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SBI raises Rs 10,00 crore via infrastructure bonds

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Mumbai, June 26 (IANS) The country’s biggest lender State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds at a coupon rate of 7.36 per cent that is payable annually.

The proceeds of the bonds will be utilised in enhancing long-term resources for funding infrastructure projects such as highways and power plants and affordable housing segments, the SBI said.

The issue attracted an overwhelming response from investors and was oversubscribed by around four times against the base issue size of Rs 5,000 crore, the SBI said in a regulatory filing.

SBI Chairman Dinesh Khara said that this issuance will help in developing a long-term bond curve and encourage other banks to issue bonds of longer tenor as well.

The proceeds from infrastructure bonds are exempt from regulatory reserve requirements such as Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio which means the entire amount can be given out as loans to earn interest.

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With the Indian economy expanding at a rapid pace, there is a growing demand for funds to invest in infrastructure projects that have a long-term gestation lag.

–IANS

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Milma launches exclusive Kerala delicacies

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Thiruvananthapuram, July 1 (IANS) Two of Kerala’s exclusive delicacies – the hugely popular ‘Palada payasam’ and tender coconut ice cream – will now be available for all.

These were launched by the Kerala Cooperative Milk Marketing Federation (KCMMF), known by the brand Milma, as part of its market outreach initiative, ‘Repositioning Milma’, along with its three regional cooperative milk producers’ unions.

While Milma’s Palada payasam is a KCMMF initiative with support from Malabar Milma, the tender coconut ice cream is a product of Milma’s Ernakulam Regional Cooperative Milk Producers’ Union (ERCMPU).

Milma Chairman K.S. Mani said the Palada payasam with a year-long shelf life will enable the traditional sweet dish to be available abroad as well.

“Since it takes time to prepare at home, our product will come in handy for families anywhere in the world,” he said.

Tagging its tender coconut ice cream as a premium-range product, ERCMPU Chairman M.T. Jayan said: “We are in the process of exploring new flavours in the ice cream segment, which is anyway a craze among the younger generation.”

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The Palada payasam is made using the aseptic Microwave-Assisted Thermal Sterilisation (MATS) technology giving the product a one-year shelf-life. Manufactured by Tata Smart Foods in the Sri City of Tirupati district in Andhra Pradesh, the high-quality product maintains its traditional Kerala flavour and taste.

Each 400 gm Milma Palada payasam packet, prepared without adding any preservatives, is priced at Rs 150 and serves four people.

–IANS

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Coal stocks at power plants increased by 33 pc to prevent outages in rainy season

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New Delhi, July 1 (IANS) The coal stocks at domestic coal-based Thermal Power Plants is currently at 44.46 million tonnes (MT) which is sufficient to meet the requirements for 18.5 days as per the present level of consumption, the Ministry of Coal said on Monday.

This stock position is 33 per cent higher than what it was at the same time last year, while the production of coal during the April-June quarter of this year has recorded a robust double-digit growth of 10.58 per cent.

The Coal Ministry said that keeping in view the monsoon effect on coal production, as much as 98.67 MT stock availability has been ensured at the pithead of mines (including coal in transit) as of 30th June 2024 which is 33.5 per cent higher over last year’s position.

Currently, the stock availability at the thermal power plants is 68 per cent of the normative requirement which was about 50 per cent during the same period of last year. During FY 23-24, too, there was no scarcity of coal at the domestic coal-based plants.

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As on June 29, there is also an increase in the number of rakes/days by 10.54 per cent over the same period of last year, it is thus evident that adequate stock is available to meet the monsoon requirements of all domestic coal-based thermal plants.

Further Coal, Railways and Power ministries are closely coordinating to ensure adequate availability of coal.

–IANS

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GST collection jumps 7.7 pc in June to Rs 1.74 lakh crore

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New Delhi, July 1 (IANS) India’s gross GST collection rose to Rs 1.74 lakh crore in June this year which represents a 7.7 per cent increase over the same month last year, according to sources.

This takes the total GST (goods and services tax) mop-up for the first three months of the current financial year to Rs 5.57 lakh crore. In April 2023, GST collection had soared to a record high of Rs 1.87 lakh crore.

GST collections have been rising steadily reflecting the country’s robust economic growth and high tax compliance.

The GST regime, which completed seven years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said on Monday.

The theme of the 7th GST Day is Sashakt Vyapar Samagra Vikas (empowered trade overall growth).

“With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones,” the ministry said in a post on X.

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The GST taxpayer base increased to 1.46 crore in April 2024 from 1.05 crore in April 2018. The compliance burden was reduced for small taxpayers, and the GST Council has recommended waiving the annual return filing requirement for taxpayers with an aggregate annual turnover of up to Rs 2 crore in fiscal 2023-24, the ministry added.

–IANS

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ASSOCHAM Illness to Wellness salutes doctor fraternity on National Doctor’s Day

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New Delhi, July 1 (IANS) On the occasion of National Doctor’s Day, ASSOCHAM CSR Council, under the ‘Illness to Wellness’ initiative, recognised the unwavering dedication of doctors in alleviating pain and suffering in society by providing yeoman service.

Acknowledging the tireless work carried out by the doctors throughout the year, ‘Illness to Wellness’ saluted the community of extraordinary men and women who dedicate their lives towards ensuring the health and well-being of citizens without thinking about their own needs and expectations.

Anil Rajput, Chairperson, ASSOCHAM National CSR Council, said: “Doctors are the backbone of our healthcare system who are there for us in our moments of vulnerability, providing not only medical expertise, but also empathy and comfort. Our relationship with the doctors has grown deeper and stronger with each passing year and it is only because of their unwavering commitment and support that the Illness to Wellness campaign has increasingly achieved its set objectives and goals.

“Their devotion to their patients is steadfast, often sacrificing their own time and comfort to care for them. Over the past few years, we have witnessed the extraordinary lengths to which doctors go to protect and heal people.

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“The Covid pandemic underscored the vital role that doctors play in our lives with their bravery, resilience, and infinite dedication which is nothing short of heroic. Today, we honour their continuous pursuit of medical excellence, as well as their enduring compassion for humanity. In addition, we recognise the long hours, the sleepless nights, and the emotional toll that comes with the profession – their sacrifices do not go unnoticed, and we are profoundly grateful to them.”

“On this Doctor’s Day, we honour the invaluable contributions of our doctors to Indian society. Their unwavering dedication, tireless efforts, and compassionate care have been the backbone of our healthcare system. From bustling cities to remote villages, these healthcare frontlines have worked relentlessly to ensure the well-being of our diverse population. Today, we celebrate their remarkable service and profound impact on the health and happiness of our nation,” said Deepak Sood, Secretary General, ASSOCHAM.

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Greeting the entire medical fraternity on the occasion of National Doctor’s Day, Padma Shri awardee Sanjeev Bagai, Paediatrician and Paediatric Nephrologist, Chairman and Managing Director, Nephron Clinic, New Delhi, said: “We are looking at preventing chronic diseases and I think an initiative like Illness To Wellness is a great way to spread awareness. We are looking at wellness as a major core area in which we are not only looking at this generation, but the next generation forward. We are looking at public awareness messages in the areas of personal hygiene, personal health, and vaccination to ensure that preventive measures are taken by the citizens.”

Speaking on the impact of the ‘Illness to Wellness’ initiative, G.C. Khilnani, Chairman, PSRI Institute of Pulmonary Critical Care and Sleep Medicine, said: “I have been associated with ASSOCHAM for almost five years. I am aware of the good work being done by the organisation through the Illness to Wellness initiative. It is playing an extremely important role in spreading awareness about various diseases and the preventive measures that need to be taken.”

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To express its gratitude towards the dedication and compassion shown by the medical fraternity, Illness to Wellness organised a programme on June 29 to acknowledge the significant role played by the doctors.

Over 80 doctors attended the event including Padma Bhushan T.S. Kler, Chairman, BLK-Max Heart and Vascular Institute; Padma Shri Randeep Guleria, Chairman, Institute of Internal Medicine, Respiratory and Sleep Medicine, Medanta, and ex-Director, AIIMS, New Delhi; Padma Bhushan S.K. Sarin, Senior Professor, Department of Hepatology, and Director, Institute of Liver and Biliary Sciences, New Delhi; Padma Shri Yash Gulati, Senior Joint Replacement, Sports and Spine Orthopaedic Surgeon, Apollo Hospital, New Delhi; Padma Shri Mohsin Wali, Cardiologist and former honorary Physician to the President of India; Rajinder K. Dhamija, Director, Institute of Human Behaviour and Allied Sciences (IHBAS), New Delhi, and many more.

–IANS

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Sarbananda Sonowal holds pre-budget meeting with maritime sector stakeholders

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New Delhi, July 1 (IANS) Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal on Monday held a pre-budget meeting with various stakeholders to gather feedback and suggestions from experts and stakeholders across different sectors.

The discussions centred on identifying growth opportunities, addressing challenges, and exploring innovative solutions, the minister said after the meeting.

“The government’s focus is on building a robust maritime ecosystem that supports economic growth and environmental sustainability. With projects like the Vadhavan Mega Transshipment Port and the Cruise India Mission, the ministry is poised to make India a global maritime hub,” Sonowal said.

The minister pointed out that policy reforms in tax and GST, support for shipbuilding, and green initiatives underscore the Ministry’s commitment to economic growth and environmental sustainability, enhancing India’s competitiveness in the maritime sector.

“This interaction has given the Ministry of Ports, Shipping, and Waterways insightful perspectives that will help in shaping a more inclusive and growth-oriented budget,” the minister said.

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The government is committed to developing sustainable, world-class maritime and inland waterways infrastructure to enhance EXIM trade and support economic growth, he added.

The Ministry of Ports, Shipping, and Waterways is spearheading several strategic initiatives to strengthen India’s maritime sector, focusing on sustainable and world-class infrastructure.

These include the Sagarmala Programme, with projects worth Rs 5100 crore, and the Shipbuilding Financial Assistance Policy supporting shipyards.

The Harit Nauka initiative will promote green fuel transportation in inland waterways, while the Maritime Development Fund (MDF) and Ship Owning and Leasing Entity (SOLE) will support financing to boost ship acquisition and Indian ownership.

The meeting witnessed active participation of more than 150 stakeholders (including online as well) from Major Ports, Shipping sector, Inland Waterways Authority of India (IWAI), Directorate General of Shipping (DG Shipping) and representatives from FICCI, CII, National Union of Seafarers of India, Assocham, Shipyard Association of India, Maersk, DP World, JM Baxi, TCI Seaways, MSC etc. –IANS

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