Cabinet Decisions Highlights: Ayushman Bharat to now cover senior citizens above 70 years, says Ashwini Vaishnaw

We warmly welcome the Government's announcement of the PM E-drive scheme, with an outlay of Rs 10,900 crore over 2 years. With subsidies of over Rs 3,679 crore to incentivize EVs, this new programme will support 24.79 lakh electric two-wheelers, 3.16 lakh electric three-wheelers and ambulances. We also welcome the allocation of Rs 4391 crore for procurement of over 14,000 e-buses. Heartening to see that over 40% allocation has been announced for electric buses.

The PM E-drive scheme is holistic in nature and shall herald a transformative growth in the EV sector towards the government’s mission of decarbonisation, zero emission and clean mobility.

Further, the Rs 3,435-crore towards the payment security mechanism will provide the much-awaited impetus to OEMs and will act as a cornerstone to establish the electric bus sector and attracting substantial global investors.

The Damodar Valley Corporation (DVC) has achieved financial closure for its 2x800 MW Koderma Thermal Power Project (Phase-II) in Jharkhand by securing a loan agreement worth Rs 10,050.42 crore with the State Bank of India (SBI).

The total cost of the 1600 MW thermal power plant is Rs 14,357.74 crore.

"Construction is expected to commence in the current fiscal year, with the first phase anticipated to become operational in four years," Arup Sarkar, member (finance) of DVC, told news agency PTI after signing the agreement in Mumbai.

Ashwini Kumar Tewari, managing director (corporate banking & subsidiaries) of SBI was also present on the occasion.

The East Coast Railway (ECoR) has unloaded over 100 million tonne of goods in 160 days during the current financial year, an official said.

The ECoR unloaded 100.44 million tonne by September 7th, registering a 6.5 per cent growth over the same period of last year. This performance exceeds last year’s figure by 6.15 million tonne, he said.

While Khurda Road Division unloaded 60.38 million tonne of goods, it was followed by 22.68 million tonne in Waltair Division, and 17.38 million tonne in Sambalpur Division.

The Cabinet on September 11 approves Rs 2000 crore outlay for Mission Mausam to focus on accuracy and higher resolution in the next five to six years.

Ashwini Vaishnaw announces that the Cabinet has approved an outlay of Rs 70,125 crore for the PM Gram Sadak Yojana to develop the remotest villages.

Under the scheme, 25,000 unconnected habitations will be connected with 62,500 km roads. It will generate 40 crore human days of employment, the union minister says.

The criteria of 500 population for N-E, hilly states has been revised under the PM Gram Sadak Yojana.

-- The Cabinet has approved the Rs 10,900 crore PM E-drive scheme for two-wheelers, ambulances, trucks, and three-wheelers.

-- Under the PM E-drive scheme, 100 percent support will be given for charging infrastructure at 88,500 sites.

-- Additionally, Cabinet approves Rs 3435 crore payment security mechanism under PM e-Bus scheme, under which 38,000 e-buses in 169 cities will be promoted.

-- Vaishanw says this is over and above the PLI schemes for auto and auto component sectors.

-- The Cabinet has approved covering senior citizens above 70 years under Ayushman Bharat scheme, union minister Ashwini Vaishnaw announced on September 11.

-- All senior citizens will get Rs 5 lakh free health insurance under Ayushman Bharat. It will cover 6 crore senior citizens.

-- If senior citizens are from families already covered under Ayushman Bharat, they will get additional shared top up cover up to Rs 5 lakh per year.

-- If senior citizens are already covered under any central govt health scheme, they will have an option to choose if they want to switch to Ayushman Bharat.

-- It is a demand based scheme, will have an outlay of Rs 3437 cr. Outlay can be increased based on demand.

State Bank of India's Indonesia subsidiary, Bank SBI Indonesia (BSBII) inks pact with Bank KEB Hana Indonesia for the latter to invest in 1 percent shares of BSBII via preference share issue. This has been done to meet regulatory compliance of meeting minimum 1 percent local shareholding norms, SBI says.

The Enforcement Directorate (ED) has provisionally attached proceeds of crime in the form of immovable properties and bank balances amounting to Rs 29.75 crore in the case of Rs 6498.20 crore Punjab National bank fraud by Nirav Modi

Skilling and incentive programmes for MSMEs and ensuring their ability to borrow through schemes like Mudra will help the sector make the green transition, WRI India CEO Madhav Pai said on Wednesday.

Pai noted that most micro, small & medium enterprises are exposed to climate shocks and MSMEs need to make the green transition to survive.

"So, we need to come up with economic viability and incentive programmes that can be created and the capacity building and the skilling that will be required to make the MSME players go for the green transition," Pai told PTI in an interview.

US inflation unexpectedly picked up in August, as core consumer price index — which excludes food and energy costs — rose 0.3% versus July and 3.2% from a year ago, as per Bureau of Labor Statistics.

The inflation pick up undercuts the chances of an bigger-than-expected US Fed rate cut next week.

The Hive Hostels, which is into student housing, will invest Rs 10 crore to add 3,000 beds by the end of this fiscal and has tied up with Crib Property Solutions to provide technology support to manage its co-living centres.

With a presence in over 10 cities across India, The Hive Hostels currently operates 20 properties with more than 5,000 beds.

Last month, The Hive Hostels raised Rs 11.5 crore from investors, including Shriram Madhav Nene, to grow its business.

The company expects to achieve a revenue of Rs 60 crore in the current fiscal year.

Union Minister Rajiv Ranjan Singh on September 11 said the government is focusing on increasing annual seafood exports to Rs 1 lakh crore from around Rs 60,000 crore last fiscal and will also take measures to strengthen the foundation of the fishery sector over the next five years.

Singh, who is Union Minister for Fisheries, Animal Husbandry & Dairying, was addressing an event to mark the 4th Anniversary of Pradhan Mantri Matsya Sampada Yojna (PMMSY).

Adani Ports and SEZ will be developingh a multipurpose berth at Gujarat’s Kandla Port, the company said in the regulatory filing. "APSEZ has incorporated a wholly owned subsidiary, DPA Container and Clean Cargo Terminal Limited (DPACCCTL), that will carry out operations at the berth. Berth will handle multipurpose cargo and is expected to be commissioned

in FY27," the filing added.

The Bajaj Housing Finance IPO has attracted bids exceeding Rs3 lakh crore for its Rs 6,560 crore offering. By 4 PM, the issue was subscribed more than 66 times, with investors placing bids totaling over Rs 3 lakh crore. The company aimed to raise Rs 6,560 crore through this IPO, with today marking the final day for subscription. (Read More)

IndiGo's CEO, Pieter Elbers, in an interview with CNBC-TV18, highlighted the airline's relatively young status compared to international standards. He emphasized India's need for an airline like IndiGo to compete on a global scale. Elbers also mentioned that the airline is preparing to expand internationally by adding new aircraft. He noted that first-time flyers are a significant asset for IndiGo.

Akasa Air, India's fastest-growing airline, has appointed Sejal Haribhakti Mody as its Chief Human Resources Officer (CHRO), effective September 9, 2024. Sejal will spearhead the airline's human resources strategy as it works toward its goal of becoming one of the top 30 airlines globally by the end of the decade. In her new role, she will oversee organizational and functional transformation, drive enterprise performance, manage talent, and develop leadership, all while maintaining a strong emphasis on employee experience and company culture. With over 20 years of experience in human resources, organizational change, and talent strategy across sectors like FMCG, media, and consulting, Sejal brings extensive expertise to the position.

Samsung Electronics, the world's top maker of smartphones, TVs and memory chips, is cutting up to 30% of its overseas staff at some divisions, three sources with direct knowledge of the matter told Reuters. South Korea-based Samsung has instructed subsidiaries worldwide to reduce sales and marketing staff by about 15% and the administrative staff by up to 30%, two of the sources said. The plan will be implemented by the end of this year and would impact jobs across the Americas, Europe, Asia and Africa, one person said. Six other people familiar with the matter also confirmed Samsung's planned global headcount reduction. (Reuters)

The Drug Controller General of India (DCGI) has suspended the approval granted to Entod Pharmaceuticals for manufacturing and selling their new eye drops, which claimed to reduce the need for reading glasses in individuals with presbyopia. According to an order reviewed by Moneycontrol, the DCGI stated that the company did not secure authorization from the Central Licensing Authority to make such claims about the product. The order also noted that the pharmaceutical company violated the permission to produce the ophthalmic solution under the New Drugs and Clinical Trial Rules, 2019. The suspension will remain in effect until further notice. (Read More)

Modi govt to announce Phase 3 of FAME today, says heavy industry minister at FADA event (Read More)

India's central bank will stick to its plan to ask lenders to set aside more funds for digitally linked deposits, despite the industry's plea for a lower buffer to avoid a hit to their liquidity, three sources familiar with the matter told Reuters. In July, the Reserve Bank of India (RBI) proposed that banks set aside an additional 5% 'run-off factor' on digitally accessible retail deposits to better manage risks in case of quick and heavy withdrawals via internet or mobile banking. The norms, due to be enforced next April, are expected to weigh on banks' liquidity coverage ratios (LCR) -- the amount of highly liquid assets available to meet short-term obligations -- and was a key reason for the Indian Banks' Association (IBA) urging that the run-off be cut to 2% or 3%, the sources said. (Reuters)

• In the third term of Modi government, we have to break down the Viksit Bharat mission into smaller missions for 100 days, 1 year and 5 years. So that we can break down on deliverables: Piyush Goyal, commerce and industry minister at launch fo trade connect e-platform
• We have made a significant effort to make an effort for better and smarter way of moving forward: Piyush Goyal
• World is our market, while global trade is in paralytic situation. We should be looking at larger market share: Goyal
• We should be able to reach the person at the small level, who gets intimidated by English: Goyal
• This government has consistently worked in promoting regional languages: Goyal
• Nobody should be left behind, this (trade connect platform) can get connected with ONDC and GeM portal: Goyal

This will be like chat-GPT for our exporters: Barthwal

Electric cars for private or shared mobility not covered under new scheme, reports CNBC-TV18

Cabinet is set to address media in the evening on the new EV scheme, reports CNBC-TV18

In a regulatory filing, JSW Indra said that, "We refer to the news appearing in the media - “JSW Infrastructure to raise in excess Rs 5,000 crore via QIP…..”. We hereby confirm that JSW Infrastructure Limited is currently not in any discussion as referred to in the above captioned news item also no such proposal has been placed for discussion before the Board."

Noting that September 9 was the deadline for Foreign Portfolio Investors to disclose the beneficial owners of their holdings, the Congress on Wednesday asked SEBI if those implicated in the Adani matter have done so and why has it taken the capital markets regulator 18 months to enforce the new norm. Congress general secretary in-charge communications Jairam Ramesh said it is September 11 today, two days after the SEBI’s September 9 deadline for Foreign Portfolio Investors (FPIs) – those who stand accused of holding concentrated portions of their equity portfolio in a single corporate group – to disclose the beneficial owners of their holdings. (Read More)

• "We are now the world’s number 2 producers and exporters of mobile handsets. India is the second largest 5G smartphone market in the world," says PM Modi
• "Our aim is do 100% of electronics manufacturing in India itself - from semiconductor to finished goods," says PM Modi
• "Supply chain resilience is very important. India is doing everything to bring resilience to various sectors’ supply chains," says PM Modi
• "We want to create a world which doesn’t stop when problems arise," says PM Modi (Read More)

• "India’s mantra is to increase the numbers of chips produced in India," says PM Modi
• "We are working with a 360 degree approach for semiconductor industry," says PM Modi
• "Every device in the world should have an India-made chip," says PM Modi
• "This era is the era of silicon diplomacy," says PM Modi

• "In global designing, India has 20% talent contribution, and it is going up," says PM Modi
• "For India, chip's meaning is not just technology, but a medium to address aspirations of consumers. India is a big consumer of chips," says PM Modi
• "India is manufacturing in every sector to become 'atmanirbhar' and is doing green transition," says PM Modi

'With chips are down, you can bet on India,' says PM Modi. He also says that "we are focusing in semiconductor infrastructure."

Prime Minister Narendra Modi begins addressing the Semicon India 2024. In a message to global industry, he said that this was the right time to be in India.

"50% of India’s mobile manufacturing and 55% of mobile component manufacturing is happening in Uttar Pradesh," says Chief Minister Yogi Adityanath

"We are expanding activity operations in Bangalore, Hyderabad, Delhi, Noida. We are doubling headcount by next year," says Renesas CEO Hidetoshi Shibata

"We at NXP are in India for 50 years. We are committed to double our R&D investment in coming years which will be in excess of a billion dollars," says NXP CEO

• "Our proprietary technology platform from 28 nm to 110 nm to address markets such as AI, automobiles, data storage and communications," says Tata Electronics CEO Dr Randhir Thakur
• "Our global partnerships for the fab made possible due to PM’s Modi’s global outreach," says Thakur at the event
• "We will create 50,000 jobs as part of our semiconductor journey," he added.

"Our focus on design ecosystem development will lead to at least three or four major products in coming years," says Vaishnaw

"We are committed to a strong talent pool of 85,000 engineers and technicians in the next 10 years in India, says IT minister Ashwani Vaishnav at Semicon India 2024. He also says "govt has tied up with 113 universities, academic institutions and R&D organisations to develop curriculum with semiconductor focus."

In a regulatory filing, Adani Enterprises issued a clarification on the reports on semiconductor plant in Maharashtra. "We would like to clarify that, as per our knowledge, the project referred in the said media report is being evaluated at Adani group level," the filing said. It further added, "The Company has not signed any binding document(s) in this regard hence we are unable to comment on the same at this stage."

Samsung India is all set to slash over 200 jobs across different verticals. The development comes as the Korean electronics giant aims to reduce cost amid business slowdown. Samsung India has over 2,000 employees in managerial roles at present. The layoff will impact around 10% of this managerial staff. (Read More)

Larsen & Toubro Ltd. plans to invest more than $300 million to create a chip company, joining other Indian conglomerates in a push to build out a semiconductor industry in the world’s most populous country. The tech-to-construction company will spend the money over three years to establish a fabless chipmaker, which designs and sells semiconductors but contracts out their production. It plans to design 15 products by the end of this year and start sales in 2027, Sandeep Kumar, head of L&T Semiconductor Technologies, said in an interview. (Read More)

The Telecom Regulatory Authority of India (Trai) has recommended that the Department of Telecommunications (DoT) encash the bank guarantees of telecom operators who have failed to pay financial penalties imposed for their inability to control spam, according to a report by the Economic Times on Wednesday. The report noted that this is an unprecedented action by the regulator.

In a new post on X, US short seller Hindenburg Research has reacted to the Congress' fresh allegations against Sebi chair Madhabi Puri Buch. "New allegations have emerged that the private consulting entity, 99% owned by SEBI Chair Madhabi Buch, accepted payments from multiple listed companies regulated by SEBI during her time as SEBI Whole-Time Member. The companies include: Mahindra & Mahindra, ICICI Bank, Dr. Reddy’s and Pidilite. These allegations apply to Buch's Indian consulting entity with no details thus far on Buch's Singapore-based consulting entity. Buch has maintained her complete silence for weeks on all of the emerging issues," the post said.

Bajaj Housing Finance’s highly anticipated IPO enters its final day of bidding today (Thursday, 11 September), following an overwhelming subscription over the past two days. With demand for the public portion of the offering already exceeding Rs 38,000 crore, investors are keen to see if the total subscription will reach Rs 1 lakh crore by the close of the IPO today. (Read More)

On Wednesday, September 11, Gensol Engineering Ltd informed the exchanges that it has secured a contract to establish India's first Green Hydrogen Valley project in Pune. The project will be developed in partnership with Matrix Gas & Renewables, a company specializing in Green Hydrogen infrastructure and natural gas aggregation. Matrix will construct and operate the Green Hydrogen production facility on a Build Own and Operate (BOO) model, supplying Green Hydrogen to the specialty chemical industry for a period of 20 years.

The International Monetary Fund said on Tuesday that a staff-level agreement was reached with Ukrainian authorities that would give Ukraine access to about $1.1 billion.

Bajaj Housing Finance's mega initial public offering (IPO) enters its final day of bidding today, September 11, after a strong performance over the past two days. The public portion of the IPO has already attracted demand exceeding Rs 38,000 crore, and there is anticipation that the total subscription could reach Rs 1 lakh crore by the close of bidding.

The Rs 6,560-crore IPO has been oversubscribed more than 7.5 times as of the end of Day 2, fueled by robust interest from non-institutional investors (NII). Today, the focus shifts to qualified institutional buyers (QIBs), who have thus far subscribed 7.46 times their allocated portion of the offering. Investors are keenly watching to see if the IPO will hit the Rs 1 lakh crore subscription milestone before the bidding closes. More details here.

Internet giant Amazon's cloud computing arm, Amazon Web Services, said on Wednesday that it plans to spend 8 billion pounds ($10.45 billion) in the United Kingdom over the next five years to build, operate and maintain data centres.

The company expects the investment project to contribute 14 billion pounds to the country's gross domestic product by the end of 2028 and to support more than 14,000 jobs at British businesses.

The project represents a step-up in the pace of Amazon's investment in Britain. Since 2022 AWS has invested 3 billion pounds in facilities in London and Manchester. (Reuters)

Sony announced the PlayStation 5 Pro, an upgraded version of its flagship console offering better graphics, will go on sale on Nov. 7 priced at $699.99.

The new device, which lacks a disc drive but includes an upgraded graphics processing unit, costs 40% more than a regular PS5 with a disc drive.

Sony has said it expects to sell 18 million PS5 consoles this financial year, down from 20.8 million in the same period a year earlier.

The yen hovered near a five-week peak and the dollar hung close to a three-week top versus the euro on Wednesday, as traders waited nervously for a key inflation report that could provide clues on how aggressively U.S. rates would be cut next week.

Markets were also cautious ahead of the first debate between U.S. presidential hopefuls Kamala Harris and Donald Trump, with the candidates neck-and-neck ahead of the November election.

The dollar was down 0.2% at 142.18 yen as of 0009 GMT, heading back towards the recent low of 141.75 yen, a level previously not seen since Aug. 5. The safe-haven Japanese currency tends to track long-term Treasury yields, which slumped overnight. (Reuters)

Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand.

Brent crude futures climbed 39 cents, or 0.6%, to $69.58 a barrel by 0031 GMT while U.S. crude futures were at $66.19 a barrel, up 44 cents, or 0.7%.

Both benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest level since December 2021 and WTI falling to a May 2023 trough, after OPEC+ revised down its demand forecast for this year and 2025. (Reuters)

SEMICON India 2024, taking place from September 11 to 13, is centered around the theme "Shaping the Semiconductor Future." The event supports Prime Minister Modi's vision of making India a global leader in semiconductor design, manufacturing, and technological innovation. The three-day conference will highlight India's strategies and policies for becoming a key global semiconductor hub. It will bring together top executives from leading international semiconductor companies, along with global leaders, industry experts, and other key players in the field. With over 250 exhibitors and 150 speakers, the conference will be a vital platform for fostering collaboration and driving industry advancements.

Prime Minister Narendra Modi is set to inaugurate SEMICON India 2024 on September 11 at 10:30 AM at the India Expo Mart in Greater Noida, Uttar Pradesh. During the event, he will also deliver a keynote address.