The National Highways Authority of India (NHAI) is confident of exceeding the targets set by the ministry of road transport and highways (MoRTH) for the current fiscal despite its failure to meet targets for construction and awards of highways during the first quarter of FY18.
The National Highways Authority of India (NHAI) is unlikely to borrow from the Employees’ Provident Fund Organisation (EPFO) in the current fiscal in an effort to rein in cost of funds.
The government is likely to do away with the existing concept of scheduled employments under the Code on Wages, a move that will extend the benefit of obligatory minimum wages to all workers.
The Centre has raised the national floor-level minimum wage (NFLMW) by 10% to Rs 176 per day from Rs 160 a day earlier with effect from July 1 and sent advisories to the states to comply with the new threshold.
The New Delhi bench of the National Company Law Tribunal (NCLT) on Wednesday admitted two separate insolvency petitions — State Bank of India (SBI) versus Bhushan Steel and Punjab National Bank (PNB) versus Bhushan Power and Steel.
Despite the special package for the textile and garment sector unveiled by the Modi government in June last year, fresh employee registrations from the sector under the employees provident fund (EPF) scheme have been just 40,800 so far.
NMDC’s technical director N K Nanda — selected earlier by the Public Enterprises Selection Board to head the state-run mining firm but was subsequently rejected by the Appointments Committee of the Cabinet (ACC) — has made a fresh plea to the prime minister-led selection panel for reconsidering his appointment.
The Prime Minister’s Office (PMO) has given stiff targets to Indian Railways to augment the freight business of the carrier, including redirecting 20 million tonne (MT) of additional cargo from road to rail by the end of financial year 2017-18.
Mineral-rich states have pitched for relaxing the existing mineral concession rules for non-coal mines, including a tweaking of the present end-use policy to allow the lease owner sell the non-usable raw material from the allocated mine in the open market.
The union cabinet is likely to approve on Wednesday the code on wages which proposes making minimum wages a statutory right for all employees. A labour ministry source said the code will then be tabled in the ensuing monsoon session of Parliament.
The Prime Minister’s Office (PMO) has given Indian Railways an ambitious target to increase the transporter’s non-fare revenue (NFR) to 15% of the total receipts in the financial year 2017-18.
The pace of building highways has accelerated to 25 km a day in the first quarter of the current fiscal, as against 22.3 km per day in the entire 2016-17, keeping up with the gradual increase in highway construction in the initial two years of the Narendra Modi government.
The Employees Provident Fund Organisation (EPFO) is likely to save around Rs 125 crore annually on transaction costs as it signed pacts with five more major banks — ICICI, HDFC, Axis, Kotak Mahindra and Bank of Baroda — for collection of contributions from employers and payment to beneficiaries at zero costs.
The steel ministry has come out with strict norms for compulsory procurement of domestically-manufactured iron and steel products by the large public-sector buyers like the railways.
Given that steel PSUs are riddled with problems, Tata Steel and JSW Steel are the two private companies which are seen to grab these opportunities.
Having failed to elicit response in the recent auction from cement companies, three individual limestone blocks in Gujarat are now likely to be clubbed together for rebidding, sources said.
The finance ministry is yet to take a call on the labour ministry’s proposal to raise the wage ceiling for mandatory EPF cover to Rs 25,000 per month.
Keen to take the two steel PSUs — SAIL and RINL — out of the woods, the steel ministry has appointed retired executives with vast domain knowledge about the units of the PSUs to prepare a plan for revival.
The mines ministry is planning to auction around 100 blocks in the current fiscal, compared with a total of 23 till the end of March 2017 since the Mines and Minerals (Development & Regulation) Act was amended in January 2015 to pave the way for auctioning of non-coal mines.
The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, has decided not to accept the Public Enterprises Selection Board’s (PESB’s) recommendation for the post of the chairman of state-run miner NMDC.
The task force headed by Niti Aayog vice-chairman Arvind Panagariya, which was formed by the Prime Minister Office (PMO) to come up with solutions to ensure timely and reliable employment data for policy-making.
India received a record $61-billion FDI (including reinvested earnings) in 2016-17, up from $55.6 billion in the previous fiscal, both highest among all countries.
The implementation of the goods and services tax (GST) will usher in positive changes in the Rs 27,000-crore flexi-staffing industry, as it is expected to bring pricing parity between organised and unorganised players.
The steel ministry’s proposal for fixation of iron ore prices has been categorically rejected by mines ministry, saying that the steel-making raw material is abundantly available in the country and price regulation would be tantamount to a throwback to the pre-liberalisation era.
The average construction in the first two months of the current fiscal at 26.6 km/day, is much higher than the 19.26 km/day clocked in the same period last fiscal.
The steel ministry’s additional secretary and financial adviser Bharathi S Sihag has been holding the additional charge as the company’s CMD since January 2016.
A feud is simmering between public sector steel units SAIL and RINL as the former is unwilling to let go of its status as the sole supplier of forged wheels to the Indian Railways.