Connect with us

Business

India considers raising import duty on steel to support rupee

Agencies

Published

🕒

on

IST

New Delhi: India`s steel ministry has proposed increasing the effective import duty on some steel products to 15 percent from current rates ranging from 5 percent to 12.5 percent, according to two sources and a government document reviewed by Reuters, as the country looks to support the rupee.
The proposal, which is part of a broader government plan to cut “non-necessary” imports to stop an outflow of dollars that has sent the rupee to record lows, will be discussed in the trade ministry on Wednesday, according to one of the sources involved in the matter.
“The broader message is to address the trade balance but we will try to promote `Make in India` by encouraging domestic (steel) production,” said the source, who declined to be named ahead of a possible decision.
The source said there was no certainty that the proposed duty would be imposed.
The steel and trade ministries did not immediately respond to requests seeking comment.
In the three months to end-June, India became a net steel importer for the first time in two years, with foreign supplies reaching 2.1 million tonnes, up 15 percent from a year earlier, according to official data.
In the 2017/18 financial year to end-March, the country imported 8.4 million tonnes of steel, 45 percent of which came from Japan and South Korea with which India has free trade agreements.
The proposed duties may not apply to imports from the North Asian countries, but other steel suppliers such as China, South Africa, Malaysia, Russia and Indonesia could be affected.
Apart from steel, India is considering raising import duties on some farm commodities, potentially for a few months, although it is wary of the risks of retaliation, said a senior government official with knowledge of inter-ministerial deliberations on proposed restrictions.
The government is also looking at curbs on imports of gold and high-end electronic items, a trade ministry source said last week.
India is the world`s second biggest gold buyer, and its imports in August rose more than 90 percent to $3.64 billion


Advertisement
Loading...
Comments

Business

Jobs are plenty, but techies in India lack necessary skillsets: IBM chief

Agencies

Published

on

Mumbai: Global tech major IBM chief Virginia “Ginni” Rometty has said Indians lack the required skillsets even as new-age jobs galore, and exhorted all to look at education beyond obtaining/giving away degrees.

“In India, you have the same issues. Open jobs, (but) no matching skillsets,” she said, speaking at a company conference in Mumbai.

“You have got to believe in a few different things than I think you believed in the past.

 

“One is to believe that skills are perhaps more important than a degree,” Rometty said, amid reports of huge unemployment among qualified engineers who when employed at the entry level are paid much lower than those semi-skilled with experience.

There have been reports that nearly three-fourths of the millions of engineers and B-school graduates are simply not employable at all, speaking volumes about the quality of both the academics as well as the admission process in the country’s education systems.

According to private economic think tank CMIE data, as of February, there were as many as 31.2 million youth actively looking for jobs.

This is in a country where over 60 per cent of the 1.35 billion population are under 35.

“It can be that you can have folks with less than a university degree, but participate well in this industry,” Rometty said.

Contrary to perceptions of jobs being in short supply, she said there are jobs aplenty and an equivalent number of people looking for them, but the skillsets are not matching, which is the real problem.

She said businesses and governments have to work together to solve the issue at hand, underlining that “we cannot have a world of the haves and the have-nots in this new world where certain people know how to work in the new technology-led era and the vast majority of others do not.”

Posing a question on whether tech will kill jobs, she said the nature of jobs will undergo a change and also spoke about her company’s social sector projects, especially those aimed at educating women.

Two years ago, the head of a leading European tech player had alluded to similar concerns as Rometty.

He had said over 65 per cent of the Indian IT staff is “just not re-trainable”, and had taken potshots at the Indian education system and also blamed the tech companies for not doing enough.

“For some unknown reasons, we call it a knowledge-driven industry.

“If you have that kind of talent, and then making them learn the existing technology itself is such a huge challenge,” he had said.

Continue Reading

Business

India to post Customs intelligence officers in China to check financial frauds

Agencies

Published

on

New Delhi: India has decided to post Customs intelligence officers in China in its effort to check black money, trade-based money laundering and other financial frauds, officials said.

Two posts of the Customs Overseas Intelligence Network (COIN) have been created in the Indian Embassy in Beijing and in the Consulate General of India at Guangzhou, they said.

The Finance Ministry has begun the process to select officers for the postings.

 

The move has been initiated by the Directorate of Revenue Intelligence (DRI), the lead agency to check Customs frauds and smuggling, to curtail incidents of trade-based money laundering and other financial frauds originating from China, the officials said.

COIN officers are usually mandated to pass on intelligence or information gathered from their respective positing stations overseas to help Indian intelligence agencies – mainly DRI – check trade-related frauds, they said.

“COIN officers play an important role in checking trade-based money laundering, black money and tax evasion by sharing intelligence with Indian agencies. Since a significant import and export is done between India and China, it was considered imperative to expand the snoop network to China,” an official said, wishing anonymity.

In the past, Customs authorities in India have detected a few cases of smuggling to and from China, he said.

COIN officers have been posted in several countries, including Nepal, Singapore, Brussels, the US and the UK, to help Indian authorities check smuggling, the officials said.

The selection process involves concurrence by the Ministry of External Affairs and final approval by the Prime Minister Narendra Modi-headed Appointments Committee of the Cabinet, they said.

Giving details of the process, the officials said an evaluation committee comprising directors general of DRI, Directorate General of Goods and Services Tax Intelligence, National Academy of Customs, Excise and Narcotics and the Directorate General of Human Resource Development will evaluate the service records of concerned officers for posting.

A high-level committee comprising the chairperson, two members of the Central Board of Indirect Taxes and Customs and the director general of DRI will interview the officers, they said.

The board will then recommend a panel of three officers for each post to Finance Minister Arun Jaitley.

After obtaining the finance minister’s approval, the panel will be forwarded to the Ministry of External Affairs for its concurrence followed by a reference to the Appointments Committee of the Cabinet for final approval, the officials said.

Continue Reading

Business

SEBI mulls reducing rights issue listing time

Agencies

Published

on

Kolkata: After reducing time to list shares on the stock exchanges post-closure of initial public offerings (IPOs), markets regulator SEBI is aiming to cut down the time for listing of rights issue shares, an official said.

In September last year, the Securities and Exchange Board of India (SEBI) decided on reducing the time to list shares on the bourses after IPO to 3 days from the present 6. The SEBI directive is likely to come into effect from July this year. SEBI had cited mitigating external risks such as market volatility and uncertainty of financial markets as the reason behind the move.

“SEBI aims to reduce the listing of IPO shares to 3 days from 6 days now. It is supposed to be introduced for IPOs from July 2019 onwards. Now, the regulator is working on simplifying the rights issue process,” Central Depository Services (India) Ltd (CDSL) VP (operations) Nitin Ambure told PTI. “I hope the number of days for listing the rights issue shares may come down to 8-10 days from about a month now. This may happen in phases, also depending on the regulator’s final decision,” he said.

 

Ambure was in the city to participate at a discussion on demat of unlisted shares at the Merchants’ Chamber of Commerce here. The markets regulator has involved stakeholders such as depositories and transaction advisors in the rights issue listing simplification process, just like it engaged exchanges and depositories for IPO shares, he said.

From April onwards, Unified Payments Interface (UPI) will be introduced as an alternative payment option for retail investors and SEBI has already cleared a proposal on it. National Electronic Funds Transfer (NEFT) is also being tested.

Analysts said the new payment mechanisms will make Applications Supported by Blocked Amount (ASBA) mechanism less attractive to investors. ASBA was introduced by the regulator so an investor does not lose out interest component on the application money.

Earlier, the process of normal allotment of shares for IPOs took almost a month. Ambure said SEBI had granted relaxation for processing Demat Request Number from the current 15 days to 30 days in the wake of unusual surge in requests for dematerialisation in recent months. As of now, the transfer of shares in the demat form is mandatory.

Continue Reading

Latest News

Latest News6 hours ago

Awantipora man’s custodial death: Joint Hurriyat calls for complete shutdown tomorrow

Srinagar:  Joint Hurriyat on Tuesday called for a complete shutdown on Wednesday against the killing of Rizwan Asad in police...

Latest News9 hours ago

We have suffered enough: Mehbooba on Awantipora man’s custodial death

Srinagar: Reacting to the custodial death of an Awantipora man, PDP president Mehbooba Mufti on Tuesday said that, “innocent men...

Latest News9 hours ago

Awantipora man’s custodial death: Omar demands ‘exemplary punishment’

Srinagar:National Conference vice-president Omar Abdullah on Tuesday demanded a time-bound investigation into the custodial death of a school teacher in...

Latest News9 hours ago

Police version: Awantipora man’s custodial death

Srinagar, Mar 19: The Jammu and Kashmir police on Tuesday issued a statement regarding the death of an Awantipora youth...

Latest News10 hours ago

NC fields Justice (Retd) Hasnain Masoodi from Anantnag Lok Sabha constituency

Srinagar, Mar 19 : National Conference on Tuesday announced that Justice (Retd) Hasnain Masoodi would be the party candidate for...

Latest News11 hours ago

VIDEO| Youth dies in police custody, police requests for magisterial probe

Srinagar, March 19: A youth from Awantipora area of south Kashmir’s Pulwama district, was allegedly killed in police custody on...

Latest News11 hours ago

Heavy firing on Line of Control in Jammu and Kashmir

Jammu, March 19: Heavy firing exchanges took place between Indian and Pakistani troopers on the Line of Control (LoC) in...

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 999,939 other subscribers

Archives

March 2019
M T W T F S S
« Feb    
 123
45678910
11121314151617
18192021222324
25262728293031
Advertisement