Banikinkar Pattanayak

Articles By Banikinkar Pattanayak

793 Articles

Fast relief: MSMEs may get waiver from one-year insolvency suspension, centre plans special resolution framework

Plans for units with turnover of up to Rs 250 cr in just 90 days; MSMEs may get waiver from one-year insolvency suspension

The special framework will adopt the new definition of MSMEs. So firms with an annual turnover of up to Rs 250 crore each or investments of up to Rs 50 crore, will be covered by it.

High revenue spend weighs down defence capex

A slow reversal of the trend seems underway now, amid renewed concerns over the level of the country’s defence preparedness and arms and arsenal – capex turned out to be 24.6% of defence expenditure in FY20; indications a

What is behind curb on television imports from China

In a late-night notification on Thursday, the Directorate General of Foreign Trade (DGFT) put coloured TV imports under the “restricted” category, which means traders have to seek licences to buy these products from overs

The TV industry in India is worth about Rs 15,000 crore — 36% of which is in the form of imports, primarily from China and Vietnam.

Exporters lose over two-thirds of duty remission benefits after govt caps MEIS outlay

The MEIS would remain valid until December this year and is to be replaced with a more WTO-compatible scheme, RoDTEP, which reimburses all levies (that are not subsumed by GST) paid on inputs consumed in exports.

Merchandise exports have been contracting since March.

India-US ‘limited’ deal to cover just 15% of trade – Details

The restoration of GSP benefits will mean dutyfree Indian supplies of over $6 billion a year (the tariff forgone for the US was $240 million in 2018).

This deal is expected to be almost evenly balanced in terms of trading value for both the partners and could be followed by talks on a potential free trade agreement (FTA).

Silver lining! India turned net exporter of chemicals after 10 years in FY 20

The data lend some credence to the claim that with right policy interventions, India’s chemicals sector can be a sustained driver of its merchandise exports.

The chemical and related products are clubbed together in 15 broad categories.

BAT signal: New tax likely on certain imports to provide domestic players a level-playing field

However, tweaking the Customs Act to slap the BAT will warrant a comprehensive exercise by the revenue department on the applicability and the quantum of such an impost on various goods.

As for refund of such levies, the government in March approved the Remission of Duties and Taxes on Exported Products scheme.

Rescuing HFCs: NHB disburses record Rs 25,000 crore in just 4 months

In fact, the NHB extended a total refinancing facility of a record Rs 31,250 crore in its last fiscal, up 24% from the year ago.

This was 91% of Rs 27,500 crore that the state-run re-financier handed out to HFCs in its last fiscal ended on June 30.

Policy reversal? Import tariffs up 4 pps since 2014, seem rising further

Also, despite a duty hike last year, imports of products like base metal mounting, fitting or similar items meant for furniture, etc, fell by only 3.7% y-o-y in FY20, when overall merchandise imports were down by as much as 7

Trade-weighted average tariff, too, rose from 7% to 10.3% between 2014 and 2018, the latest year for which the data are compiled.

China factor: India’s trade with Vietnam swings from big surplus to large deficit

Diversion basically serves two purposes: the essentially Chinese products enjoy duty-free access and it also doesn’t reflect in China’s overall massive trade surplus with India, which stood at a massive $48 billion in FY2

India’s famed services sector seems to be losing momentum – imports grow, surplus falls

This is despite the fact that global oil prices have mostly remained within the government’s comfort zone during this period.

Merchandise trade deficit has widened from $119 billion, or 18.5% of the overall goods trade, in FY16 to $161 billion (20.4% of such trade) in FY20.

Share of labour-rich exports starts to fall, threatens jobs; major drop in these key sectors

The International Monetary Fund (IMF) has predicted a 4.9% contraction for 2020 global GDP, warning that the Covid-19 outbreak has plunged the global economy into its worst recession since the Great Depression in 1930s.

$12 billion worth Chinese imports under government lens; customs duty may be hiked

As India considers steps to curtail cheap and substandard imports from China, it is set to start with raising basic customs duties on dozens of products.

After Bengal’s curbs on imports from Bangladesh, Dhaka stops Indian trucks

Move to retaliate after Bengal’s curbs on imports from Bangladesh to stop spread of Covid.

Bangladesh, India, China, Bangladesh stops indian trucks

RBI considering steps to ease pain of both lenders and borrowers; may do this for stressed firms

RBI is considering a proposal to grant a one-time restructuring of loans to soften the blow to both borrowers and lenders hit by the pandemic.

From the point of view of RBI, the challenge would be to regulate and supervise these 1,500-odd banks with the same rigour as is accorded to the commercial banks.

Now, China can’t even use Singapore route to push its FDIs into India – New Delhi planning this

Cash-rich Chinese firms seen routing India investments via the city nation which has free trade pact with New Delhi

Singapore replaced Mauritius as the largest source of FDI for India in FY19 and accounted for close to 30% of such inflows into equities in the last fiscal.

EU-Vietnam FTA: India’s labour-intensive export sectors to feel the heat, China may gain

Beijing to ramp up investments in SE Asian country, to overcome barriers to its direct trade with EU

The EU, India’s second-largest export destination, accounted for about 17% of the country’s total outbound shipment.

Point of no return? China border row adds to India’s unease over RCEP

Although the 15 other nations went ahead with the RCEP pact in November 2019, some of them (Japan and Australia, for instance) were keen to address India’s concerns.

“Given its tumultuous relations with the US and India now, China is trying to clinch the RCEP deal at the earliest,” said one of the sources.

H-1B visas: Why US President Donald Trump’s visa move will likely have a limited impact on India

However, if the US extends the period of suspension and retains the curbs for a much longer period even when its economy rebounds, Indian industry — especially IT — will be hit, analysts say.

UK, UK visa, UK visa for Indians, US work visa, how to get US work visa, US work visa cost, US visa cost, US work visa form, US visa form, UK digital visa processing tool, racism,

Finance ministry calls meet to review financial inclusion under Jan Dhan scheme

Sources told FE that general manager-level officers of various banks and NPCI have been asked to join the meeting at the department of financial services through a video conference.

This was part of the government’s Rs 21-lakh-crore relief package to help individuals and businesses tide over the Covid-19 pandemic.

China’s answer to India crackdown: Dragon eyes Bangladesh, Nepal with better trade deals

However, Indian exporters feel it will be tough for Bangladesh to ramp up supplies to China and improve trade balance, given Beijing’s typical use of non-tariff barriers to scuttle tariff concessions to trading partners.

So while the China-Bangaldesh trade is already heavily tilted in favour of Beijing, New Delhi’s trade ties with Dhaka are much more balanced.

Importing these items from China may get difficult; govt mulls stricter curbs amid India-China faceoff

New Delhi's earlier approach was to curb non-essential imports mainly through a hike in tariffs (it had raised duties on a number of electronic and other products in 2018).

current account, current account deficit, trade deficit,

Rules of origin: Govt steps up scrutiny of Chinese dumping

Customs officials have long suspected that China may be diverting its supplies to India via Asean nations, abusing rules of origin.

customs, custom clearance, contactless customs, turant customs,

Boycotting China is easier said than done: Why customers will be at losing end in bid to tame Dragon

Of course, with structural reforms and appropriate policy interventions in areas ranging from pharmaceuticals to mobile and auto parts, the domestic industry can build capacity, but that will be a longer term proposition.

IBC ordinance aims to prevent unnatural death of viable firms: IBBI chief Sahoo | INTERVIEW

MS Sahoo, the chairman of the insolvency regulator IBBI, says rescuing a viable company that employs people is far more important than failing to liquidate an unviable one during the current crisis when the market does not ha

No bar on invoking insolvency against personal guarantors: IBBI chairman

SBI recently took Anil Ambani to the Mumbai bench of the National Company Law Tribunal (NCLT) for personal guarantee given on loans worth over Rs 1,200 crore to Reliance Communications and Reliance Infratel.

IBC, insolvency & bankruptcy code, CIRP, corporate resolution

India to step up free trade agreement talks despite self-reliance mantra

“We have not abandoned the principle of free and fair trade. The government is very clear that ‘Atmanirbhar Bharat’ is neither protectionist nor isolationist.

Prime Minister Narendra Modi last month announced a Rs 21-lakh-crore relief packge, with the theme of “Atmanirbhar Bharat”.
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


Stock Market