appx. 500 km on a fixed wing aircraft or for a 30 minute journey on a helicopter would now be capped at Rs. 2,500, with proportionate pricing for routes of different lengths / duration.

To reduce the cost of operations, Central Government would be providing concessions in the form of reduced excise on VAT, service tax and flexibility of code sharing at the RCS airports. Similarly, the State governments would have to lower the VAT on ATF to 1% or less, besides security and fire services free of cost and electricity, water and other utilities at substantially concessional rates. Similarly, Landing and Parking charge and Terminal Navigation Landing Charges shall not be imposed by the airport operator.

A Regional Connectivity Fund would be created to fund the VGF requirements under the scheme. The same would be funded through a levy on certain domestic flights. The partner State Governments would also contribute a 20% share to this fund (10% for North Eastern States). For balanced regional growth, the allocations under the scheme would be equitably spread across the 5 geographical regions of the country viz North, West, South, East and North-east.

The States have been given a key role under the scheme. The selection of airports where RCS operations would be done in consultation with State Government and after confirmation of their concessions. This will be based on the selection of routes by the airline operators.

In view of the above, the Ministry of Civil Aviation is in the process of signing of an MoU with State Governments to ensure their commitment and support to regional air transport operations by providing concessions as required under the RCS for making it successful. Puducherry is the sixth State with which such an MoU is signed. The other states are Maharashtra, Chhatisgarh, Gujarat, Jharkhand and Andhra Pradesh.

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7% stake of Government in Hindustan Copper fully subscribed and Government to get approximately Rs 400 crore from this disinvestment
Oct 01,2016

Hindustan Copper is a vertically integrated company in the mining and metal sector, under Ministry of Mines. Government of India is the major stake holder in said CPSE, owning 89.95% of paid up equity.

Government offered 6,47,65,260 shares ( comprising 7% of total paid up equity ) to public through OFS route, at floor price of Rs 62 per share of face value Rs 5/-. 20% of the offer size, i.e. 1,29,53,052 shares were reserved for retail category.

The trading took place on NSE as well as BSE on 29.9.2015 and 30.9.2015 for the non-retail and retail category respectively. The non retail category got oversubscribed with 1.56 times. The issue has been fully subscribed and Government will get approximately Rs 400 crore from this disinvestment.

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Eight core infrastructure sector output rises 3.2% in August 2016
Sep 30,2016

The output of eight core infrastructure industries improved 3.2% in August 2016 over August 2016. The cumulative output improved 4.5% in April-August 2016 over the corresponding period of last year.

Coal production (weight: 4.38%) declined by 9.2% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 2.6% over corresponding period of previous year.

Crude Oil production (weight: 5.22%) declined by 3.9% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 declined by 3.1% over the corresponding period of previous year.

The Natural Gas production (weight: 1.71%) declined by 5.7% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 declined by 4.2% over the corresponding period of previous year.

Petroleum Refinery production (weight: 5.94%) increased by 3.5% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 7.6% over the corresponding period of previous year.

Fertilizer production (weight: 1.25%) increased by 5.7% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 6.4% over the corresponding period of previous year.

Steel production (weight: 6.68%) increased by 17.0% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 5.5% over the corresponding period of previous year.

Cement production (weight: 2.41%) increased by 3.1% in August 2016 over August 2015. Its cumulative index during April to August 2016-17 increased by 4.4% over the corresponding period of previous year.

Electricity generation (weight: 10.32%) increased by 0.1% in August 2016 over August 2015. Its cumulative index during April to August, 2016-17 increased by 5.7% over the corresponding period of previous year.

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