Main headlines: Coffee Day looks at bankruptcy; RoDTEP subject to change

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Coffee Day watches bankruptcy as asset sale fails to progress

Lenders from Coffee Day Enterprises Ltd (CDEL), which owns and operates a chain of coffee shops, plan to send the company to the National Company Law Tribunal (NCLT) for debt resolution after the company announced that it had defaulted on its loans in March Quarter 2021. According to an exchange record, for the March quarter, CDEL’s outstanding debt was Rs 280 crore. Read more

White goods and solar modules get Rs 10,738 crore value from push PLI

The Union Cabinet on Wednesday approved production-related incentive programs (PLIs) for white goods (air conditioners and LED lamps) and high-efficiency photovoltaic (PV) solar modules with a total budget expenditure of 10,738 rupee crores in an attempt to boost domestic manufacturing. While incentives worth Rs 6,238 crore would be provided over five years for manufacturing white goods in India, the expense for solar PV modules is Rs 4,500 crore. Read more

How the second wave of Covid-19 could spoil the summer of recovery for airlines

Last Sunday, as Prime Minister Narendra Modi met with senior officials on the rise in Covid cases, the managing director of a private airline asked his chief of operations to prepare for a sudden grounding of operations. Barely a month ago, the CEO met with investors and the discussion revolved around a full recovery and a bright future for Indian aviation. It’s back to plugging in the daily consumption of money. Read more

RBI commits to OMO schedule, leaves policy rates and position unchanged

The Reserve Bank of India (RBI) today took a step towards formalizing its own version of quantitative easing, committing to support the bond market through secondary market purchases, starting with 1 trillion rupees in the first quarter. Although the central bank has said this will be in addition to open market operations (OMOs), this is essentially a timeline for OMOs, a long-standing demand of the bond market. Read more

India-China border issues hit Bird Group’s electric hatchback projects

A year after the Bird Group, which provides aviation services to the hotel industry, linked up with Chinese automaker Haima Automobiles to assemble an electric hatchback car, the promoters (the Bhatia family) are now reassessing the joint venture account. given the changing geopolitical realities between the two countries. According to experts, the car was to have a price of Rs 10 lakh and was launched in June. Read more

Dixon partners with Bharti to manufacture telecommunications equipment under PLI program

The Dixon Group on Wednesday formed a joint venture (JV) with Bharti Enterprises to apply for the government’s Production Incentive Program (PLI) for the manufacture of telecommunications and networking products. As part of this plan, the JV aims for the Bharti group to recover 80 to 85% of the value of its cumulative sales over five years. Read more

Government set to change RoDTEP system amid uproar over reimbursement rates

The Commerce Department may revamp the reimbursement rates recommended by a government-appointed committee for the recently announced remission of duties and taxes on exported products (RoDTEP). This is after an industry outcry over suggested rates. A person familiar with the development said that Rs 30,000 crore would be needed for RoDTEP, compared to the Rs 13,000 crore allocated in the budget. The finance ministry’s revenue department also considered recommendations from a committee chaired by former Home and Commerce Secretary GK Pillai. Read more

Indian air passenger mkt could double by 2030 from pre-Covid level: Boeing

India’s domestic air passenger market is expected to double in size by 2030 from pre-pandemic levels, aircraft maker Boeing said on Wednesday. “We have seen a 55% drop in domestic passenger traffic through 2020. Our forecast shows that over the next 10 years, by 2030, the Indian domestic market is expected to double the size of the 2019 market. is quite remarkable, ”said David Schulte, general manager of regional marketing, Boeing Commercial Airplanes. Read more

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