The government is planning to create a "Green Highways Fund" under its ambitious policy to transform India's 96,000 km network of National Highways under which it will be mandatory to set aside 1 per cent of the total road project cost for plantation. The Road Transport and Highways Ministry is formulating the "Green Highways (Plantation & Maintenance) Policy -2015" to develop eco-friendly NHs with the participation of community, farmers, NGOs, private sector, government agencies and the Forest Department. "It has accordingly been decided that henceforth, for the work related to the greening of National Highways, I per cent of the civil work cost should be added separately while arriving at the total project cost (TPC) of National Highways being developed on EPC/BOT mode," the ministry said in a communication to states. It said, "One per cent of the TPC will be set apart for highway plantation and its maintenance. This fund will be transferred to NHAI to maintain a separate fund account called 'Green Highways Fund' only for this purpose." This fund will be transferred to National Highways Authority of India (NHAI) to maintain a separate Fund Account called "Green Highways Fund" only for this purpose, it said. NHAI will act only as a Fund Manager for maintaining the account and releasing payments based on recommendation of concerned officials and agencies. "This Fund will be utilised for Plantation & Maintenance work on all stretches of National Highways," it said. Earlier, Road Transport and Highways Minister Nitin Gadkari had said that to transform India's national highways into green corridors, the government will soon implement an ambitious policy under which one per cent of the road construction cost will go towards planting trees. The government plans to create a brigade of 1,000 contractors to fulfil this ambitious task, he has said adding, "Now, we have taken a decision that one per cent of cost in construction is for tree plantation and other things. We are going to create 1,000 contractors in the country." He has said if the cost of road construction comes to around Rs 1 lakh crore, Rs 1,000 crore will go for plantation. Gadkari has specified that planting trees in any particular area will depend on the soil suitability there, besides climate and success stories like Alphanso can be planted in Konkan in Maharashtra. The new green policy, he said, will help create jobs and contribute to the economic growth. The new green policy, he said, will help create jobs and contribute to the economic growth. The Indian road network of 33 lakh kms is the second largest in the world and consists of about 96,000 kms of NHs, which constitute only 1.7 per cent of the road network but carry about 40 per cent of the total road traffic. (PTI)
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Investors feel the growth needs to be visible to the common man or a person coming into the country, writes Paramita ChatterjeeEven as the government has taken steps to facilitate participation of private equity and venture capital funds in India, investors say that the measures are not yet enough to spruce up investments at one go. Consider this: Almost six months have passed since Finance Minister Arun Jaitley introduced the concept of ‘safe harbour’ for India focused offshore fund managers or funds of funds as they are called to set shop in India. While the investor fraternity had cheered the proposal in the beginning, for all practical purposes, not many offshore fund managers have been able to create a permanent establishment in the country. “The step in itself is extremely restrictive in nature and that is the primary reason as to why 99.9 per cent of the industry still does not qualify to establish themselves in the country,” says Ashley Menezes, Managing Director at home grown PE giant ChrysCapital. However, the good news is that the first step at least has been taken, he adds. Albeit, the initiative that the government has taken is to ensure effectiveness in attracting fund managers to operate from India. “This is a very important and positive initiative as fund managers need to do their due-diligence locally,” says Arvind Mathur, president at Indian Private Equity & Venture Capital Association (IVCA). “The government has already pushed the envelope and further fine-tuning of this reform will make India an ideal investment destination,” he adds. However, currently, there are too many loopholes which need to be fixed before any offshore fund can operate permanently from India. An initiative like this should ideally enable fund managers to closely monitor and interact with local portfolio companies by being on the ground. Further, it should ideally help them identify more investment opportunities and branch out into understanding India better. “The government has come into power with lots of promises but some of its progressive measures are only on paper. Patience is running out,” says another senior fund manager on condition of anonymity. In reality nothing has changed for offshore fund managers as they continue to operate through advisory entities just the way they were doing earlier. Further, the private equity/venture capital industry has not been able to reap much benefit out of the initiative pertaining to ‘tax pass-through for alternate investment funds’ (AIF). AIF refers to funds that are incorporated in the country itself with pooled in capital from Indian investors. There are three categories of AIFs out of which the government has allowed the tax-pass through scheme in the first two – categories meant for private equity and venture funding. However, the rule specifies that in order to avail the tax benefit a fund has to be registered with Securities and Exchange Board of India. Since, currently, not all the funds are registered with the market regulator and there lies the caveat. A pass-through status means the fund can pass on the tax liability to the end-investor, which is expected to bring in predictability and non-aggressive tax regime that in turn should see a significant growth in PE investments in the country. However, certain changes in this clause too shall bring in clarity for the investor community. “It is still early days and also there are some critical reforms which still need to see the light of day and moreover a lot still needs to be done on the ground so we will need to wait and watch how all the initiatives pan out,” says Prashant Mehra, Partner, Grant Thornton. Perhaps the biggest disappointment is the pace of reforms. The growth may be work in progress or in numbers but what is important from a sustainability of momentum perspective is that the growth needs to be visible to the common man or a person coming into the country. Modi’s Reforms In A Logjam; Read Businessworld magazine 24 September Edition
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Raghu Mohan says NDA under Prime Minister Narendra Modi has got large parts of its banking act spot onOpen the Bharatiya Janata Party’s (BJP) manifesto for the May 2014 Lok Sabha elections, and you come across this bit on matters Plutus. That well before the British landed on our shores, we had “a well-developed banking system and equally renowned businessmen, along with its financiers, who were contributing to create a flourishing and progressive economy”. It may be Greek to refer to Plutus in a stock-taking on the BJP-led National Democratic Alliance (NDA) dispensation. But like the Greek God of Wealth who, blinded by Zeus, was able to dispense his gifts without prejudice, that’s what this dispensation aspired to anyway (blinded or not). Fifteen months on, it’s clear that the NDA under Prime Minister Narendra Modi has got large parts of its banking act spot on. You can quibble that the blue-print for much of this had been drawn up by the previous regime headed by Manmohan Singh, but it will only distract us from parts of act which have not been spot on. The hits… An unqualified success is the Pradhan Mantri Jan-Dhan Yojana (PMJDY). It’s not an original idea; the business correspondent-led banking model under Singh’s had got the concept right, but execution was far from good. And five months after its launch (or relaunch!) in August 2014, PMJDY made to the Guinness Book of World Records in terms of the number of bank accounts opened. North Block’s figures puts deposits under PMJDY at Rs 22,647 crore (19th August 2015); zero-balance accounts have dipped to 46.93 per cent to July 2015 from 76 per cent from September 2014. “The number of accounts grew by a whopping 27 per cent in 2014-15. This unprecedented and extraordinary development comes as a giant leap for banking in the country”, says Saurabh Tripathi, Partner & Director at the Boston Consulting Group. If the government can build on this -- and also plug leakages in annual subsidy transfers in excess of Rs 50,000 crore to PMJDY beneficiaries -- it would have scored a real winner. Early indications are, it will. On to the use of mobile telephony and e-banking to ensure financial inclusion. The Reserve Bank of India has granted ‘in-principle’ approval to 11 entities. Just how this pans out operationally remains to be seen, but there’s nothing to “judge” in this case. It was mere licensing unlike the PMJDY where the government decided to grease the wheel rather than reinvent it. The idea of payment banks was flagged off by Mint Road on 27 August 2013 in a policy discussion paper on `Banking Structure in India: The Way Forward”. It was picked up by the Committee on Comprehensive Financial Services for Small Businesses and Low Income Households (Chairman: Dr Nachiket Mor) which in its report (January 2014) to make a case for payment banks. But it’s an idea whose time has come. As Pawan Agrawal, Chief Analytical Officer-CRISIL says: “There could be a positive rub-off on existing banks partnering with payments banks through increased access to unbanked and under-banked areas in a cost-efficient manner. Bank credit to GDP in the east, north-east and central India is less than 60 per cent compared with 77 per cent for all-India”. It leads us to those who have money in banks which they can’t account for! Or black money. While the BJP did say in its manifesto that “by minimising the scope for corruption, we will ensure minimisation of the generation of black money”; that it “is committed to initiate the process of tracking down and bringing back black money stashed in foreign banks and offshore accounts” -- the reality is that it’s not as easy as going over to your friendly neighbourhood bank manager to help you sort out a problem. Should we be harsh on the government over its efforts to bring back the loot? No. The rhetoric of black money and jibes at the Gandhi family makes perfect sense on the campaign trail; it makes for good media copy. And you can’t fault the BJP for using it. But credit must be given to the dispensation that it not only stoked a debate on the subject, but has also taken the baby steps -- what’s realistically possible -- on it. … And the nearly so If the backbone of an economy are its banks, this one was nearly broken on account of non-performing assets (NPAs). In its manifesto, it said “NPAs have increased sharply over the past few years and the trend continues. BJP will take necessary steps to reduce NPAs in banking sector”. Truth be told there are no quick-fixes here. Mint Road’s Financial Stability Report (June 2015) observed that while risks to the banking sector had moderated marginally since September 2014, concerns remain over the continued weakness in asset quality indicated by the rising trend in bank’s stressed advances ratio. Gross NPAs went up to 4.6 per cent from 4.5 per cent between September 2014 and March 2015. So too restructured standard to 11.1 per cent (10.7 per cent). State-run banks recorded the highest level of stressed assets at 13.5 per cent of total advances as of March 2015. The net NPAs of banks remained unchanged at 2.5 per cent during September 2014 and March 2015. The FSR was of the view that the current deterioration may continue for few more quarters. That falling profit margins and debt repayment capabilities of India Inc add to these concerns though the overall leverage level in Indian economy is comfortable when compared to other jurisdictions. What’s heart-warming is that it has acted on the FSR’s suggestion that “in this context, the policy initiatives for improving the governance and management processes at public sector banks become significant”. The seven-point “Indradhanush” programme to improve the working of these banks is a welcome step. So too the step towards recapitalising these banks ahead of Basel-III capital adequacy norms which kick in from fiscal 2019 which will need about Rs 2,50,000 crore in core equity. Is this enough? While adequate capital has been provided for now, it may be not be enough if one goes by the FSR’s warning that bank asset quality may fall for a few more quarters. That’s because of the Rs 25,000 crore allocated in the current fiscal year, more than Rs 20,000 crore will be pumped in the coming months; the remaining is to be released based on the performance of the banks. “We believe that a lot of the capital would also go towards higher provisioning in the current fiscal”. Says Kaitav Shah, analyst at SBI Cap Securities. Given the state of the fisc, finance minister Arun Jaitely may well soon find that this genie will not go back into the bottle anytime soon. What’s one to make of the story so far? Well, Plutus is also lame; takes his time to arrive and winged as he is, leaves faster than he comes. And when his sight is restored, he’s able to determine who deserves his attention; he then wreaks havoc! Modi’s Reforms In A Logjam; Read Businessworld magazine 24 September Edition
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Government will auction 69 small and marginal oil and gas fields taken away from state-run ONGC and Oil India to private firms on a new revenue sharing model, offering operators full marketing and pricing freedom. The fields hold 89 million tonne of oil and gas resources which are worth Rs 70,000 crore at current prices. The 69 fields will be clubbed into clusters and offered for bidding within 3 months, Oil Minister Dharmendra Pradhan said. They will be bid out on the basis of revenue share or the share of oil and gas a bidder offers to government upfront. Besides offering minimal interference in operations of the field, the government will allow companies to sell oil as well as natural gas produced from these fields at market price and with no restriction on who they sell the produce to, Pradhan said. While oil is priced at global benchmark currently, a complex international hub based formula determines gas price, which is roughly half of the rate at which India imports gas. Pradhan was briefing reports after the Cabinet, headed by Prime Minister Narendra Modi, approved auctioning of the fields that state-owned firms have surrendered because they were uneconomical due to size, geography and state-set low sale prices. Seeking to revive interest in oil and gas exploration by simplifying rules, the government will replace the controversial Production Sharing Contract (PSC) with simpler revenue-sharing regime. The new model will replace the current practice of companies getting blocks by bidding maximum work programme and then recovering all of their investment before sharing profits with the government. This model was criticised by CAG which said it encouraged companies to keep raising cost so as to postpone higher share of profits to the government. In the new regime, the companies will have to indicate the revenue they will share with the government at different stages of production as well as at different rates. "This auction will also usher in a unified licensing regime which will give operators right to produce both conventional oil and gas as well as unconventional resources like shale oil and gas and coal-bed methane (CBM)," he said. Presently, a licensing regime governs production of oil and gas while exploitation of unconventional resources are on a separate regime. Pradhan said a bid document will be brought out in three months after which the auction process will begin. In all Oil and Natural Gas Corp (ONGC) has 110 small and marginal oil and gas discoveries in the blocks or areas it got from government on nomination basis. Of these, the company has been allowed to retain 47 where some work has been done and rest have to be surrendered. Oil India Ltd has surrendered all of its 6 small and marginal discoveries. Of the 69 fields to be auctioned, 36 are offshore and 33 onshore. An Oil Ministry official said ONGC and OIL will be reimbursed the cost they had incurred on these 69 fields by the new operator. Operators of onshore fields will have 3 years to begin production while they will have 4 years from the date of signing contract to start output from offshore fields. The timeline for starting production from the two deepsea fields is 6 years. Companies winning the blocks will have to pay royalty as prevailing rates but there would be no oil cess. "These discoveries could not be monetised for many years due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, fiscal regime etc," Pradhan said. The fields will be bid out on the basis of revenue share or the share of oil and gas a bidder offers to the government upfront, and work programme. Companies offering the maximum revenue share or percentage of oil and gas to the government, and committing to do more work, will win the field. The weight for revenue share will be 80 per cent while 20 per cent would be for work programme that may include drilling of exploratory and development wells and seismic studies. So far, 254 blocks for exploration and production of oil and gas have been auctioned in nine rounds of New Exploration Licensing Policy (NELP) since 1999. These have been on production sharing basis where profit is shared with the government after recovery of cost. ONGC has surrendered 63 discovered oil and gas fields which it had found uneconomical to develop considering small reserve size and high economic cost as it had to pay for fuel subsidies from the hydrocarbons produced from it. Oil India Ltd (OIL) has surrendered six such fields. ONGC and OIL have to pay a part of their revenue they earn from selling oil produced from their fields to help subsidise kerosene. Earlier they had to foot subsidy for domestic cooking gas (LPG) and diesel as well. Sources said that in case ONGC and OIL also decide to bid and end up winning the fields in the auction, they will not have to pay fuel subsidy on them.(PTI)
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With Prime Minister Narendra Modi voicing concern over call drops, the government has initiated pro-active steps to address the problem, with regulator TRAI being asked to seek details from telecom operators about their infrastructure and capacity to provide effective services. The TRAI will soon ask telecom companies to disclose information related to their services which would be publicised so that customers are aware of capacity of their operator and enable them to choose their service provider. "It is a national concern. While I appreciate the role of telecom operators in the expansion of mobile network in India, it is equally important for them to reinforce the infrastructure so that people may not have the call drop problems," Telecom Minister Ravi Shankar Prasad said today. "On behalf of the government, we have requested the TRAI to kindly consider the desirability of having a framework in which every operator is required to publicly inform the number of consumers they are having and the capacity of their infrastructure to take load of that number," he added. Prasad told reporters that the government is quite serious on the issue and even the Prime Minister has expressed his concern over call drops. TRAI (Telecom Regulatory Authority of India) Chairman R S Sharma told PTI, "First of all they have to disclose this information to us. TRAI has the authority to call for information relating to service, they will provide the information, which we will publish so ultimately public will get the information." He said the regulator is preparing a status or information paper which gives a detailed analysis of the extent of call drops especially in two cities of Delhi and Mumbai on the basis of data available and the regulator will publish it. "So essentially that will bring out not only the extent of call drops, it will also bring out the potential causes of call drops and therefore the operators what the operators should do will come out of that," Sharma added. The move is part of DoT's efforts to curb the menace of call drops and also let people to make a concerted decision while choosing a operator. Modi had last week voiced serious concern over the menace of call drops and asked officials concerned to take urgent steps to address it as it affects the common people. The Prime Minister is believed to have told Telecom Secretary Rakesh Garg personally that people get irritated due to call drops and "curse the government" and this needs to be addressed on war-footing, the sources said. Modi is worried that the problem may even affect the data services in the future.(PTI)
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The Finance Ministry on Tuesday (01 September) accepted AP Shah Panel's report on Minimum Alternate Tax (MAT). Finance Minister Arun Jaitley has said that MAT will not be levied on FIIs prior to April 01, 2015. He also added that the report which is 68 pages long is the final draft of the panel and that he wants to move the amendment to IT Act in the winter session of Parliament. The ministry will issue instructions to field formations till the IT Act is amended. This comes as a huge relief to foreign portfolio investors (FPIs), who in effect will not be subject to MAT in India. The controversy surrounding MAT hit the government earlier this year, as the revenue department sent out demand notices to FPIs for paying MAT, based on the AAR verdict of 2012. Foreign investors have always contended that MAT is not applicable on them and have also moved the Court challenging the tax demands. Though, finance minister Arun Jaitley in his Budget for FY16 exempted FPIs from paying MAT from 1st April 2015, but the issue of coughing up this tax till March 2015 remained unresolved.With this tax controversy threatening the Modi Government's promise of a non-adversarial tax regime in India, Arun Jaitley had announced the formation of the 3-member AP Shah Panel to be headed by Justice AP Shah in May this year. The Shah Panel submitted its report to the Finance Ministry on 24th July. While most tax experts have always held that foreign investors who do not have permanent residency in India should not pay MAT, but the revenue department has maintained that they had to serve the demand notices as their hands were tied by the AAR verdict of 2012. MAT was introduced by P Chidambaram as finance minister in 2007, as a levy on book profits from stopping domestic companies from evading tax. But MAT had never been applied on FIIs or FPIs before 2014. So far 68 notices have been served by the tax authorities and Rs 680 crore has been demanded under MAT from FPIs.
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The FM says the Centre is working on the process of ease of doing business, reports Haider Ali Khan Replying to a host of questions at Faculty of Management Studies (FMS) function in New Delhi, Union Finance Minister Arun Jaitley made a case for lowering interest rates saying it was essential to raise the growth rate to 8-10 per cent."If we have to jump to 8 per cent plus or 8-10 per cent growth bracket, then all the stalled projects (have to be revived) and cost of capital have to go down," the finance minister said. Jaitley also highlighted that the logjam in Parliament has become a cause of worry. The political parties must display maturity and pass major legislation for welfare of people. In the past 18 months, the National Democratic Alliance (NDA) government has opened many such sectors such as insurance, defence, railways and so on for foreign direct investment. "Stalemates will cost India heavily," he said, adding the government has been trying to rationalise the tax structure to make India an attractive place of investment. India needed to seize the opportunity following slowdown in China and become "world beaters," he said, adding the government has taken various initiatives including the recent one in the banking sector and was stepping up public spending to boost growth. Elaborating on the need to make the Land Act more realistic, Jaitley said that the "2013 land law is probably the worst drafted legislation in Indian legislative history. Jaitley said the government was working on the process of ease of doing business, bringing in bankruptcy law, rationalising taxation and introducing proper public procurement policy. These are couple of areas on which work is in advanced stage, Jaitley said. He also added that stalled projects have to be expedited and they will lead 'Make in India' programme.
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Easy exit options for completed highway projects will release Rs 4,000 crore to their developers which can be used for other infra projects or to retire debt, says India Ratings and Research (Ind-Ra). Ind-Ra believes the Cabinet Committee on Economic Affairs’ approval for road developers to fully exit their equity investment (compared with the previous cap of 76 per cent) for all projects after two years of construction could bring a breath of fresh air to the highway sector and provide opportunities in mergers and acquisitions. Ind-Ra estimates that out of the 86 completed projects equivalent to 5,200 km that have been completed (source: National Highways Authority of India) under public private partnership, around Rs 4000 crore of additional residual equity can be released under the proposed divestment scheme. This could be used for investment in other projects of the developers. Prior to the current policy direction, the possible equity divestment could have been around Rs 11,000 crore. Ind-Ra expects these measures to give a boost to weak sponsors in about 20 projects. This could de-stress and release the equity, helping them to shore up their balance sheets. However, many project bids prior to 2009 had sponsors’ aggressive traffic expectations (than post 2009 projects) partly due to then better prevailing economic growth conditions. Hence, investors may evince interest selectively on projects with strong year-on-year traffic and revenue growth. Players in multiple verticals will benefit since the funds released can be used in non-National Highways Authority of India projects and power projects. Cash-strapped developers burdened by a high debt servicing cost will also now be able to use funds to retire debt. Cabinet Committee on Economic Affairs highlighted that this will help in the physical completion of languishing infrastructure projects. The move will help ease some stress in the road sector and attract investment into the sector. Traffic in road projects grew in the range of 5%-6% in FY15 compared with a decline in FY14. Ind-Ra expects the momentum to continue in FY16 also on account of increased economic activity. Toll rate increases linked to inflation, whether wholly or partially, have somewhat offset the decrease in traffic numbers in FY15. Some of the recent projects indicate the inability to hike toll rates, especially for concessions 100% linked to wholesale price inflation. Considering the prevailing low inflation scenario, the potential benefits of the growth in traffic numbers could be eroded. Also, in the event of drop in toll revenue impairing the debt service, the sponsors support may be required. This move will help developers to sell projects which have predictable cash flows to investors looking for such assets, but will not ease troubles of stranded projects due to cost escalations or regulatory issues. The current move by the government is a push to the infrastructure sector which had stalled projects worth INR8.8trn or 7% of GDP as of December 2014.
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Consumers and merchants can look forward to a host of incentives such as fee waivers and tax benefits on cashless payments, for which a draft Cabinet note has been circulated by the Finance Ministry. The proposal would be presented before the Union Cabinet after Finance Ministry incorporates comments and suggestions made by various ministries and departments on the Draft that contains as many as 30 measures to encourage the e-payments. The note has already incorporated the public feedback on a draft proposal for facilitating electronic transactions, which was put up in the public domain in June and suggestions were invited through the government's MyGov.in platform. "The 30 points include removal of different kind of fees and charges on e-transactions and providing incentive for such payment. We will take it to Cabinet after comments are received from concerned departments," an official source told PTI. It is proposed to provide income tax benefits to the persons paying a portion of their expenditure either through debit or credit cards and do away with transaction charges for purchase petrol, gas and rail tickets. As per the proposal, all high value transactions exceeding Rs one lakh will have to be made through electronic mode and the utility service providers would be encouraged to give incentives for card payments. Incentives would also be given to shopkeepers accepting major portion of their payments through plastic money. The proposal follows an announcement made by Finance Minister Arun Jaitley in his Budget speech, wherein he had said that one way to curb the flow of black money was to discourage transactions in cash. "Now that a majority of Indians have or can have a RUPAY debit card. I propose to introduce soon several measures that will incentivise credit or debit card transactions, and dis-incentivise cash transactions," Jaitley had said. Finance Ministry had in June put up for public comments the draft proposals for facilitating electronic transactions. "Almost all the proposals mentioned in the draft have been incorporated in the Cabinet note. Besides, certain comments from public too have been included," the source said. As per the draft proposal, merchants could get a tax benefit for accepting 50 per cent of payment in electronic mode. At present, there are about 57 crore debit cards and over 11 lakh point of sale (PoS) terminals in India.(PTI)
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Faced with stiff resistance, Prime Minister Narendra Modi on Sunday (30 August) announced that the government will not re-promulgate the controversial Ordinance on Land Acquisition which expires on Monday (31 August) and declared readiness to incorporate any suggestion in the bill on it which is pending in Rajya Sabha to benefit the farmers. Apparently referring to the political opponents, he said lot of doubts have been created over the land bill and fear instilled among farmers even though states had suggested amendments to the Act of 2013 for the benefit of villages and villagers. "We had promulgated an Ordinance on Land Acquisition Bill which will expire tomorrow. I have decided that it should be allowed to expire. It means restoration of the situation that prevailed before my government took over," the Prime Minister said in his monthly radio programme 'Mann Ki Baat'. The government had issued the Ordinance thrice so far, as the Land bill could not be passed in Parliament due to stiff resistance by most of the opposition parties as well as some ruling NDA allies. The bill, which seeks to amend the Act of 2013, is currently being scrutinised by a Joint Committee of Parliament, to which it was referred by Rajya Sabha during Budget Session in the wake of strong opposition by several parties. The Prime Minister's announcement makes it clear that the government will try to use the legislative route to enact the law, instead of the executive mechanism. Highly-placed sources later explained that the decision of not re-promulgating the Ordinance was taken against the backdrop of the recommendation of NITI Aayog that enacting law on land acquisition should be left to states, since the subject is on the Concurrent List of the Constitution. The sources pointed out to PTI that the bill on land acquisition was still alive in Rajya Sabha and the government is awaiting the report of the Joint Committee of Parliament on it.(PTI)
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