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NALCO inks MoU with Government of India for FY 2018-19

The MoU sets 100% capacity utilization in Alumina, Rs.1100 cr CAPEX and higher targets in production and productivity.

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NEW DELHI: Aluminium major and a Navratna CPSE National Aluminium Company Limited (NALCO) has signed MoU with the Ministry of Mines, Govt. of India, setting the highest-ever target of Rs 9350 crore revenue from operations for FY 2018-19

That figure is 15% higher than last year.

The MoU was signed between Anil Gopishankar Mukim, Secretary, Ministry of Mines, GoI and Tapan Kumar Chand, CMD, NALCO in New Delhi last evening.

Mukim complimented NALCO management for the excellent performance of the company, high standard of Corporate Governance in 2017-18 and robust business plans for 2018-19.

The MoU has been formulated as per Department of Public Enterprise guidelines and finalized after discussions with both Inter-Ministerial Committee as well as Ministry of Mines.

The Secretary, Ministry of Mines, Shri Anil Gopishankar Mukim and the CMD, NALCO, Dr. Tapan Kumar Chand exchanging the signed documents of an MoU between Ministry of Mines and Aluminium major & Navratna CPSE National Aluminium Company Limited (NALCO) for setting highest ever target of Rs.9350 crore revenue from operations for FY 2018-19, in New Delhi on May 14, 2018. (PIB Photo)

The MoU has also set a target of 2.1 million tons for production of Alumina with 100% capacity utilisation & an optimum Aluminium production target of 4.15 lakh tonnes.

It sets a target of a reduction in net carbon consumption as part of the improvement in production efficiency, apart from giving thrust to the commercialisation of new R&D products.

The Company has set a challenging CAPEX target of Rs.1100 crore for the year 2018-19. The expenses will be incurred in several projects like the 1 million tonnes 5th stream of Refinery, Utkal-D&E coal blocks, wind power projects, JV projects and modernization & up- gradation of plant equipment.

In yet another strategic move on the human resource front, the target is also set for assessment of employees through People Capability Maturity Model (PCMM) and implementation of online human resource management system.

The targets will enable the company to synchronize its workforce and skill set in line with the new corporate plan. K. Rajeswara Rao, Additional Secretary, Ministry of Mines and Anil Kumar Nayak, Joint Secretary, Ministry of Mines, and other senior officials of Ministry and NALCO were notably present on the occasion.

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ECONOMY-DEVELOPMENT

May 22 is the Last Day of the Extended Deadline for Filing April GSTR-3B

Certain technical issues are being faced by the taxpayers during the filing of GSTR-3B for April.

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NEW DELHI: The government has extended the due date for filing GST summary sales returns for April by two days till May 22.

An official statement said that certain technical issues are being faced by the taxpayers during the filing of GSTR-3B for April. “In order to resolve the same, emergency maintenance is being carried out on the system. Therefore, in the interest of taxpayers it has been decided to extend the last date for filing of returns in GSTR-3B for the month of April by 2 days till May 22,” the statement said.

The goods and services tax (GST) mop-up in April the first month of current fiscal came in at Rs 1.03 lakh crore. From 2018-19 fiscal year that began last month, the government has shifted to a cash basis of accounting where revenues accrued at the completion of a month would be taken on record immediately at the end of the month.

Accordingly, the Rs 1.03 lakh crore GST collected in April reflects the central GST and state GST which accrued in March.

The GST collections which accrue in April and collected in May will be released on June 1. Meanwhile, GST Tech, which is the official twitter handle for IT related queries on GST tweeted: “Due to emergency maintenance activity, GST Portal will be unavailable on 18th May 2018, from 2:45 PM to 3:15 PM”.

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India’s Exports Grow by 5.17% to $25.9 bn in April

Oil imports during the month under review were valued at 10.41 billion, 41.5% higher than the same month of previous year.

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NEW DELHI: India’s exports grew by 5.17% to $25.91 billion in April compared to the same month last year on account of the healthy performance by engineering, chemicals and pharmaceutical segments, according to the commerce ministry data.

Imports too grew by 4.60% to 39.63 billion in the month on yearly basis, leaving a trade deficit of USD 13.72 billion.

Oil imports during the month under review were valued at 10.41 billion, 41.5% higher than the same month of previous year.

Non-oil imports, however, dipped by 4.3% to 29.21 billion in April 2018. Engineering, chemicals and pharmaceutical exports recorded a growth of 17.63%, 38.48% and 13.56% respectively during the month.

However, petroleum products, carpet, gems and jewellery and iron ore recorded negative growth. Gold imports too dipped by 33% to $2.58 billion in April.

Exports had dipped by 0.66% to $29.11 billion in March, even as foreign shipments increased by 9.78% for the full 2017-18 fiscal.

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Inclusive Development: Atal Pension Yojana Subscribers Cross 1 Crore Mark

The program is focused on the unorganised sector workers which constitute more than 85% of the workforce.

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NEW DELHI: Atal Pension Yojana (APY) Scheme’s subscriber base crossed 1 Crore on completion of three years of the Scheme launch.

APY was launched by the Prime Minister Narendra Modi at a function in Kolkata on May 9, 2015, and the current number of subscribers stands at 1.10 Crore.

Atal Pension Yojana (APY), a guaranteed Pension Scheme for citizens of India announced by the Government of India, is focused on the unorganised sector workers which constitute more than 85% of the workforce.

Under the APY, the guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000/ or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers.

The Spouse of the Subscriber is also eligible for pension and the nominee would be receiving the accumulated pension wealth.

To commemorate the 3 years of completion of the Scheme and its launch, Pension Fund Regulatory Development Authority (PFRDA) in coordination with the Department of Financial Services, Ministry of Finance, Government of India organised a massive outreach campaign “APY Formation Day” across the country to enhance the enrolments in APY by the banks and Department of Posts.

The subscriber base in APY has grown manifold to reach the current position and APY is offered by all the banks and post offices. Across the country, 1.60 lacs branches which include 20 thousand post offices offer the services of opening an APY account for their customers.

Out of this branch network, nearly 90% of the branches have mobilised one or more APY account in the last 3 years.

Till date Rs. 3950 crores of contribution has been collected under the Atal Pension Yojana (APY) Scheme. The Scheme has generated around.9.10 % CAGR since its inception till March 2018.

PFRDA appreciates the efforts taken-out by the APY Service Providers (Banks/DoP) for their contribution towards making India a Pensioned Society.

Top States in APY Mobilization:

Sr. No State Name No of APY Subscribers
1 Uttar Pradesh 1,401,631
2 Bihar 1,061,660
3 Tamil Nadu 814,917
4 Maharashtra 758,695
5 Karnataka 686,504
6 Andhra Pradesh 653,404
7 West Bengal 551,471
8 Madhya Pradesh 498,111
9 Rajasthan 497,962
10 Gujarat 486,465

 

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