At least seven global and Indian companies are expected to seek benefits under the Centre’s production-linked incentive (PLI) scheme, aimed at making India a global hub for mobile device exports. Global players that are likely to apply for the scheme include Foxconn, Wistron (both of which manufacture mobile devices for Apple), Samsung, and Flextronics. Lava International and Micromax are among the home-grown players. Read more.
Interest waiver will impact financial viability of banks: RBI to SC
The Reserve Bank of India, on Wednesday, told the Supreme Court that a waiver of interest on loans will impact the financial viability of the country’s banks and will be harmful for the interests of depositors and the financial sector. Giving an illustrative example it also said that banks could forego about Rs 2 trillion in interest income if interests are waived off for the six months duration of the moratorium. Read more.
Suitors for Jet Airways narrow down to four from 12, final list on June 10
Four of the 12 expressions of interest (EoIs) submitted for the beleaguered Jet Airways
in the fourth round have made the cut, based on the bid criteria set by lenders and the resolution professional’s team. According to sources, UK-based Kalrock Capital, Canadian entrepreneur Sivakumar Rasiah, Abu Dhabi-based Imperial Capital Investments, and Alpha Aviation have been shortlisted. Read more.
Air passenger traffic in India may dip 45-50% in FY21
Air passenger traffic is expected to remain under pressure for the first half (April-September) of the current fiscal. The full year passenger volume likely to go down by about half despite some recovery in H2 FY21, ratings agency Icra said on Wednesday. Recovery in air travel demand in a meaningful manner is expected towards FY2022 and passenger traffic levels of 345 million recorded in the year ended March 2019 are likely to be surpassed only by FY2023. Read here.
RBI repo cuts not effective any longer? They seem to have lost their sting
The rate cut by RBI seems to have lost its sting. The successive cuts in repo rate by the RBI have led to limited decline in the benchmark interest rate in the economy. In the past 12 months, the RBI has cut is policy rate by 200 basis points (bps), from 6 per cent in June 2019 to 4 per cent. Read more.
After mobile phone devices, phased manufacturing push for AC makers
Phased manufacturing programme (PMP) — mostly associated with mobile phone devices — is set to be an integral part of the air-conditioning universe as well. The government is readying a scheme with an aim to curb import of AC products and components from China and Thailand to promote indigenous manufacturing of AC units. Read more.
Covid-19: After Russia clears, India looks to expedite Favipiravir approval
After Russia approved the use of Avifavir, a derivative of Favipiravir, for treatment of Covid-19, India wants to ensure the antiviral drug is available here, too, soon. It is now working out ways to grant approval for the drug expeditiously as soon as some concrete data comes in from Indian drugmakers who are running trials for the drug. Read more.
At Salesforce, Arundhati Bhattacharya bullish on new tech, demand
Former SBI chairman Arundhati Bhattacharya joined Salesforce to head its India unit at a time when the firm was facing multiple challenges. She took over as chairman and CEO on April 1, when the country was under a lockdown. A couple of months later, she is now more optimistic than before regarding the adoption of newer technologies, even though she acknowledges there could be short-term challenges owing to the pandemic. Read here.
SC asks JP Morgan to apprise it on deposit Rs 140 crore Amrapali home buyers' money
The Supreme Court on Wednesday said JP Morgan India’s properties worth Rs 187 crore would remain attached with the Enforcement Directorate until the trial over its alleged transactions with the Amrapali group was completed. The bench also rejected JP Morgan’s plea to stay the attachment of the property, Economic Times reported.
Centre takes steps to bring the farmer closer to the market
The central government has introduced a set of ordinances to create a national market for farm produce and allow contract farming to protect farmers from price risks with the aim of helping them improve earnings and boost investments in agriculture. The landmark steps are expected to create borderless markets for millions of Indian farmers and achieve the government’s goal of doubling farm incomes by 2022, LiveMint reported.