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Government To Publish Jobs Data By Counting Small Businesses Employing Less Than 10 People Soon

New Delhi: The government will soon publish a set of jobs data by counting very small businesses employing less than 10 people, including those with just one employee, by tracking Mudra loans their proprietors have taken. The data will be the first attempt to capture the smallest segment of a vast informal sector that escapes most economic surveys.

The Pradhan Mantri MUDRA Yojana (PMMY) is a credit scheme launched by the Modi government on April 8, 2015 for providing loans up to Rs 10 lakh to “non-corporate, non-farm small and micro enterprises”. These loans, given by commercial banks and small finance institutions, are classified as Mudra loans.

The establishment-based survey by the labour bureau, which is under way and likely to be published by year-end, will count businesses or employment generated by such firms that are outside the good and services tax network, income tax or any other attribute of formal employment, such as pensions and insurance.

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Sitharaman Says The Government Reviewing Health Of Psbs And Asked Them To Lend More

New Delhi: Finance minister Nirmala Sitharaman said that the government is reviewing the health of public sector banks and has asked them to lend more.

She said that public sector banks will hold “shamiana meetings” with non-banking financial companies and retail borrowers in 400 districts between now and September 29. She said the meetings are meant to provide credit to homebuyers and farmers among borrowers. “Reviewed liquidity situation with banks and have identified some NBFCs that they can lend to,” she said.

The FM had last month announced a mega merger of 10 state-run banks into four large entities. The move is aimed at unleashing the latent strength of the banking sector.

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Little Change In Gold Prices After Declining Up To 1% In Previous Session As Lack Of Clarity On US Federal Reserve

New Delhi: Gold prices were little changed after declining up to 1% in the previous session as lack of clarity on the U.S. Federal Reserve’s future monetary policy easing kept markets cautious.

The Fed lowered interest rates for a second time this year in a 7-3 vote on Wednesday but signalled further cuts are unlikely as the labour market remains strong.

The cut was widely expected, but the split vote has raised some concern about predicting the future path of monetary policy.

“Traders are disappointed by the divergence of future rate cut path and the market is unwinding expectations of a few more cuts in the months to come,” said Margaret Yang Yan, a market analyst at CMC Markets.

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NTPC Plans To Set Up A 5 Gigawatt Solar Park In Gujarat As It Shifts Toward Cleaner Energy

New Delhi: India’s NTPC Ltd. plans to set up a 5 gigawatt solar park in the western state of Gujarat, which would be the biggest in the country, as the top electricity generator shifts toward cleaner energy.

A site has been identified for the project, which is expected to cost as much as 250 billion rupees ($3.5 billion) and begin operations by 2024, according to a company official, who asked not to be named as the plan isn’t public yet. The company may also invite bids from developers to set up projects in the park.

The plan is part of the NTPC’s aim to build 32 gigawatts of renewable capacity by 2032 and reduce the share of fossil fuels in its energy mix to 70% from about 96% now. Government regulations to cap emissions from coal-fired power plants, which increase the costs of building such projects, have also prompted the New Delhi-based company to turn to green energy for growth.

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Tata Power exits its investments in two wind power farms in South Africa for $106 mn

New Delhi: Tata Power has exited its investments in two wind power farms of about 230-MW generation capacity in South Africa for $106 million. The move was in line with the company’s aim to sell sub-optimal international assets, the company said in a statement.

Khopoli Investments Ltd (a 100% subsidiary of Tata Power) announced the execution of a share purchase agreement with Exxaro Resources Ltd for the divestment of the company’s entire 50% stake in Cennergi, a South African joint venture, for an amount of ZAR 1,550 million ($106 million), subject to normal working capital and other adjustments.

Cennergi (Pty) Ltd is a 50:50 joint venture between Exxaro Resources Ltd, a leading South African coal producer, and Khopoli Investments Ltd. The agreement is likely to be completed by the third quarter of FY20. Post this transaction, Exxaro will have 100% ownership of Cennergi.