Read daily news briefs on the economic issues collected from different sources.
‘One Nation, One Fertilizer’: The government of India has announced its scheme namely, Pradhan Mantri Bhartiya Januvarak Pariyojna (PMBJP). It mandates all fertilizers to be sold under one brand “Bharat”. The scheme will be implemented from the 2nd of October. It aims to reduce the burden of transportation subsidy of Rs.6000 crore per year given to fertilizer companies. However, the fertilizer industry has major concerns over the distribution of the cost of advertisement. [BL]
ArcelorMittal Nippon Steel has signed an agreement to buy the Essar infra assets for Rs.19,200 crore. The deal was a long-awaited corporate battle which gave Indian-born British Industrialist Lakshmi Mittal a foothold in India. [BL]
Government is in a plan to unveil the findings of three labour market surveys on the unorganized sector. This will bridge the gap in data on the labour market. [BL]
After the RBI interventions in the forex market and strong credit demand led to the decline in the surplus liquidity in the banking system in India below Rs.1 trillion. [BS]
Due to a pickup in rain, the cultivation of paddy in terms of area under cultivation has narrowed to 6% in the last two weeks. [BS]
Maruti Suzuki chairman RC Bhargava said that if two countries (India & Japan) work with full partnership and they will trust each other in manufacturing, they would be the best in the world. He further added that the growing partnership between the countries is going to have a huge positive impact on the growth of Indian Manufacturing. [BS]
In a regulatory filing, Adani Enterprises said that there are no such requirements to get the approval of the SEBI to allot share in the promoter entity of NDTV. [ET]
The health ministry moves to co-brand Ayushman Bharat health cards to include the health schemes of states. This will benefit those who have to travel outside their respective States for medical treatment. Till now, the cards have only the Centre’s logo though the Ayushman Bharat scheme is funded by both states and the central government in a 40:60 ratio. [ET]
India hosted the SAARCFINANCE seminar on August 24. The RBI deputy governor Michael D Patra said that some of the SAARC nations such as Pakistan and Srilanka need urgent Financial support to improve their external liquidity and financing conditions. [ET]
The USA invited India to join the Russian Oil price cap coalition to reduce Russia’s earnings from crude. [ET]
According to data released by the Agriculture Ministry, the area sown under Kharif Paddy has declined by 5.99% so far because of a shortfall in the rains in some states. [ET]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times
