Page 13 - Banking Finance December 2020

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Industry

News

Separate power supply dia will be a part of the global value culmination of Beijing's decade-long
chain and ensuring that critical sunrise quest for greater economic integration
channel for industries on sectors get the necessary support from with a region that encompasses nearly

cards the government so that we are able to a third of the global gross domestic
The power ministry is looking to create build a strong India that is able to ser- product.
a separate electricity distribution chan- vice its own domestic market and also The Regional Comprehensive Eco-
nel for industries, as part of the 'Make link up with the global value chains," nomic Partnership, which includes
In India' push and in a bid to provide Finance Minister Nirmala Sitharaman countries stretching from Japan to
incentives to companies. The depart- said after the scheme was cleared by Australia and New Zealand, aims to
ment has proposed creation of "indus- the Union cabinet. reduce tariffs, strengthen supply chains
trial hubs" across states, which will with common rules of origin, and codify
have their own power supplier. Stricter rules for NGOs re- new e-commerce rules. Its passage
ceiving foreign funds may disadvantage some US companies
Rs. 1.5 lakh cr. incentives The government has revised the For- and other multinationals outside the
to boost mfg in 10 sectors eign Contribution (Regulation) Rules, zone, particularly after President
Donald Trump withdrew from talks on
The government announced produc- 2011 to make rules stricter for foreign a separate Asia-Pacific trade deal for-
tion-linked incentives (PLIs) of a little funded NGOs, requiring all entities merly known as the Trans-Pacific Part-
under Rs 1.5 lakh crore to support do- seeking registration or prior permis- nership.
sion under FCRA to be in existence for
mestic manufacturing in 10 sectors.
three years, and for them to have
The move is aimed at helping labour- spent at least Rs. 15 lakh on core ac- GSTN can now handle up
intensive sectors such as textiles, food tivities for the benefit of society dur-
and automobiles and its components ing the last three fiscals. A sub-rule re- to 3 lakh users
as well as high-end goods such as ad- defines which are to be deemed of 'po- The GST Network's infrastructure has
vanced batteries, including hydrogen litical nature', debarred from foreign been upgraded to handle up to three
fuel cells, and solar cells, while reduc- funds. lakh logged in users at a time, GSTN
ing the import of electronics, pharma- said.
ceuticals, speciality steel, white goods Besides, the Goods and Services Tax
and telecom and networking equip- 14 nations sign biggest free Network (GSTN) has introduced auto-
ment. trade agreement populated sales return form GSTR-3B
"It will give the right impetus to the Fifteen Asia-Pacific nations including in PDF form which will be available
economy because we are looking at China aim to clinch the world's largest from October 2020 tax periods on-
'atmanirbharta', making sure that In- free-trade agreement recently, the wards.

BANKING FINANCE | DECEMBER | 2020 | 13