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How NBFCs minimise their non-performing assets

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Non-banking financial companies (NBFCs) have made strong roots in the Indian financial sector targeting niche segments of the population, mostly catering to small businesses or salaried employees with their momentary needs.

After banks and insurance companies, NBFCs come at the third spot in the Indian financial system, while banks could manage to grow credit at 5.1 percent in the final quarter of the last fiscal year, NBFCs could register a credit growth of 250 percent more than banks - i.e., 13 percent. According to a recent study by the Reserve Bank of India (RBI), NBFCs are much ahead of commercial banks in managing non-performing assets (NPAs), and their asset quality is also far better than banks.

Sector witnessing an unprecedented growth

The demands and aspirations of India’s middle-class segment are growing speedily and gadgets like laptops, smartphones, and LED TVs are the common needs of almost every household in the urban culture of the country. Besides, life is difficult for many without a personal vehicle, if not a car; a bike is a must to have for families in metros and large cities. Their monthly income doesn’t allow them to purchase these items in one go and taking a personal loan from the commercial bank is lengthier as well as a costlier affair. So, NBFCs are the best alternatives for them to borrow money through quick and simple procedures. On the other hand, empowered with data analytics, advanced profile-check algorithms, smart credit rating system, and fast verification tools, NBFCs are successful to meet the demands and expectations of their customers.

It is worth noting that gross bad loans or NPAs in the NBFC sector reduced from 2.7 percent to 2.3 percent and from 4.9 percent to 4.4 percent respectively during September 2016 to March 2017. These improved figures clearly indicate that NBFCs are impressively effective in the exploitation of their resources despite a double-digit annual growth in the balance sheet of 2016-2017.

Factors responsible for decreasing NPAs

One of the most valid reasons that enable NBFCs to optimise their assets is the intelligent selection and execution of the digital technology, they have learned a lot from the 90s debacle and bounced back with practical implications of the technology to ensure a better journey in the financial system of India.

Today, a majority of NBFCs use artificial intelligence, pattern analysis, predictive intelligence and other customised algorithms to study the repayment behaviour of the potential customers. These technologies help them to completely assess the credibility and financial status of an individual that decides his/her credit score. They disburse the loan to people with good credit score and complete verification.

Through strict underwriting process, NBFCs make a detailed check of loan seekers profiles and credit history and process transaction-related documents digitally and perfectly. Real-time bank statement, PAN number and e-KYC check, bureau reports and information on social networking sites help them a lot in finalising the credit score and calculating the associated risk factors. Moreover, the highly automated process brings down the entire turnaround time for disbursing a loan from customer enquiry to money transfer. Apart from this, most of the NBFCs take post-dated cheques from their customers as security instrument because every loan seekers know that cheque bouncing is a crime and strict actions can be taken against the deliberate offence.

Add-on benefits

But, technology is not the only factor that helps NBFCs in minimising the NPAs. There are various other structural, operational, and strategic incentives also that enable them to curtail the ratio of NPAs.

Conventionally, NBFCs avail 50 percent funds as market borrowing and the rest 50 percent they acquire from banks. This kind of practice makes funds cheaper for them.

Another important point here is that usually, owners-managers have real stakes in the company which saves them from the unnecessary pressure of the external stakeholders and allow them to make quick decisions. Hence, advanced technology, focused approach, and more autonomy are the factors that have leveraged the NBFCs in minimising the NPAs.

Electronic major eyes 200 acres at JNPT SEZ: Nitin Gadkari

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Keen to set up an about Rs 6,000 -crore facility at JNPT Special Economic Zone (SEZ), a global electronic major has sought 200 acres there, Union minister Nitin Gadkari said today.

JNPT is one of the top 12 major ports under the control of the Centre.

"A global electronic major has sought 200 acres of land at JNPT SEZ. It is keen to invest Rs 6,000 crore and create employment to the tune of 40,000," Gadkari, who holds the portfolio of shipping, road transport, highways, water resources, river development and Ganga rejuvenation, told PTI.

However, he did not disclose the name of the firm or the country.

Sources said it is an electronic major from Taiwan.

Earlier, the minister said Taiwan-based IT major Foxconn has sought 13 acres at Jawaharlal Nehru Port Trust's SEZ.

When asked whether it is the same firm, the minister replied in negative.

The contract manufacturer Foxconn makes products for global device brands like Apple, BlackBerry, Amazon, Motorola, Xiaomi and Sony and has bulk of its factories in China.

"Foxconn has sought a land parcel of 13 acres in the special economic zone in JNPT and I have spoken to Maharashtra chief minister about the project," Gadkari has said earlier.

Foxconn Technology Group is one of the world's largest electronic manufacturing contractors, headquartered in New Taipei City, Taiwan. It is the third-largest information technology company by revenue.

Country Head and MD, Foxconn International Holding India, Josh Foulger had earlier this year met the then commerce minister Nirmala Sitharaman to discuss support for exporting mobile phones from the country.

JNPT Mumbai handles over 40 per cent of Indian exim (export-import) volumes.

Under the Sagarmala initiative, 14 SEZs are being set up across the country.

Stock Market Research Report 25-10-2017

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Topic :- Share Market Closing Note

Spurred by the governments mega plans to boost economy via recapitalisation of public sector banks and massive road building programme, benchmark equity indices Sensex and Nifty scaled fresh record closing highs on Wednesday. 

The 30-share BSE Sensex closed 435.16 points, or 1.33 per cent, up at 33,042.50, while the 50-share NSE Nifty index settled 87.65 points, or 0.86 per cent, up at 10,295.35. 

Wednesdays rally was majorly supported by select banking counters as 26 stocks in Nifty index settled in red with Indiabulls Housing Finance falling 5.49 per cent, followed by Bajaj FinanceBSE -5.43 % (down 5.16 per cent) and YES BankBSE -5.92 % (down 4.89 per cent). On the other hand, State Bank of IndiaBSE 27.58 % and ICICI BankBSE 14.69 % soared 27 per cent and 14.56 per cent, respectively. 

UltraTechBSE 6.02 % Cement, Larsen & Toubro and Axis BankBSE 4.61 % climbed 5.75 per cent, 5.33 per cent and 4.88 per cent, respectively. 

More than 70 stocks on the NSE hit their fresh 52-week highs in Wednesdays trade. The list includes stocks such as Bajaj Corporation, Birla CorporationBSE 0.76 %, EID ParryBSE 3.34 %, GAIL (India), KRBLBSE 1.07 %, GVK PowerBSE 4.99 %, NCCBSE 6.36 % Ltd and Punjab National BankBSE 46.20 %. 


Topic :- Time:2.20 PM

Nifty spot is trading at 10298. If it manages to trade and sustain above 10305-10310 levels then expect some quick jump in the market and if it breaks and trade below 10270 level then some profit booking can follow in Nifty.


Topic :- Time:2.05 PM

Just In:

UK GDP Results: 0.4% vs th 0.3% estimated before.


Topic :- Time:1.30 PM

Just In:

Kotak Mahindra Bank posts 20% YoY rise in profit at Rs 1,440 crore; asset quality improves.


Topic :- Time:1.10 PM

DLF Stock Trading View:

DLF share is trading at 177.75. If it manages to trade and sustain above 179 level then expect some quick upmove in it and if it breaks and trade below 176.80 level then some further decline can be seen in DLF counter. Overall DLF can act as dark horse and can shoot up any time in few trading sessions.


Topic :- Time:12.45 PM

Tata Sons reports 73% drop in profit in FY17, revenue grows 23% to Rs 9,985 cr:

Tata Sons, the promoter of the Tata Group companies, filed its annual return with the Registrar of Companies for FY17 in which it has reported a 73 percent fall in net profit at Rs 824 crore, and a 23 percent growth in revenue at Rs 9,985 crore on a standalone basis, reports The Economic Times.

The consolidated revenue for the company rose 13 percent to Rs 1.73 lakh crore, but profit was down 20 percent to Rs 18,431 crore due to higher exception items, totalling Rs 6,773 crore.

The report said that the company made a provision of Rs 684 crore for doubtful recoveries of dues from former business partner C Sivasankaran.

The company said in its filing that it would pay NTT Docomo from the money deposited to the Delhi High Court immediately upon NTT Docomo providing appropriate withholding tax certificate from the tax authorities. However, the company did not respond to an email query sent by the newspaper.

Tata Sons also decided to move out of the loss-making telecom venture Tata Tele which has a debt of Rs 34,000 crore. Tata Sons derives revenue from royalty and dividend from group companies.


Topic :- Time:12.10 PM

Nifty is trading flat only after initial run by PSU banks. Nifty spot if manages to trade and sustain above 10270-10280 levels then expect some quick upmove in the market and if it breaks and trade below 10250 level then some fall can be seen in the Nifty.


Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex up 300 pts, NIfty above 10,250; PSU Bank index up 20%

2. RCom may shut its wireless biz by Nov 30, employees put on notice

3. Cash ban, GST disruptions to cool Indias GDP growth

4. Flipkart wont be profitable ever: Ecomm pioneer

5. RBI fines Yes Bank Rs 6 cr, IDFC Bank Rs 2 cr

6. A forgotten Pakistani port is now the epicentre of Chinas Asia conquest plan

7. RCom nears record low on talk of closure of DTH business

8. HCL Tech second-quarter net profit rises 9.5%, beats estimates

9. GIP buys Equis Energy, which has 900 MW of assets in India, in $5 bn deal

10. Infosys trades firm post September-quarter earnings


Topic :- Time:11.00 AM

After positive opening nifty is still trading with gains. Nifty spot if breaks and trade below 10200 level then some softness can be seen and above 10280 level some upmove can follow.


Topic :- Nifty Opening Note

Indian Stock Market Trading View For 25 Oct, 2017:

Good stock specific movement is expected in the market. Gloabl cues to be eyed. 

Nifty spot if manages to trade and sustain above 10240 level then expect some further upmove in the market and if it breaks and trade below 10140-10120 levels then some decline can be witnessed in the market. Please note this is just opening view and should not be considered as the view for the whole day.

Bank recapitalisation to improve credit, GDP growth: Report

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The government's decision to infuse Rs 2.1 trillion of capital in public sector banks (PSBs) could improve the credit growth by up to 10 percentage point and also boost the GDP growth by up to 5 percentage point, said a report.

The government yesterday announced a capital infusion of Rs 2.11 lakh crore in state-run banks over a period of two years, which includes recapitalisation bonds, budgetary support and equity dilution.

It said that Rs 1.35 trillion will be financed by recapitalisation bonds, with the remaining Rs 0.76 trillion will be coming from the budget and raising funds from markets by reducing government equity.

According to the Goldman Sachs Research Report, every incremental Rs 100 billion of bank capital infusion by the government has the potential to increase credit and GDP growth by 1 percentage point (pp) and 0.5 percentage point (pp).

"By the same calculations, a Rs 1.05 trillion infusion into PSU banks over the next 12 months (half of the Rs 2.1 trillion announced) would lower the drag on bank credit growth by up to 10 pp and boost GDP growth by up to 5pp, assuming the banking system leverage ratio remains constant as it has over the past 8 years," the report said.

Even with some slippage in the leverage ratio, though, the bank recap will generate a powerful credit impulse, likely imparting a substantial boost to investment and activity growth over the coming year and creating upside risk to our current GDP growth forecasts for the coming years, it said.

Given the sheer magnitude of this recap package and the significant implied easing in credit conditions, as credit and investment growth rebound, the report expects a re-rating of growth expectations in the country in the coming quarters.

"This will likely be bullish for equities and the rupee in the medium term," it said.

The government also said it is committed to keeping the fiscal deficit under control but will reassess the 3.2 per cent fiscal deficit target for FY18 in December.

"While the near-term risks are clearly skewed towards a deterioration in the fiscal position, medium-term fiscal fundamentals could actually improve, should private sector growth and private corporate investment spending rebound meaningfully following the easing of credit conditions."

The current account deficit would likely increase but from a low level, it said.

The report said the measures announced by the government are likely bearish for short-term rates, as they make the RBI more likely to hike rates sooner than market expectations, should growth momentum improve substantially, reducing economy-wide slack, and core inflation inch higher.

"We currently forecast that the RBI will hike rates three times by the end of 2018, an outcome that is not fully priced in by the market," the report said.

Cash ban, GST disruptions to cool India's GDP growth to a 4-year low: Poll

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India's economy will likely grow at its slowest pace in four years this fiscal year, a Reuters poll showed, as a currency ban and the new goods and services tax (GST) have disrupted business activity and dampened consumer demand.

Asia's third-largest economy will grow at 6.7 percent in the fiscal year ending March 2018, the slowest since the new methodology of measuring gross domestic product (GDP) was introduced in the 2014-15 fiscal year, according to the latest poll of 30 economists.

The poll was taken on Oct. 12-24, closing just before India announced a $32.43 billion plan to recapitalise state banks, a bid to tackle a major drag on the economy.

While the latest poll's number for this year matches the International Monetary Fund's toned-down forecast - that was 7.2 percent earlier - it is a sharp decline from 7.3 percent the July Reuters poll showed.

But despite the broad and marked slowdown expected in economic activity, India's projected growth rate will be second to the world's fastest growing major economy - China - if predictions are met.

A majority of economists said the risk to their already lower outlook for Indian growth this fiscal year is skewed further to the downside as stressed corporate balance sheets prevent a recovery in private capital spending and mounting bad loans at Indian banks remain a burden.

All but three of 23 respondents who answered an extra question said the government had imposed too many sweeping changes for the economy in a short period of time, referring to demonetisation and the GST, and that has lowered growth expectations.

"Demonetisation was unnecessary and had a huge disruptive effect. Even before the economy could recover from that shock, came (the) GST," said Kunal Kundu, vice president and India economist at Societe Generale.

"More importantly, the government was not prepared adequately enough, thereby transmitting further shock to the slowing economy."

Prime Minister Narendra Modi's decision last November to scrap high-value old banknotes wiped out about 86 percent of currency in circulation virtually overnight in an economy which is largely cash-based.

That has hurt consumer spending, which powers more than half of the $2 trillion economy.

But just when some improvement in data raised hopes that the impact of the cash clampdown had been absorbed, confusion among businesses on pricing goods and services after the July 1 implementation of GST has impacted activity.

The economy grew at 5.7 percent annually in the April-June quarter, its lowest level in more than three years and well below expectations.

However, nearly three-fourths of 23 respondents who answered an extra question said India does not need a stimulus package and instead should focus on fiscal discipline which is vital for investment from outside the country to flow in.

"There is limited scope for any stimulus when the budget fiscal deficit projections will anyways be breached on account of revenue shortfall," said Abhishek Upadhyay, economist at ICICI Securities Primary Dealership.

Despite bleak growth expectations, the Reserve Bank of India is forecast to keep key policy rates on hold through mid-2019, focusing on anchoring inflation.

The latest Reuters poll predicted retail inflation to average 3.5 percent this fiscal year, unchanged from the July median but below the RBI's medium-term target of 4.0 percent.

Inflation was expected to average 4.5 percent in 2018-2019, compared to 4.3 percent in the previous poll.

"With inflation trending up directionally and RBI's insistence on 4 percent target on a durable basis, a convincing case for a rate cut appears less plausible," said Madhavi Arora, economist at Kotak Mahindra Bank.

Haryana seeks Rs 1,600 cr from Centre for crop residue management

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Haryana agriculture minister O P Dhankar said the state government was aware of the crop residue burning issue and his department has submitted a Rs 1,601.57 crore plan to the Centre for procuring required machinery for the management of stubble.

He was replying to a calling attention motion on the first day of the winter session of Haryana Assembly here.

"The department has submitted a five-year plan of Rs 1,601.57 crore to the central government. The central government has released Rs 45 crore for providing straw management machines on subsidy to the farmers of the state for crop residue management in the year 2017-18," Dhankar said.

The minister said in pursuance to an order of the NGT, the government had issued a notification dated September 16, 2003 prohibiting burning of left-over straw in the state.

Coordinated efforts have been made by the Department of Agriculture and Farmers Welfare, Environment Department and New and Renewable Energy Department (HAREDA) to solve the problem face by farmers, Dhankar said.

He said the department has identified 11 categories of straw management implements for which it has received 5,162 applications online.

The minister said disbursal of subsidy to the farmers is under process and 944 straw management implements have already been distributed to them as on October 16.

He said currently, the department possesses 65 zero-till seed-cum-fertiliser drill, 26 happy seeders and two straw balers which are being made available to the farmers on hire basis at nominal rates.

Dhankar also informed the House that his department was also providing incentives under Sub-Mission on Agriculture Mechanization (SMAM) on demonstration at Rs 4,000 per hectare to farmers who have purchased the machinery on subsidy and want to run it for straw management demonstration purpose.

A total of 18,000 hectares of land would be covered for demonstration of crop residue management, covering 15 major paddy growing districts for practical knowledge of the farmers regarding the use of straw management implements. Rs 7.2 crore would be spent for this, he said.

The minister said to tackle the issue of straw burning and to promote paddy straw-based biomass power projects in the state, HAREDA has floated a Request for Proposal (RFP) for setting up such plants on pilot basis in Karnal, Kurukshetra, Ambala, Kaithal, Jind and Fatehabad districts.

This would consume about 5.5 lakh tonnes of paddy straw as fuel. The capacity of paddy straw consumption is targeted to be increased by about 11 lakh ton in the second phase, Dhankar said.

He said HAREDA is also in the process of formulating a Biomass Policy 2017 for the state with an objective to harness biomass-based power, biogas, bio-CNG, bio-manure and bio- fuels.

District Magistrates have set up enforcement teams to check crop residue burning and recover penalty from farmers who resort to the act in violation of NGT orders in this regard, the minister said.

Earlier, the Haryana Assembly paid tributes to prominent personalities who died between the period from the end of the previous session and the beginning of this session of the House.

Members of the House also observed a two-minute silence to pay homage to the departed souls. They also paid tributes to those who lost their lives during the violence in Panchkula and Sirsa on August 25.

Railways to give more teeth to land & station redevelopment bodies

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The railway ministry has decided to give more powers to its two nodal bodies to redevelop stations and its land, a senior official said.

The two bodies -- Railway Land Development Authority (RLDA), and Indian Railways Station Development Corporation (IRSDC) -- are set to get powers to deal with all big decisions on the commercial use of railway land and developing stations, the official said.

The ministry has also formed a high-powered committee which will give recommendations on ways to further strengthen the bodies which will, in turn, speed up the execution of projects.

"The issue of exploiting railway land for commercial use is being looked into afresh and the organisation handling this subject - RLDA - is being further strengthened and empowered to take care of this work effectively, especially big land parcels," Railway Board chairman, Ashwani Lohani, told PTI.

"Similarly, in the case of Station Redevelopment Program (SRP), we have decided to expedite their operations by strengthening the IRSDC further," Lohani said.

The decisions have been taken based on directions issued by Railway Minister Piyush Goyal.

The minister has made it clear, in his meetings with the members of the board, that no department can work in silos and strengthening existing bodies and empowering them should be the goal to deliver work faster, an official said.

The committee's plan, the official said, will be the blueprint for other such bodies.

"So, now, all the land-related projects will be handled by one department –- RLDA -- and all station-related decisions will be taken by the IRSDC. Basically, there will be clarity in the processes involved," said the official, adding that this will expedite processes as files will move faster within the departments.

Similarly, the 'One ICT' (information, communication, and technology) plan is working as a core group within the IT Directorate and not as a separate body.

"Now, it will be part of the bigger IT directorate which works on all IT infrastructure-related activities of the national transporter," the official said.

The 'One ICT' was created to set up an integrated software that would bring various functions of the railways — passenger reservation, movement of goods trains, asset management and other functional requirements of the national transporter — under one roof.

"The minister's focus is on strengthening and empowerment of field offices and field functionaries through delegation of powers, simplification of processes, total clarity on the implementation strategy.. These steps to bring related aspects of operations under one nodal body is a step in that direction," Lohani said.

Goyal has told the officials that streamlining file movement and communication between different departments would ensure that safety projects are completed in time.

In fact, after the Elphinstone bridge stampede in Mumbai, Goyal had also given unlimited powers to the General Managers for 18 months for safety-related issues and questioned why the file for the tender of an additional FOB was delayed.

"The minister has motivated railway employees to adapt new work culture and work in a mission mode to meet the targets and achieve results," the official said.

Market commentary 17-10-2017

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Topic :- Share Market Closing Note

Equity benchmarks ended rangebound session flat on Tuesday after the rally in previous three consecutive days, but the broader markets outperformed despite balanced market breadth.

The 30-share BSE Sensex snapped three-day winning streak, falling 24.48 points to 32,609.16 while the 50-share NSE Nifty ended at fresh record closing high of 10,234.50, up 3.60 points.

Experts feel the consolidation was warranted after a 800-point rally on the Sensex in previous three straight sessions, which may continue in near term as investors looked for more cues from earnings.

CLSA believes that a flattish trend on the market is likely to continue over the next few months.

The market breadth was almost balanced as about 791 shares advanced against 786 declining shares on the NSE.


Topic :- Time:2.10 PM

YESBANK Trading View:

YESBANK is trading at 374.55. If it manages to trade and sustain above 375.50 level then expect quick upmove in it and if it breaks and trade below 373.50 level then some minor fall can follow however all lower levels should be used as an opportunity to enter long.


Topic :- Time:1.50 PM

Result Update Q2 FY18

Bajaj Auto Q2 FY18 (YoY): PAT at Rs 1,194 Cr vs Rs 1,201 Cr (-1%). Revenue at Rs 6,566 Cr vs Rs 6,432 Cr (+2%).

ICICI Lombard Q2 FY18 (YoY): PAT at Rs 207 Cr vs Rs 171 Cr (+21%). Revenue at Rs 2,100 Cr vs Rs 1,950 Cr (+8%).


Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 461.50. If it manages to trade and sustain above 462.10 level then expect some upmove in it and if it breaks and trade below 460.80 level then some profit booking can be seen in the market.


Topic :- Time:1.00 PM

Nifty just lost some of its shine however Nifty spot is likely to show quick upmove above 10260 and below 10200 some fall is further expected. All lows should be used as an opportunity to go long.


Topic :- Time:12.45 PM

Just In:

Hatsun Agro Products up 4% on robust Q2 numbers.


Topic :- Time:12.30 PM

GOLD Trading View:

GOLD is trading at 29700. If it breaks and trade below 29680 level then expect some fall in it and if it manages to trade and sustain above 29740 level then some upmove can follow in it.


Topic :- Time:12.15 PM

Nifty is trading right at its immediate minor resistance of 10250-10260. Once Nifty manages to trade and sustain above 10260 level then expect another round of upmove in the market and if it breaks and trade below 10220 level then some profit booking can be seen in the Nifty.


Topic :- Time:11.30 AM

News Wrap Up:

1. MCX launched Indias first gold options on Dhanteras.

2. Its a touch-and-go situation, nuclear war may break out any moment, says North Korea

3. Infra investment, bankruptcy reforms top priorities

4. ATMs to dispense new Rs 200 notes only by year-end

5. Items in 28% GST rate slab need to be pruned, says Hasmukh Adhia

6. RBI governor Urjit Patel calls for better access to currency swap lines

7. RIL plans to exit shale gas business in US

8. Coal shortage shuts 40% thermal power capacity in Rajasthan, Maharashtra

9. Sasken Technologies surges 13% on strong Q2 results

10. Sebi norms for settlement in commodity derivatives


Topic :- Time:11.00 AM

After negative opening nifty is now trading in positive zone. Nifty spot if manages to trade and sustain above 10260 level then expect some further upmove and if it breaks and trade below 10220 level then some profit booking can be seen in the market.


Topic :- Nifty Opening Note

Indian Stock Market Trading View For 17 Oct, 2017:

Diwali is just round the clock and Nifty is in no mood to spoil festive mood. Expect more fire work in the market.

Nifty spot if manages to trade and sustain above 10260 level then some further upmove is expected in the market and if it breaks and trade below 10160 level then some profit booking can follow in the market. 

Please note this is just opening view and should not be considered as the view for the whole day.

India's wholesale inflation cools to 2.6% YoY in September led by food

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India's wholesale inflation grew at 2.6 percent during September, lower from 3.24 percent in August, led by a major fall in the inflation rate of food, besides fuel products.

Wholesale inflation rate, measured by WPI, is a marker for price movements in bulk buys for traders and broadly mirrors trends in shop-end prices.

Latest price data released by the commerce ministry on Monday showed that food prices as measured by the food inflation index fell to 1.99 percent from 4.41 percent a month ago. Prices of vegetables dropped to 15.48 percent, from 44.91 percent a month ago.

Fuel and power inflation stood at 9.01 percent, compared to 9.99 percent.

Primary articles, which accounts for more than a fifth of the entire wholesale price index fell sharply to 0.15 percent in September from 2.66 percent in August.

Prices of non-food articles fell 0.2 percent, compared with a decline of 3.6 percent in August.

On Thursday, data released by the government showed that retail inflation remained flat at 3.28 percent in September, as food prices remained steady, while fuel and housing prices witnessing modest growth during the month.

Factory output grew sharply at 4.3 percent in August, highest in nine months, showing signs of recovery, aided by an expansion in the manufacturing sector.

Earlier in the month, the central bank’s Monetary Policy Committee (MPC) forecast that retail inflation will hover around 4.2-4.6 percent between October-March this year, higher than the previous projection of 4-4.5 percent. The inflation rate is still below the apex bank's medium-term target of 4 percent.

Govt's electric vehicle push: One-day registration, registration fee waiver being explored

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The government is exploring various options that could form part of its proposed policy on electric mobility to popularize the use of these vehicles and promote their local manufacturing, according to a senior official involved in decision-making.

One of the ways it is looking at is immediate registration of the vehicle and waiver of the registration fee. It is also working on framing policy for a national intelligent transportation system in the country.

A Cabinet note for inter-ministerial discussion on the proposed guidelines in the policy has been circulated by Niti Aayog, the official said.

“The proposed policy envisages that the vehicle buyer will get a registered vehicle immediately from the time he gets the possession,” he said. The same process currently takes two to four days.

The policy is also likely to suggest waiver of registration fees. Registration fee is a state subject and not part of Goods and Services Tax. Expectedly, it varies from state to state. It is usually levied as a percentage of the ex-showroom price of the vehicle. Diesel vehicles attract a higher registration charge for two reasons -- their factory price is anyway higher and the states otherwise also charge a higher percentage of registration charge on them.

Typically, petrol cars costing below a certain threshold attract the least registration tax. The rates can vary from 4% to 15%.

In line with the government’s ‘Make in India’ policy and to encourage local manufacturing of electric vehicles and development of ancillary industry, the government may also tax royalty payments by Indian companies to their foreign partners.

Asked if the tax on royalty payments wasn’t going to discourage technology transfer and ensure that critical components like the battery continued to be imported, the official replied in the negative.

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