Loan Recast Window
- The Indian Banks’ Association (IBA) has asked the Reserve Bank of India (RBI) to extend the restructuring window outlined by the KV Kamath committee by another three months to March 31, 2021.
- The window to seek restructuring is set to lapse on December 31.
- Bankers have told the regulator that they haven’t been able to assess borrower cash flows, given the ongoing case in the Supreme Court on interest waivers during the moratorium, which ended August 31.
- Also, with borrowers pinning their hopes on the eventual verdict in that case, several customers have sought more time to apply for loan restructuring.
- The IBA coordination committee set up to study the recast progress of Covid-hit loan accounts has held regular feedback meetings with Kamath committee members and expressed the need to extend timelines.
- A recent Crisil study said as many as 99% of companies — excluding micro, small and medium enterprises — rated by it are unlikely to opt for the one-time-debt-restructuring (OTDR) in a preliminary analysis of 3,523 non-MSME units.
- This is largely on the back of improving business sentiment and gradual opening up of the economy.
EVs for Delivery
- The world’s largest online retailer Amazon is in talks with a slew of domestic electric vehicle manufacturers, including Mahindra Electric and Kinetic Green, to procure customised EVs through its logistics partners for last-mile delivery.
- Amazon is also considering strategic investments in some of these companies to align long-term interests in servicing its requirements.
- While talks are still ongoing, manufacturers are running pilots to showcase their products before scooping up larger orders.
- We have been working with several Indian OEMs (original equipment manufacturers) to build a fleet of vehicles that ensure sustainable and safe deliveries of customer orders and will continue to explore opportunities to expand our fleet.
- The ecommerce company has been conducting trial runs of EVs at several last-mile delivery hubs for over a year and a half now as it pushes ahead with its plan to introduce 10,000 e-vehicles on India’s roads by 2025.
- The ecommerce major is looking for EVs that can carry a payload of 500-600 kilograms, have a range of about 150 km and a top speed of around 50 km per hour.
24 Industries – 30 Million Jobs
- Piyush Goyal: The government has identified 24 industry sectors that can add ₹20 lakh crore of annual manufacturing in India and provide “no less than 3 crore people some working opportunity directly and indirectly”.
- Drones, robotics, electric vehicle equipment, ceramics and glass, ethanol, ready-to-eat food, aluminium, gym equipment, toys and sporting goods.
- Minister of state Hardeep Singh Puri said there is a need to increase India’s share in global exports to 3% from 1.8% now in the next five years by realigning the export basket to cover high-tech and high value-added products.
- Exports target of $1 trillion and GDP of $5 trillion (by 2024) are “doable”.
Export Council for Technical Textiles
- The government has sought proposals from industry to set up an export promotion council (EPC) for technical textiles to help promote international trade in these products.
- Technical textiles such as personal protective equipment, truck covers and marquee tents are meant for non-aesthetic purposes where function is the primary criterion and are used in various industries, including automobiles, civil engineering and construction, agriculture, healthcare, industrial safety and personal protection.
- Last month, the Cabinet had approved a ₹10,683-crore production linked incentive scheme for man-made fibres and technical textiles.
- The government has also undertaken a ₹1,480-crore National Technical Textiles Mission (NTTM) to improve penetration level of technical textiles in the country which has a four-year implementation period — from 2020-21 to 2023-24.
- The US Department of Justice is discussing a possible deal with Huawei’s finance chief Meng Wanzhou.
- Meng Wanzhou was arrested in Canada in 2018
- The deal would reportedly let Ms Meng return to China.
- Ms Meng faces US charges over alleged violations of sanctions on Iran.
- US authorities allege Huawei used Skycom to obtain embargoed US goods, technology and services in Iran.
- She is currently on bail and not allowed to leave Vancouver, where she has a home.
- Negotiations between Ms Meng’s attorneys and the US Justice Department picked up after last month’s US presidential election.