• On Monday (September 23, 2019), the Indian rupee closed flat at 70.94 against the US dollar helped by foreign fund inflows into equities and lower global crude oil prices.
  • There is a need to reduce logistics, capital and power cost to make Micro, Small and Medium Enterprises (MSMEs) competitive in the international markets and to promote exports, said Nitin Gadkari, Minister for MSME.
  • “Steps should be taken to reduce the cost in the areas where it is easy to make the sector competitive and increase its employment potential,” he added.
  • As trade unions rejected Coal Minister Prahlad Joshi’s offer to hold discussions, a one-day strike in almost all coal mines and related establishments will be held against the decision to allow 100% FDI in mining.
  • India’s steel industry wants a 25% safeguard duty placed on all steel imports as steel products sourced from countries with whom India has a free trade agreement (FTA) have risen substantially, a senior executive from JSW Steel said. 
  • “India’s imports from FTA partners rose 77% in the current fiscal,” said Seshagiri Rao, JSW’s joint managing director and group chief financial officer.
  • India will become a net exporter of steel in the next three years, Union Petroleum and Steel Minister Dharmendra Pradhan said
  • The minister also talked about the “zero export” of natural resources from India. He said that there should be zero export of natural resources and industry should focus on value addition.
  • Mining industry in India is still the highest taxed in the world despite the government’s decision to slash corporate tax rate, FIMI said.
  • FIMI Vice President Rajib Lochan Mohanty said there was a need for rationalising the taxation structure in mining sector for sustainable development and deriving long-term benefits in terms of sustained raw material security for industries.