Indian Economy-News & Updates

[Hindustani78]

Ministry of Personnel, Public Grievances & Pensions
21-August, 2018 19:39 IST
Shri M. Damodaran delivers 34th lecture of CVC Lecture Series

Empowerment, Incentivisation and Accountability needed in Public Sector: Shri Damodaran Practice of Governance in the Public Sector needs to be improved, says Shri Damodaran

Shri M.Damodaran, former Chairman, SEBI delivered the 34th lecture of the “Lecture Series” organized by the Central Vigilance Commission (CVC) here today. He spoke on the topic “Corporate Governance in Public Sector”.

He emphasized the importance of public sector vis a vis private sector in the Indian economy. He said that India needs a healthy public sector due to its size and diversity. He also spoke about various issues that are affecting the functioning of public sector, notably the need for making a distinction between ownership and management in context of public sector. He said that root of the problem in public sector is the inability to distinguish between the two. Practice of governance in the Public sector needed to be improved, he said.

He explained this using several examples such as recruitment policies, appointment of independent Directors, performance and extension of tenure of apex management, among others. He said there are two main issues in corporate governance i.e. conflict of interest and asymmetry of information. He also added that Government, as the largest shareholder in many units, should be responsible for these aspects.


Good corporate governance increases the value of the company and increases returns to the shareholders. He termed it as 'Governance Premium' as opposed to ‘Governance Discount’ and stated that this was desirable to increase the value of Public Sector Enterprises for the benefit of the nation.

He also spoke on banking related issues such as NPAs. He said that there is a difference between NPAs and frauds. NPAs can arise because of many reasons, he added.

He said that Empowerment, Incentivisation and Accountability are needed in public sector.

Full time and part time CVOs based in Delhi/NCR attended the lecture along with CMDs, Board of Directors and Managers of Public Sector Enterprises as well as officers of the vigilance administration. The lecture was webcast live through NIC and can be viewed online. The web page link will be available on www.cvc.nic.in.

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The former Chairman of SEBI, Shri M. Damodaran delivering the 34th lecture of the “Lecture Series”, organised by the Central Vigilance Commission (CVC), in New Delhi on August 21, 2018.

The former Chairman of SEBI, Shri M. Damodaran delivering the 34th lecture of the “Lecture Series”, organised by the Central Vigilance Commission (CVC), in New Delhi on August 21, 2018. The Central Vigilance Commissioner, Shri K.V. Chowdary and the Vigilance Commissioners, Dr. T.M. Bhasin and Shri Sharad Kumar are also seen.

 

[Hindustani78]

Ministry of Labour & Employment
23-August, 2018 17:42 IST
Two New Facilities for ESIC Beneficiaries Launched

In order to empower Insured Persons and their beneficiaries and create awareness among other Stakeholders, ESIC has come up with two new user friendly initiatives. The initiatives include the facility of ‘IVR (Interactive Voice Response)/Help Desk' for ESIC Toll Free No. - 1XXX-XX-2526 and production of seven Audio-Visual clips on ESI Benefits.

ESIC has started recently a landmark facility with 'Launching of IVR / Help Desk' for ESIC Toll Free No. - 1XXX-XX-2526. Apart from on the spot redressal of callers' queries, this facility also receives the complaints / grievances simultaneously. Complaints requiring longer period are given unique ticket number and forwarded to PG Portal of ESIC for early redressal. The callers are satisfied and happy to experience interactive response from 'Help Desk' for the first time. On an average, more than 1000 calls are received daily and are attended to the utmost satisfaction of the callers.

To educate and spread awareness about ESI Benefits among the Stakeholders, mainly the workforce, ESIC has produced seven Audio-Visuals using info graphics and simple language. These Audio-Visuals are already available on You Tube (ESIC HQ You Tube Channel) and the response is very encouraging.

The Audio-Visual clips have been produced for ‘UMANG’ platform of Govt. of India which will host the ESIC Mobile App ‘Chinta Se Mukti’. The App will be launched very shortly. The Audio-Visual clips are also being produced in English and all other major regional languages for the benefit of ESIC Insured Persons spread across the country.

The Clips will help all the Stakeholders, Insured Persons and their family members, employers and employees of ESIC to understand the various benefits being provided under ESI Scheme.

Union Minister of State for Labour & Employment Shri Santosh Kumar Gangwar has expressed hope that the launch of user friendly initiatives by ESIC will certainly empower the work force of the country.





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[Hindustani78]

Ministry of Railways
23-August, 2018 19:32 IST
Shri Piyush Goyal, Minister of Railways & Coal reviews the performance of Central Railway, Western Railway & Konkan Railway

Shri Piyush Goyal, Minister of Railways & Coal reviewed the performance of Zonal Railways viz Central Railway, Western Railway & Konkan Railway with the General Managers and other senior officials of Zonal Railways & Konkan Railway in Mumbai today i.e.23rd August, 2018.

He reiterated that punctuality of the trains needs to be improved without affecting the routine maintenance work related to Safety of passengers. Minister of Railways & Coal has stressed upon the following points:

• All blocks should be planned, timetabled and all works to be combined so as to have minimum affect on punctuality. Priority of Blocks should be for short term projects. The works should be undertaken without affecting punctuality.
• Feasibility of having a new main line terminal at Vasai Road may be explored.
• Traffic facility works of Western Railway amounting to ₹16cr, as proposed by General Manager, was immediately sanctioned.
• In addition to 51 stations of Western Railway already beautified, more stations should be undertaken for beautification. Local ethos and History should reflect on facade of stations.
• Special emphasis to be given on Clean Toilets. All toilets should have proper lighting, upkeep, doors, proper seats and water tanks.
• New methods to be adapted to reduce watering time in coaches. Efforts should be made in such a way that maximum time allowed for watering of trains should not be more than 5 minutes.
• Manual cleaning of train exterior should be avoided. All exterior cleaning should be done using mechanized technology.
• Conventional Hand towels provided in trains needs to be replaced with disposable hand towels.
• All base kitchens should be upgraded. Live video feed of all base kitchens should be compulsorily ensured and should be available for public to view..
• All ticket checking staff and catering staff should be provided with Point of Sale (POS) machines.
• All payment details by contractor to labourers should be made available online.
• Cleaning of AC coaches ducts has to be done properly to improve air quality inside coaches.
• Jan Aushadhi Stores should be opened at stations to make generic medicines available at stations.
• Efforts should be made to paste the menu of eatables with rate lists in all the coaches for the guidance of travellers.
• Minister of Railways & Coal reviewed performance of vacuum bio-toilets installed in coaches by Central Railway. He suggested to explore feasibility of introducing these vacuum bio toilets in all premium trains.

*****

 

[Hindustani78]

Ministry of Information & Broadcasting
24-August, 2018 18:47 IST
Secretary Information & Broadcasting Releases “Yojana – Special Issue on Employment and Self Employment”

Secretary Information & Broadcasting Shri Amit Khare released Yojana - Special Issue on Employment and Self Employment here today. The theme for the special Issue on “Employment and Self Employment” was selected based on the recent reports as well as observations by economists, that employment related data did not accurately reflect the status of employment and employment generation in our country.

The articles in the issue have been authored by Secretaries to the Government of India, experts from professional organisations like FICCI and the Think Tank Niti Aayog, presenting a holistic view about various dimensions of the theme.

Various aspects of the theme ranging from need for credible employment data to advantages of payroll reporting, creating livelihood opportunities in urban and rural areas to MSMEs as new engines of employment; entrepreneurship as a key to employment generation to dimensions of the Indian labour market, have all been comprehensively analyzed in the issue. Success stories relating to various programmes like Mudra have also been featured in the issue.

Director General, Publications Division, Ministry of I&B Smt Sadhana Rout and other senior officials of the Ministry were also present during the event.

About Yojana:

Yojana is a widely circulated theme based journal brought out by Publications Division, Ministry of Information & Broadcasting. Published in 13 languages, the journal has a combined circulation of about 2 lakhs and readership of over 8 lakhs. The journal provides a forum for discussion on subjects relating to planning and development and other socio-economic issues of the country and also seeks to provide feedback to the policy makers. It is valued by scholars and students and analysts as well as common readers for in-depth analysis on various topics. The journal during last one year has focused on contemporary issues like Demonetisation, GST, Social Security, Banking Reforms, Union Budget 2018-19, India on the Move, MSMEs and Consumer Awareness. Eminent authors, with expertise in their respective fields, have been contributing to the journal. This includes Secretaries to the Government of India.

***

 

[Hindustani78]

The Chairman, Railway Board, Shri Ashwani Lohani participating in a tree plantation drive, at Rail Bhavan, New Delhi on August 24, 2018.

The Chairman, Railway Board, Shri Ashwani Lohani along with the Member Traffic, Railway Board, Shri Girish Pillai, the Secretary, Railway Board, Shri Ranjanesh Sahai and Railway officials participating in a tree plantation drive, at Rail Bhavan, New Delhi on August 24, 2018.

 

[Hindustani78]

Ministry of Railways
25-August, 2018 12:31 IST
Shri Piyush Goyal flags off new train service Naini-Doon Janshatabdi Express between Kathgodam- Dehradun

Shri Piyush Goyal, Minister of Railways & Coal, flagged off 12091/12092 Kathgodam-Dehradun Naini-Doon Janshatabdi Express (5 Days A Week) today through video conferencing from Rail Bhavan. Shri Ashwani Lohani, Chairman, Railway Board, Shri Girish Pillai, Member Traffic, Railway Board & other senior official were present during the occasion. This new train will provide additional service between Kathgodam and Dehradun.

Speaking on this occasion, Shri Piyush Goyal said, “The new train will connect two important destinations for tourism i.e. Dehradun (Mussorie) & Kathgodam (Nainital). This new train will also bring development to the region as it will connect important business cities like Rudrapur & Moradabad in Uttar Pradesh.” He further said that the new train will help daily passengers who travel on this route & want to reach home same day. He also congratulated the people of Uttarakhand for the launch of this new train service.

The abstract schedule including timings, composition, days of run etc. of the train service flagged off today is as under:

12092 Kathgodam-Dehradun Naini-Doon

Janshatabdi Express



Station

12091 Dehradun- Kathgodam

Naini-Doon Janshatabdi Express

Dep. 05.15

Kathgodam

Arr. 23.50

06.05/06.10

Lalkuan

22.40/22.45

06.26/06.28

Rudrapur City

22.01/22.03

07.40/07.42

Rampur

21.18/21.20

08.22/08.30

Moradabad

20.37/20.45

09.58/10.00

Najibabad

18.53/18.55

11.10/11.15

Haridwar

17.30/17.35

Arr. 12.30

Dehradun

Dep 16.15

7 Hrs 20 Min.

Time of run

7 Hrs 25 Min.

334 Kms

Distance

334 Kms

1. Days Of Run: Monday, Tuesday, Wednesday, Friday and Saturday.
2. Composition: GS-3 (Second-class coach), GSCZ-5 (second class chair car), GSCZAC-2 (AC chair car) , SLR/SLRD-2 (Second-class Luggage/parcel van + guard van)= 12 Coaches.
3. Commercial Stoppages: Haldwani, Lalkuan, Rudrapur City, Rampur, Moradabad, Najibabad and Haridwar.

*****

MKV/ENS

 

[Hindustani78]

Ministry of Finance
27-August, 2018 18:48 IST
Auction for Sale (Re-issue) of Government Stocks

The Government of India has announced the Sale (Re-issue) of (i) “6.65 per cent Government Stock, 2020” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, (ii) “7.59 per cent Government Stock, 2026” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, (iii) “GoI Floating Rate Bond 2031” for a notified amount of Rs. 3,000 crore (nominal) through price based auction,(iv) “6.57 per cent Government Stock, 2033” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, and (v) “7.72 per cent Government Stock, 2055” for a notified amount of Rs. 3,000 crore (nominal) through price based auction. Subject to the limit of Rs. 12,000 crore, being total notified amount, GoI will have the option to retain additional subscription up to Rs. 1,000 crore each against any one or more of the above securities. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India (RBI), Mumbai Office, Fort, Mumbai onAugust 31, 2018 (Friday).



Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.



Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on August 31, 2018. The non-competitive bids should be submitted between 10.30 a.m. and11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and12.00 noon.



The result of the auctions will be announced on August 31, 2018 (Friday) and payment by successful bidders will be on September 3, 2018 (Monday).

The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.



******

 

[Hindustani78]

Ministry of Railways
28-August, 2018 17:07 IST
Shri Piyush Goyal, Minister of Railways & Coal, inaugurates Smart Railway Conclave organised by FICCI, in New Delhi

Shri Piyush Goyal stressed upon that instead of looking into the narrow prism of our business interest, it may be much better if we start looking in the perspective of what is good for the country and the Railways Minister of Railways & Coal reiterates Government’s commitment to ensure a smart Railway and a smart nation so that every citizen of India gets a better future Minister of Railways & Coal emphasizes on smart planning, smart project implementation being put into effect holistically in Railways

Shri Piyush Goyal, Minister of Railways & Coal, inaugurates Smart Railway Conclave organised by FICCI, in New Delhi today. In his opening remarks, he reiterated Government’s commitment to ensure a smart Railway and a smart nation so that every citizen of India gets a better future. He also emphasised on smart planning, smart project implementation being put into effect holistically in Railways.

Speaking on the occasion, Shri Piyush Goyal said, “India has undoubtedly the unique opportunity to leapfrog. But before that, some basic elements will have to be sorted out, and that's what this Government has focused on over the last four years. Over 64 years of Independence till 2014, the infrastructure in Railways growing by merely about 12%. Due to parcelling out small amounts of money over different projects, cost kept escalating. We still have some projects which were started in the Emergency. There was a total investment in Railways from 2009-14 of ₹ 2.3 lakh crore. The Government has ramped it up to ₹ 5.3 Lakh crores. But it's not about ramping up, but about how you invest that money. Under the leadership of Prime Minster Shri Narendra Modi, I have the courage of conviction to say that we are influencing the future in a positive, progressive and smart direction. We'll have to start thinking, planning, and working smartly. I think that's the change that you would have seen the last 4 years. As they say "Everyone has a sense that right now is one of those moments that we are influencing the future". With the debate on the bullet train, I believe that it's our duty to engage with most modern technology and bring it to India and let the people of India enjoy the benefits of the best in class”.

Talking about several initiatives undertaken to transform Railways as a smart transporter, Shri Piyush Goyal said that while deliberating on possibilities and solutions, it is important to keep the practicality in mind.

For Railways, it is a network working 22000 trains a day, chugging from remotest corners and smart solutions have to found within this frame. For punctuality, instead of the station master recording the time, data loggers have been put at interchange points which would be computer generated. A small step, but it brought accuracy and reflected the truth. Between 1st April, 2018 and today, it has improved it to 73-74%.

Indian Railway is working on putting a GPS device on every locomotive so that every train can be tracked on mobile phones knowing exactly where they are. Electrification of Railways has been taken vigorously which will save $2 billion every year. Railways’ engineers have figured out a solution for diesel engines: the cost for overhauling the diesel engine, same or less will be spent on converting it to electric. So without spending a dollar, Railways can have a new engine. Efficient engines with cost efficiency as well, electric engines will have a huge impact on India's carbon footprint.

The best strategies are being explored so that instead of sudden traffic blocks, Railways can have smarter time tables. With competitive bidding, efficiency takes centre stage both ways, in the Railways and industry. A protectionist approach cannot be adopted because the country is not going to pay for inefficiency.

Railways is focusing on smarter project implementation. Railways is reviewing to engage itself with artificial intelligence. There's a lot which can be done with data being put to use with predictive maintenance, better monitoring and utilization of assets and better passenger service.

Once, Railways change over to smarter signalling, focus on removing permanent speed restrictions, getting 150,000 bridges audited and improved, there is immense potential in Railways. Indian Railways has also planned to make 6,000 Railway stations to be all Wi-Fi enabled.



***

 

[Hindustani78]

Prime Minister's Office
29-August, 2018 17:48 IST
PM’s interaction through PRAGATI

The Prime Minister, Shri Narendra Modi, today chaired his twenty-eighth interaction through PRAGATI - the ICT-based, multi-modal platform for Pro-Active Governance and Timely Implementation.

The Prime Minister reviewed the progress in resolution of grievances related to income tax. Finance Ministry officials briefed him on the progress made in this regard. The Prime Minister reiterated that all systems should be made technology-driven, and human interface should be reduced to the minimum. Noting the progress made in bringing corrupt officials to book, the Prime Minister said that the various initiatives and measures taken by the Income Tax Department to facilitate the people, should be communicated to all taxpayers suitably.

The 27 PRAGATI meetings so far have seen a cumulative review of projects with a total investment of over Rs. 11.5 lakh crore. Resolution of Public Grievances has also been reviewed across a range of sectors.

Today, in the twenty-eighth meeting, the Prime Minister reviewed the progress of nine important infrastructure projects in the railway, road, and petroleum sectors. These projects are spread over several states including Andhra Pradesh, Assam, Gujarat, Delhi, Haryana, Tamil Nadu, Odisha, Karnataka, Punjab, Uttar Pradesh and Uttarakhand.

The Prime Minister reviewed the progress made towards rollout of the Pradhan Mantri Jan Arogya Yojana, under Ayushman Bharat. He also reviewed the progress of the Pradhan Mantri Jan Aushadhi Pariyojana.



***

The Secretary, Department of Economic Affairs, Shri S.C. Garg addressing a press conference, in New Delhi on August 29, 2018.

The Secretary, Department of Economic Affairs, Shri S.C. Garg addressing a press conference, in New Delhi on August 29, 2018.

 

[Hindustani78]

Ministry of Railways
30-August, 2018 16:58 IST
Indian Railways and GAIL (India) Limited sign an MoU for Use of Natural Gas in Railway Workshops and Production Units

In order to replace Industrial gases like Dissolved Acetylene, LPG, BMCG and Furnace Oil / High Speed Diesel (HSD) oil with environment friendly Natural Gas, Indian Railways has signed a Memorandum of Understanding (MoU) with M/s GAIL (India) Limited, to provide infrastructure facilities for supply of Natural Gas to Indian Railways Workshops, Production Units and Depots today at Rail Bhavan in presence of Shri Ashwani Lohani, Chairman, Railway Board & Shri B. C. Tripathi, CMD GAIL.

The MoU was signed by Shri Chetram, CAO/ Indian Railway Organization for Alternate Fuels (IROAF) on behalf of Indian Railways and Shri Gajendra Singh, Director (Marketing) from GAIL (India) Limited.

This MoU is a broad based, in principle agreement, between GAIL and Indian Railways for creation of infrastructure and supply of CNG/LNG/PNG for both industrial and domestic purposes. Out of 54 workshops and PUs, 23 workshops have been identified in the first phase for replacement of Industrial Gases with Natural Gas. In domestic segment, in Railway colony, Bhubaneswar, about 1100 houses have been provided with D-PNG supply.

The use of Natural Gas has potential to replace about 844027 cubic meter of Acetylene, 2354425 Kg of LPG and 140991 Kg of BMCG and 5500 KL of HSD/Furnace oil worth Rs. 70 crore per annum. Replacement by Natural Gases is likely to result into a saving of about Rs. 20 crore per annum to Indian Railways.

Speaking on the occasion, Shri Ashwani Lohani, Chairman Railway Board directed that all 23 workshops should start using Natural Gas by 31st December 2018, and further that all 54 workshops and Production Units should be covered by 30th June 2019. Chairman Railway Board further directed that all railway establishments, including base kitchens of IRCTC, all guest houses and hostels and Railway divisions should start using Natural Gas by 30th June 2019. It was also decided that GAIL and IROAF would prepare a report on implementation of Natural Gas in Railway workshops by 30th September 2018.



Backgrounder:-

The pilot project at Matunga workshop and Kota Workshop has been commissioned and supply of Natural Gas has commenced. The Carriage Repair Work Shop at Matunga has begun using CNG in place of Dissolved Acetylene/LPG and expected saving are Rs 20 lakhs per annum. Similarly the use of Natural Gas in lieu of Industrial Gases has also commenced in Kota Workshop of West Central Railway, where the expected saving is Rs 21 Lakh per annum.

The use of CNG has been taken up by Rail Wheel Factory, Bengaluru and natural gas is being used in lieu of HSD in the Draw Furnace of Wheel Shop and all the three furnaces of Axle Shop, leading to a saving of 410 KL of HSD oil per month which amounts to an annual saving of Rs 8-10 Crores at RWF itself, besides, reducing the CO2 emission about by 28%.

Besides the huge benefits to the environment by reducing harmful greenhouse emissions, the replacement of industrial gases and furnace oils with Natural Gas also results in cost benefits with potential for huge savings which has been estimated to the order of Rs. 20 Crs. per annum over all Workshops/ Production Units/ Depots & residential colonies of Indian Railways.

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[Hindustani78]

Ministry of Commerce & Industry
31-August, 2018 17:03 IST
Index of Eight Core Industries (Base: 2011-12=100) July, 2018

The summary of the Index of Eight Core Industries (base: 2011-12) is given at the Annexure.

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stands at 128.4 in July, 2018, which was 6.6per centhigheras compared to the index of July, 2017. Its cumulative growth during April to July, 2018-19was 5.8per cent.

Coal

Coal production (weight: 10.33per cent)increased by 9.7 per cent in July, 2018 over July, 2017. Its cumulative index increased by 12.3 per centduring April to July, 2018-19over corresponding period of the previous year.

Crude Oil

Crude Oil production (weight: 8.98per cent) declinedby 5.4 per cent in July, 2018 over July, 2017. Its cumulative index declined by 3.2 per centduring April to July, 2018-19over the corresponding period of previous year.

Natural Gas

The Natural Gas production (weight: 6.88per cent) declined by 5.2per cent in July, 2018 over July, 2017. Its cumulative index declined by 1.1 per centduring April to July, 2018-19 over the corresponding period of previous year.



Refinery Products

Petroleum Refinery production (weight: 28.04per cent) increased by 12.3 per cent in July, 2018 over July, 2017. Its cumulative index increased by 8.0 per centduring April to July, 2018-19over the corresponding period of previous year.

Fertilizers

Fertilizers production (weight: 2.63 per cent) increased by 1.3 per cent in July, 2018 over July, 2017. Its cumulative index increased by 3.7 per centduring April to July, 2018-19 over the corresponding period of previous year.

Steel

Steel production (weight: 17.92per cent)increasedby 6.0 per cent in July, 2018 over July, 2017. Its cumulative index increased by 3.2per centduring April to July, 2018-19 over the corresponding period of previous year.

Cement

Cement production (weight: 5.37per cent) increasedby 10.8per cent in July, 2018over July, 2017. Its cumulative index increased by 14.7per centduring April to July, 2018-19over the corresponding period of previous year.

Electricity

Electricity generation (weight: 19.85per cent) increased by4.8per centin July, 2018over July, 2017. Its cumulative indexincreased by4.8per cent duringApril to July, 2018-19over the corresponding period of previous year.

Note 1: Data for May, 2018, June, 2018 and July, 2018are provisional.

Note 2: Since April, 2014, Electricity generation data from Renewable sources are also included.

Note 3: The industry-wise weights indicated above are individual industry weight derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

Note 4: Release of the index for August, 2018 will be on Monday, 1stOctober, 2018.



Annexure

Performance of Eight Core Industries

Yearly Index & Growth Rate
Base Year: 2011-12=100



Index

Sector

Weight

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

Apr-Jul 2017-18

Apr-Jul 2018-19

Coal

10.3335

103.2

104.2

112.6

118.0

121.8

124.9

105.3

118.2

Crude Oil

8.9833

99.4

99.2

98.4

97.0

94.5

93.7

95.2

92.2

Natural Gas

6.8768

85.6

74.5

70.5

67.2

66.5

68.4

68.7

67.9

Refinery Products

28.0376

107.2

108.6

108.8

114.1

119.7

125.2

120.1

129.7

Fertilizers

2.6276

96.7

98.1

99.4

106.4

106.6

106.6

100.8

104.5

Steel

17.9166

107.9

115.8

121.7

120.2

133.1

140.5

136.6

141.0

Cement

5.3720

107.5

111.5

118.1

123.5

122.0

129.7

126.3

144.8

Electricity

19.8530

104.0

110.3

126.6

133.8

141.6

149.2

152.0

159.4

Overall Index

100.0000

103.8

106.5

111.7

115.1

120.5

125.7

121.9

128.9





Growth Rates(in per cent)

Sector

Weight

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

Apr-Jul 2017-18

Apr-Jul 2018-19

Coal

10.3335

3.2

1.0

8.0

4.8

3.2

2.6

-3.3

12.3

Crude Oil

8.9833

-0.6

-0.2

-0.9

-1.4

-2.5

-0.9

0.1

-3.2

Natural Gas

6.8768

-14.4

-12.9

-5.3

-4.7

-1.0

2.9

4.9

-1.1

Refinery Products

28.0376

7.2

1.4

0.2

4.9

4.9

4.6

0.7

8.0

Fertilizers

2.6276

-3.3

1.5

1.3

7.0

0.2

0.03

-0.9

3.7

Steel

17.9166

7.9

7.3

5.1

-1.3

10.7

5.6

7.0

3.2

Cement

5.3720

7.5

3.7

5.9

4.6

-1.2

6.3

-2.3

14.7

Electricity

19.8530

4.0

6.1

14.8

5.7

5.8

5.3

5.6

4.8

Overall Index

100.0000

3.8

2.6

4.9

3.0

4.8

4.3

2.6

5.8



Performance of Eight Core Industries

Monthly Index & Growth Rate
Base Year: 2011-12=100

Index

Sector

Coal

Crude Oil

Natural Gas

Refinery Products

Fertilizers

Steel

Cement

Electricity

Overall Index

Weight

10.3335

8.9833

6.8768

28.0376

2.6276

17.9166

5.3720

19.8530

100.0000

Jul-17

98.5

96.4

72.2

119.4

108.6

131.3

122.4

151.9

120.4

Aug-17

101.3

95.1

69.5

121.6

115.4

139.0

117.3

155.4

123.0

Sep-17

103.1

92.0

68.8

122.7

105.3

138.7

119.8

150.5

122.0

Oct-17

119.4

95.7

71.0

132.1

116.8

146.7

125.2

149.8

128.7

Nov-17

133.5

90.8

68.5

126.0

111.8

137.5

125.4

140.1

124.1

Dec-17

142.6

94.2

69.2

133.1

112.1

138.0

135.3

143.9

128.8

Jan-18

149.5

93.8

67.6

135.4

105.5

145.0

140.6

149.5

132.5

Feb-18

143.2

86.1

62.1

120.9

102.2

141.7

138.0

136.1

123.2

Mar-18

184.9

95.8

69.8

130.3

107.0

153.2

149.6

156.7

138.5

Apr-18

118.8

91.8

67.1

119.1

93.1

138.1

149.1

153.7

124.3

May-18

125.4

94.8

68.7

131.6

106.6

143.9

145.3

164.7

132.2

Jun-18

120.3

90.9

67.4

133.8

108.3

142.7

149.5

159.9

131.0

Jul-18

108.1

91.2

68.5

134.1

110.0

139.2

135.5

159.2

128.4





Growth Rates (in per cent)

Sector

Coal

Crude Oil

Natural Gas

Refinery Products

Fertilizers

Steel

Cement

Electricity

Overall Index

Weight

10.3335

8.9833

6.8768

28.0376

2.6276

17.9166

5.3720

19.8530

100.0000

Jul-17

0.6

-0.5

6.6

-2.7

0.2

9.4

1.0

6.6

2.9

Aug-17

15.4

-1.6

4.2

2.4

-0.6

2.2

0.7

8.3

4.4

Sep-17

10.4

0.1

6.3

8.1

-7.7

3.7

0.1

3.4

4.7

Oct-17

3.9

-0.4

2.8

7.5

3.0

8.6

-1.3

3.2

5.0

Nov-17

0.7

0.2

2.4

8.2

0.3

14.5

16.9

3.9

6.9

Dec-17

0.4

-2.1

1.1

6.6

3.0

0.4

17.7

4.4

3.8

Jan-18

3.8

-3.2

-1.2

11.0

-1.6

1.7

19.6

7.7

6.2

Feb-18

1.3

-2.4

-1.8

7.8

5.2

5.0

23.0

4.6

5.4

Mar-18

9.1

-1.6

1.0

1.1

3.2

4.7

13.5

6.0

4.5

Apr-18

15.2

-0.8

5.7

2.7

4.6

3.0

21.9

2.1

4.7

May-18

12.2

-2.9

-1.4

4.9

8.4

0.7

13.0

4.1

4.3

Jun-18

11.8

-3.4

-2.7

12.1

1.0

3.4

13.2

8.4

7.6

Jul-18

9.7

-5.4

-5.2

12.3

1.3

6.0

10.8

4.8

6.6



***

The Secretary, Department of Economic Affairs, Shri S.C. Garg addressing a press conference, in New Delhi on August 31, 2018.

 

[Hindustani78]

Ministry of Railways
04-September, 2018 18:58 IST
Shri Manoj Sinha inaugurates Conference on E- Mobility organised by Indian Railways & NITI Aayog

Conference on E-Mobility in Indian Railways Concludes with Significant Propositions

A Conference on “E-Mobility in Indian Railways” organized by Ministry of Railways through Institution of Railways Electrical Engineers (IREE) in association with NITI Aayog concluded here today.

The one-day conference inaugurated by the Minister of State of Communication (I/C) and Minister of State of Railways, Shri Manoj Sinha was a pre-cursor to the “Move: Global Mobility Summit” organized by NITI Aayog on 7th and 8th Sept.’18. CEO, NITI Aayog, Shri Amitabh Kant; Chairman, Railway Board, Shri Ashwani Lohani; Member Traction, Railway Board, & Patron, IREE, Shri Ghanshyam Singh, other Members of Railway Board, Additional Member Electrical, Railway Board & President, IREE, Ms. Manju Gupta, and senior officials were also present on the occasion.

While speaking on the occasion, Shri Manoj Sinha has stated that Ministry of Railways has decided to accelerate the pace of electrification and adopt EPC mode of tendering for RE projects. He has stated that after the proposed electrification of railway lines, Rs. 13,000 crore per annum could be saved in fuel bill and also reduce the carbon emissions by around 3.4 million tonnes per annum. He has stated that the actual savings due to initiatives in energy procurement has so far been Rs. 7504 crore, higher than as envisaged in Mission 41k. He has also stated that Indian Railways should increase their solar power target and has to lead this segment in the country and also go with the vision of Hon’ble Prime Minister’s Clean and Green energy. He has stated that Indian Railways should look into the options of Ethanol blending. He has hoped that this seminar would bring out new ideas and initiatives to make Indian Railways more efficient, preferred and greener mode of transport and also enable Indian Railways become a growth engine in the economic development of the nation.

Shri Amitabh Kant has stated that with increased urbanization in the country, we should pay more emphasis on E-mobility powered by clean energy to improve the living conditions. He stated that solar is a sunrise industry with potential for huge employment opportunities and Indian Railways should become a growth engine in promoting electric mobility systems in the country, capture the global opportunities in this field and also become a model to the other nations. He stated the need for more research in the energy storage technology for taking ahead renewable energy options further. He stated that Indian Railways should take benefit of the competitive pricing in the solar technology and maximize the solar power generation.

Shri Ashwini Lohani stated that Indian Railway should improve the productivity in the areas of function and become an excellent public transport system. He has stated that electrification of railway lines has been identified as one of the major potential area for reducing the expenditure of Indian Railways. He also voted for seamless movement of traffic between different modes of transport, and ease of sharing revenue, increase the speed of freight trains, improved terminals and their integration. He stated that with DFC in pipeline and the need for right powering of trains, there is an increased requirement for electric locomotives. He also stated that Indian Railways will grow and meet the aspirations of the people.

Shri Ghanshyam Singh provided a brief on the activities of Traction Directorate, achievements in the last one year and action plan for the future. He stated that Indian Railways has achieved the highest ever electrification of 4087 Rkm during 2017-’18 and has planned to increase this execution capacity further. He has stated that to face the challenges posed by the accelerated electrification in terms of availability of electric locomotives and utilisation of diesel locomotives, the in-house production of electric locomotives has been increased and the first in the world initiative of conversion of diesel locomotives to electric locomotives has been undertaken. More than this conversion, the converted electric locomotive will have 92% more power as compared to the diesel locomotive. He stated that by adoption of LEDs, renewable energy and open access in non- traction areas, annual saving of around Rs. 1100 Crore is envisaged. He hoped that this conference shall bring out some innovative ways to be employed in railway electrification field, latest available technology for electrification, Rolling stock and energy storage systems.

Ms. Manju Gupta while delivering the welcome speech has stated that the focus of E-mobility is moving towards electric driven vehicles from the traditional fossil based ones. She has also stated that the technological advancements and reduction in the costs is driving the world towards renewable energy, electric vehicles and against this background, this conference on E-Mobility is being organized by Indian Railways in association with NITI Aayog.

Around 300 numbers of delegates from Ministry of Railways, Central Ministries, various Public Sector Undertakings, and industry partners have attended the conference.

The conference had technical sessions on Energy and Storage systems, Railway Electrification and emerging technologies in Rolling Stock. The session on energy storage technology has presented the latest technology in storage systems which can store more energy per unit volume, less maintenance, and increased life. The session has also deliberated on the provisions of the Electricity Act 2003 and as to how Indian Railways can benefit from these provisions. The optimum use of solar with thermal power for the traction applications was also deliberated. The session on railway electrification has presented the mechanized means of execution of railway electrification for cost effective and time bound completion of the projects.

The session has also a presentation on Push Pull Mode of train operation with locomotive on front and rear of the passenger train and its advantages as compared to train set. The session on distributed wireless control system has deliberated on the technical advantages and flexibility that the system provides with respect to operations. Session also discussed remote monitoring of the locomotives including monitoring the locomotive parameters on real time basis, reducing the failure of the locomotive and using this system for maintenance of locomotive. The session has also a presentation on end of train telemetry system for control of freight trains including its advantages in terms of reduced expenditure by doing away with train guard and increased revenue by providing earning wagon in place of guard van.

*****

The Minister of State for Communications (I/C) and Railways, Shri Manoj Sinha lighting the lamp to inaugurate the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018. The CEO, NITI Aayog, Shri Amitabh Kant and the Chairman, Railway Board, Shri Ashwani Lohani are also seen.

The Minister of State for Communications (I/C) and Railways, Shri Manoj Sinha at the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018. The CEO, NITI Aayog, Shri Amitabh Kant, the Chairman, Railway Board, Shri Ashwani Lohani and other dignitaries are also seen.

The Minister of State for Communications (I/C) and Railways, Shri Manoj Sinha addressing the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018.

The Minister of State for Communications (I/C) and Railways, Shri Manoj Sinha addressing the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018.

The Minister of State for Communications (I/C) and Railways, Shri Manoj Sinha addressing the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018.

The CEO, NITI Aayog, Shri Amitabh Kant addressing the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018.

The Chairman, Railway Board, Shri Ashwani Lohani addressing the Conference on “E-Mobility in Indian Railways”, organised by the Indian Railways and NITI Aayog, in New Delhi on September 04, 2018.

 

[Hindustani78]

The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley being presented a dividend cheque by the CMDs (Joint Charge), The New India Assurance Company Ltd., Shri Hemant G. Rokade, Director & General Manager and Shri C. Narambunathan, Director, General Manager & Financial Advisor, in New Delhi on September 04, 2018.

 

[Hindustani78]

Ministry of Finance
05-September, 2018 19:01 IST
Finance Commission of India holds third consultation with economists in Chennai, challenges in making projections for the award period discussed

Ahead of its meeting with the Govt. of Tamil Nadu, Finance Commission held its third consultation with the leading economists of the region in Chennai today which was attended by 11 eminent economists and domain experts. Commission was greatly enriched by the interaction and the discussions with domain experts and economists in understanding some necessary assumptions which are necessary for the Commission to come up with appropriate recommendation, said Chairman of the XV Finance Commission, Dr. N.K.Singh interacting with the media here. Some suggestions which came out of the meeting include the variables which need to be kept into account for estimating the nominal GDP, inflation on real GDP growth, risks and challenges which lie ahead in making projections for the period from 2020-2025, the award period for the Finance Commission, he added.

Commission also received suggestions on how to strengthen the framework to tackle global warming and climate change and its consequences on environment and treating that issue in broader sense like in adaptation and coastal erosion. Economists pointed out that for better disaster management owing to climate change and otherwise also, more investment in adaptation strategies will be helpful rather than focusing on mitigation only which is the trend at present. They highlighted the need of a broader perspective of ecological preservation rather than simply forest cover.

Apart from this, other issues deliberated upon were inter district disparities, unplanned urbanization and resulting migration, disparity in the fund flow between rural and urban local bodies, issue of Centrally Sponsored Schemes and revival of local water bodies through water technologies for better water management.

The Chairman appraised the gathering about the peculiarities about the present Commission which are mainly due to abolition of Planning Commission, introduction of GST and the whole gamut of CSS which will affect the vertical devolution. Chairman said that more such interactions will continue and thanked Madras School of Economics for coordinating this meet. First meeting with economists and domain experts was held in New Delhi in May, 2018 which deliberated upon various issues related to its TOR. Second meeting was held in Pune in August 2018.

Earlier during the day, Commission met the representatives of various political parties, trade and industry and local bodies. All major national and regional parties attended. They urged the commission not to penalize the performing states like Tamil Nadu on which Chairman reaffirmed commission’s even handed approach vis a vis states and the centre. Industry representatives raised issues related to land acquisition, water availability for industry and agriculture and grid development for Green energy.





AM

****

 

[Hindustani78]

Ministry of Finance
06-September, 2018 17:25 IST
Exchange Rate of Foreign Currency Relating To Imported and Export Goods Notified

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.74/2018-CUSTOMS (N.T.), dated 16th August, 2018 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 7th September, 2018, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.



SCHEDULE-I



Sl.No.

Foreign Currency

Rate of exchange of one unit of foreign currency equivalent to Indian rupees

(1)

(2)

(3)





(a)

(b)





(For Imported Goods)

(For Export Goods)

1.

Australian Dollar

52.75

50.45

2.

Bahrain Dinar

196.30

184.10

3.

Canadian Dollar

55.50

53.55

4.

Chinese Yuan

10.65

10.30

5.

Danish Kroner

11.40

11.00

6.

EURO

85.05

81.80

7.

Hong Kong Dollar

9.30

8.95

8.

Kuwait Dinar

244.55

229.10

9.

New Zealand Dollar

48.60

46.40

10.

Norwegian Kroner

8.70

8.40

11.

Pound Sterling

94.30

91.05

12.

Qatari Riyal

20.35

19.05

13.

Saudi Arabian Riyal

19.75

18.50

14.

Singapore Dollar

53.05

51.15

15.

South African Rand

4.80

4.50

16.

Swedish Kroner

8.05

7.80

17.

Swiss Franc

75.35

72.45

18.

UAE Dirham

20.15

18.90

19.

US Dollar

72.55

70.85



SCHEDULE-II



Sl.No.

Foreign Currency

Rate of exchange of 100 units of foreign currency equivalent to Indian rupees

(1)

(2)

(3)





(a)

(b)





(For Imported Goods)

(For Export Goods)

1.

Japanese Yen

65.60

63.20



******