Author at The Financial Express

Mineral royalties may soon be raised as govt mulls revision

Mineral-rich states such as Chhattisgarh, Jharkhand and Odisha are likely to mop up higher royalty receipts from the next fiscal, with the Centre considering a revision in the royalty rates.
Goa miners pinning hopes on Act after adverse Supreme Court ruling

Miners in Goa are now pinning hope on a provision of the MMDR (Amendment) Act, 2015 that states that leases renewed prior to the legislation shall be deemed to have been granted for 50 years.
Supreme order on MMDR Act impact: Miners stare at debilitating fines

Several state-run and private companies with principal or incidental interest in mining are being forced to cough up huge sums, potentially aggregating soon to Rs 1 lakh crore, as mineral-rich Odisha and Jharkhand have slapped recovery notices on them for “illegal mining”.
India set to beat Japan in steel output, become second largest producer

Becoming the second largest producer to be a milestone given the target of 300 MT capacity by 2030-31.
AK Chaudhary to take over as SAIL chief

Anil Kumar Chaudhary, now director finance st SAIL, has been chosen by the Public Enterprises Selection Board (PESB) to steer the company as its chairman.
Five PSU officials in fray for SAIL’s top job

Government head-hunter Public Enterprises Selection Board (PESB) is scheduled to interview the aspirants on March 1 for recommending the most suitable candidate for heading the state-run steel maker.
Road contract awards: GST slows down pace; here’s how

NHAI was to have awarded 10,000 km but had bid out some 2,697 km till end January. This was lower than the 2,912 km awarded in the April to January period of 2016-17.
EPFO reduces administrative charges to 0.5%

Over the last decade, the administrative account of the Employees Provident Fund Organisation (EPFO) consistently turned in considerable annual surpluses (see table), but it has reduced the administrative charge – ostensibly borne by employers but actually a cost to workers – only grudgingly.
Fewer strikes, lockouts in last 3 years

Number of workers affected due to strikes and lockouts in the January-October period of 2017, however, exceeded the respective numbers of 2016 and 2015
NCLT ruling: Insolvency OK even if plea for winding up is pending in HC

Insolvency proceedings can be started against a company even if the winding up petition against it is pending in a high court, the principal bench of the National Company Law Tribunal
Road construction pace up in April-January at 21.46 km a day

The pace of building highways picked up and touched 21.46 km a day in the April-January period of 2017-18 compared with 18.30 km per day in the same period last fiscal.
States to deposit funds collected under NMET to consolidated fund

States will now have to deposit the fund collected under the National Mineral Exploration Trust to the Consolidated Fund of India instead of the trust’s own bank account.
Payroll payoff: Here is how provident plan will create 5 lakh jobs in just FY19

Deriving the definition of formality for employees who are part of firms paying taxes under the goods and services tax (GST), the Economic Survey for 2017-18 arrived at the number of country’s formal employment at 11.2 crore.
Budget 2018: After 17 years, highway ministry loses control over road fund

MoRTH has invariably laid hands on bulk of the fund and enjoyed the discretion to allocate the monies to various highway projects implemented by itself and the NHAI. The ministry also allocates the funds to states and Union Territories for roads and for inter-state connectivity projects.
Budget 2018: Modi govt nudges firms to hire more

Budget 2018: The government will make the contribution to the EPFO for first three years and has allocated an amount of Rs 1,652 crore, which is more than three times the actual spend under the job-incentivising Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) in 2017-18.
Budget 2018 has a big rural push to create more jobs

Budget 2018: The union budget noted that currently a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new employees who have been employed for a minimum 240 days during the year.
Modi govt mulls linking MGNREGS wages to Consumer Price Index-Rural

The ministry of rural development is in talks with the finance ministry to change the wage calculation methodology for Mahatma Gandhi Rural Employment Guarantee Scheme using Consumer Price Index-Rural instead of CPI-Agricultural Labour.
Budget 2018: Remove import duty on scrap, says steel secretary Aruna Sharma

Budget 2018: On the back of increased exports and lower imports, rising prices have augured well for the country’s steel sector in recent times. The sector, however, expects relaxations on import duty on raw materials, crucial for production of the alloy.
Proud moment! India remains world’s 3rd largest steel producer for 3rd year in a row

India remained the world’s third-largest steel producer for the third year in a row in 2017 even after recording the highest production growth rate among major producing nations, World Steel Association (WSA) data showed.
Budget 2018: Aluminium makers demand increase in customs duty

Budget 2018: With their market share shrinking from 60% in 2010-11 to 47% in 2016-17, domestic primary aluminium makers such as Hindalco, Nalco and Vedanta have urged the government to increase basic customs duty in the Budget on the metal and the metal scrap to 10% each from 7.5% and 2.5%, respectively now.
November data: Rural wage growth slows down

The deceleration in wage growth threatens to add to rural distress and slow consumption
Fund mobilisation: NHAI to float arms, start listing process in early FY19

While budgetary support, fundraising via debt have been on the rise, workload given to NHAI has also been increasing.
Mines auctions: Firms may get right of first refusal for mining of areas explored

The government has proposed to accord exploration companies the right of first refusal at the time of auction of mines they had explored.
Highway construction: Pace rises but targets missed

Construction of highways gathered pace to touch 20.6 km per day during April-November this year, from 16.7 km a day in the year-ago period, though even the improved rate is a far cry from road transport and highways minister Nitin Gadkari’s target of building these roads at a scorching pace of 41km per day.
Rs 6000 cr package for labour intensive garments sector falls short of target

Around a year and a half since launch, the Rs 6,000-crore package for the labour-intensive garments sector, which included freedom to mills to have fixed-term employees, has accomplished much less than envisaged.
EPF and ESIC: Modi government hits brakes on plans to widen cover

The government has developed cold feet on a plan to extend the benefits (provident fund, insurance & pension) under the Employees’ Provident Fund (EPF) scheme to unorganised sector workers, who are 90% of the country’s 50-crore workforce. A
Coming soon! Fixed-term jobs in all sectors

Already allowed in garments and leather, these come with all entitlements of regular ones.

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