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In a bid to liberalise the coal sector, the government is planning to invite global players for the roll out of auction plan for commercial mining by December this year, Union Minister Pralhad Joshi said on Thursday.

The maiden move aimed at cutting coal exports is set to end the monopoly of domestic giant Coal India that accounts for over 80 per cent of the India's dry-fuel output.

"Hundred per cent commercial mining is approved. By December or so we are planning to roll it out," Coal, Mines and and Parliamentary Affairs Minister Joshi told reporters on the sidelines of the National Geoscience Award 2018.

He said that the government will invite global players for this, as 100 per cent FDI in coal will lead to more investors in coal mining operations with better technology.

"We are inviting global players. There is already 100 per cent FDI. More investors will come... We are hoping to get better technology. Whatever the shortcomings we have in this sector as far as mining coal is concerned that (commercial mining) will be a boost to address it. 100 per cent commercial mining is approved," Joshi said.

Coal is the most important and abundant fossil fuel in India. It accounts for 55 per cent of the country's energy needs and the government is trying to curb imports.

The country's coal imports increased by 28.7 per cent to 24.14 million tonnes in June as against 18.75 million tonnes in the corresponding month of the previous fiscal.

Total imports of thermal coal rose to 56.23 million tonnes during the quarter as compared with the year-ago period.

The country's coal imports swelled by about 13 per cent to 235.2 MT during the year-ended March 31, 2019.

Coal India along with the PSU Singareni Collieries Company Limited (SCCL) are the only companies that till now were allowed to mine and sell coal.

Coal India is the the single largest coal producer in the world, operating through 82 mining areas with seven wholly owned coal producing subsidiaries and a mine planning and consultancy company, it accounts for about 600 million tonnes (MT) annual production.

As per the Coal Ministry, commercial primary energy consumption in India has grown by about 700 per cent in the last four decades but the current per capita commercial primary energy consumption in India is about 350 kgoe/year which is well below that of developed countries.

On issues pertaining to iron ore mining, the Mines Minister Joshi said that the government is working on it and will see to it that there are no shortages of the mineral.

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• DXY is extending the consolidative theme above the 98.00 handle following another interest rate cut at the FOMC meeting on Wednesday.
• The immediate bullish view stays uncompromised for the time being, sustained by the 55-day SMA at 97.89 and Friday’s low at 97.86 .
• If the recovery gathers traction, the index should then target last week’s peak at 99.10.

DXY daily chart

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A country that faces nine crashes every 10 minutes has decided to act tough on drivers who cause accidents. Drivers who have so far been worried about shelling a large amount on traffic violations, would soon be dealing with another concern: ‘How would this traffic law violation impact the insurance premium on the vehicle?’

While the nine-member committee headed by Anurag Rastogi, Chief Actuary & Chief Underwriting Officer, HDFC Ergo General Insurance, charts the road-map for mapping traffic violations to the cost of insurance and tried to gauge the new parameters on which vehicle insurance are likely to be pegged.Such a linkage of insurance premium to traffic violations is expected to reduce accidents and bring about a change in driving behaviour as per the Insurance Regulatory Development Authority (IRDA), which has formed a working group to examine the system of linking premiums to traffic law violations.

Commenting on the move Sajja Praveen Chowdary, Head-Motor Insurance, Policybazaar.com, says, “The overall environment is being altered to make people more responsible when they are in public spaces. So, good drivers would be definitely paying a lower premium versus bad drivers and that is the ideal scenario any insurer would aim for.”Currently, motor insurance premiums are primarily decided by insurance companies based on the historical loss experienced for a particular category of vehicle, including the make in a specific region. But the insurance industry has been waiting for insured/driver-specific information for understanding the risk better to help in improved underwriting, according to Amitabh Jain, Head-Motor & Health underwriting and Claims at ICICI Lombard General Insurance Company (ILGIC).

Whatever changes and developments insurers have undertaken in terms of understanding the claims history of a particular vehicle category would be incomplete without gauging the circumstances under which the vehicle damage occurred. And, driving behaviour is a key parameter, giving them a peek into the probability of claim from a particular person, based on his/her driving behaviour.

“While insurance companies consistently try to improve the pricing for a vehicle by incorporating additional risk parameters such as previous claims history, vehicle safety features (such as an anti-theft device), vintage of the vehicle, and a customer’s association with an insurance company, the ideal way to price a risk would be the individual driving behaviour,” reveals Rakesh Jain, ED & CEO, Reliance General Insurance (RGIC).

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The tax authorities are faced with a steep revenue collection target for 2019-20, with advance tax mop-up posting dismal growth in the first half of the financial year, indicating a deepening economic slowdown.

The overall advance tax collection, including corporate and personal income tax, grew by 6 per cent between April and mid-September as against 18 per cent in the year-ago period, according to sources in the know.

Direct tax collection has seen a growth rate of mere 5 per cent so far this year, which means that collections will need to expand by at least 27 per cent in the remaining half to achieve the Budget target of 17.3 per cent growth.

Advance tax collection after the second instalment stood at Rs 2.2 trillion. The gross direct tax collection has touched Rs 5.5 trillion as against the full-year target of Rs 13.35 trillion.

Within the advance tax collection, corporation tax mop-up grew by 6.5 per cent and personal income tax by 3.5 per cent.

“The revenue situation remains grim on account of the economy expanding slower than expected and key industries being impacted. If the situation does not improve, meeting the collection target will be impossible,” said a government official.

India’s gross domestic product (GDP) growth plummeted to a 25-quarter low of 5 per cent in the first quarter of FY20.

The tax buoyancy estimated this year at 1.44 is higher than 1.21 achieved last year. In simple terms, it means if nominal GDP expands by 10 per cent, direct tax collection will grow by 14.4 per cent, which appears near impossible in the current situation. Nominal GDP grew by just 8 per cent in the first quarter as against 12 per cent budgeted for FY20. Several institutions, including the International Monetary Fund (IMF) and the Reserve Bank of India (RBI), have cut India’s growth forecast.

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The yen rose from a seven week low against the U.S. dollar on Thursday after the Bank of Japan kept monetary policy on hold, in the wake of the Federal Reserve’s overnight decision to cut rates.

The dollar was down 0.44% to 107.95 yen by 2:32 AM ET (6:32 GMT) after the BoJ kept policy on hold, as expected, but signaled it could ease next month.

Central banks around the world have been loosening policy to counter the risks of low inflation and recession.

The Fed cut interest rates for a second time this year on Wednesday in a 7-3 vote. The rate cut was widely expected, but the split vote has raised some concern about predicting the future path of monetary policy.

Fed Chairman Jerome Powell described U.S. prospects as "favourable" and the rate move as "insurance." He did not rule out future cuts, but his remarks were not as dovish as markets had hoped for.

The euro rose 0.1% against the dollar to 1.1045, while the British pound was little changed at 1.2468.

Investors are awaiting a Bank of England policy meeting later Thursday. The BOE is expected to  keep rates unchanged, but uncertainty over Brexit has complicated the monetary policy outlook.

The Australian dollar was down 0.6% at 0.6786 after data overnight showing that the country’s unemployment rate unexpectedly rose in August, underlining the case for additional stimulus by the Reserve Bank of Australia.

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