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Saturday, July 11, 2020

Arun Jaitley News

Indian Finance Minister Arun Jaitley. Photo: PIB, Govt of India

Indian LNG Import Tax Halved

India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel. Indian Finance Minister Arun Jaitley presenting the Budget for 2017-18 in Parliament halved the import duty on LNG to 2.5 per cent, a move that will help cut cost of power and fertiliser production. "Considering the wide range of use of LNG as fuel as well as feed stock for petro-chemicals sector, I propose to reduce the basic customs duty on LNG from 5 per cent to 2.5 per cent," he said.

Abdulgani Serang (Photo: NUSI)

India’s NUSI Warns of Oil Exploration Training Shortage

Indian shipping trade union the National Union of Seafarers of India (NUSI) has asked the Indian Ministry of Shipping for financial help toward the training of maritime workforce in oil exploration activities. The union’s General Secretary, Abdulgani Serang, said NUSI has requested financial aid and incentives from the Ministry through National Shipping Board for training the maritime workforce at NUSI Offshore Training Institute (NOTI), currently operated by NUSI-ITF Trust. NOTI trains the workforce that operates specialized vessels…

Pic: Shipping Corporation of India

Indian Budget Proposals for Maritime Sector

Finance Ministry Arun Jaitley in Union Budget for financial 2016-17 (Apr-Mar) has announced imposition of 14% service tax on services provided by domestic shipping companies transporting goods from outside India. “The service tax on services provided by shipping companies by way of transportation of goods by a vessel from outside India up to the customs station in India will be 14% with effect from 1 June, 2016,” said the Budget. Shipping Corporation of India, Mercator and Great Eastern Shipping among others are some of the top domestic shipping companies.

Photo: Shipping Corporation of India

India Worries About its Ageing Shipping Fleet

India's troubled shipping sector has been passing through tumultuous waters in recent years with over 40 per cent of the country’s fleet older than 20 years and about 12 per cent of them being 12-15 years old, says the Economic Survey 2015-16 , tabled in Parliament by Finance Minister Arun Jaitley on Friday. The decline in the Baltic Dry Index, a freight index that depicts the robustness of trade, from 10,720 in May 2008 to 386 in January 2016 “is a reflection of the slowdown in India’s and the world’s merchandise trade as well as of overseas shipping services…

Pic: Kandla Port Turst

Kandla Port: Scam and Corporatisation

Anti-Corruption Bureau in the state of Gujarat has ordered by a Kutch court to probe the alleged multi-million rupee scam in Kandla Port Turst (KPT), has filed a revision petition saying the case be handed over to a national agency like CBI instead, reports PTI. “Gandhidham unit of ACB filed a revision plea before the sessions court yesterday and challenged the magistrate’s order to probe the scam. We have demanded that the case should be probed by a national agency, probably CBI…

Barack Obama-Narendra Modi

Obama, Modi Aim High on India Trip

In a fresh bid to make India an enduring strategic partner, U.S. President Barack Obama lands in New Delhi on Sunday for a highly symbolic parade and to nurture friendship with a prime minister who until last year was persona non grata in Washington. Obama will be the first U.S. president to attend India's Republic Day parade, a show of military might long associated with the anti-Americanism of the Cold War, and will host a radio show with Prime Minister Narendra Modi. His presence…