The Centre on Thursday (December 5, 2019), after a long gap of four years, approved allocation of five coal blocks, including two to Birla Corporation and one to Vedanta, and said the mines will generate a revenue of Rs 17,136 crore for the government. For the first time, the successful bidders shall have the flexibility to sell 25% of the coal produce in open market.
Chief Minister of Odisha Naveen Patnaik launched 27 projects on 30 November 2019. The value of the projects is estimated at Rs 8,938.81 crore and will create employment opportunities for 12,142 people.
The CM invited the global business community to attend the summit to be organised from 30 November to 4 December 2020.
Out of the 27 projects launched by the Chief Minister, five were inaugurated and groundbreaking was held for 22 other projects. The five projects inaugurated on the day will be implemented by Omjay EV, OCL India, Shree Cement, Pro-Minerals and Suraj Products.
Shree Cement is setting up a three million tonne capacity cement grinding unit with an investment of Rs 452.55 crore, creating employment opportunities for 243 people
Parliament on Thursday(December 5, 2019) approved the Taxation Laws (Amendment) Bill, 2019 that replaces an ordinance promulgated to cut the base corporate tax rate, with Finance Minister Nirmala Sitharaman stating that mining companies, software developers and book printers will not be eligible for the lower 15% rate available for new manufacturing companies.
The Reserve Bank of India’s (RBI’s) move to pause rate cuts will hit the beleaguered real estate and auto sectors hard. These sectors were expecting another rate cut by the central bank to help revive sagging consumer demand.
CEOs said benefits from the previous rate cuts are yet to play out completely and the real estate industry is still reeling from the liquidity crisis as consumers are not coming forward to buy new houses or cars.
Real estate developers were expecting a rate cut of 50 to 100 basis points which would have provided a boost to the government’s recent initiatives to rev up the economy.
Reserve Bank of India (RBI) on Thursday (December 5, 2019) slashed its GDP growth forecast for 2019-20 to just 5% but left the repo rate unchanged at 5.15%, hinting the government should do the heavy lifting.