PROCUREMENT PROCESS
India must reflect & implement essential reforms to strengthen the arbitration process
The recent finance ministry notification in India has raised concerns by discouraging automatic arbitration clauses in procurement contracts. The move aims to address the unsatisfactory experience of the Government of India (GoI) in arbitration and promote mediation or court resolution for disputes. This decision has sparked a debate on the effectiveness of alternative dispute resolution methods and their impact on business dealings, particularly with global companies.
L&T using generative AI to enhance processes across project lifecycle, says MD Subrahmanyan
To fuel this innovation, L&T has launched a collaborative platform connecting aspiring data scientists with domain experts and technology champions to develop cutting-edge, future-proof solutions, S N Subrahmanyan said during 79th Annual General Meeting.
Rafale’s India operations get a strategic push; Dassault establishes maintenance facility near Jewar Airport
Dassault Aviation is advancing plans to establish a Maintenance, Repair, and Overhaul (MRO) facility near Jewar International Airport for India’s Mirage 2000 and Rafale fighters. This move supports India's aspiration to locally manufacture the latest Rafale versions under the "Make in India" initiative. Engine maker Safran SA also intends to set up an MRO facility for Rafale engines in Hyderabad, aiming for operations by 2025 and potential local production of M-88 engines. These developments are crucial as India seeks to bolster its defense capabilities amidst regional security challenges, including from China's expanding military presence.
Road construction down by 12.1% to 1288 km in the current financial year up to May 2024
As per the monthly update, released the ministry of road transport and highways (MoRTH) on Wednesday, the capital expenditure incurred during the period stood at Rs 57,925 crore till May 2024, which is 42.5% of the capital outlay under the vote on account provision for the first five months of 2024- 25.
Defence ministry issues RFP for procurement of 156 light combat helicopters
The Indian defence ministry has initiated the procurement process for 156 light combat helicopters from Hindustan Aeronautics Ltd (HAL). The initial tender has been issued, with 90 for the Army and 66 for the Indian Air Force. The 5.8-tonne twin-engine LCH helicopter is capable of destroying enemy assets in high-altitude regions and has modern stealth characteristics.
HAL shares rally 6% as Ministry of Defence to procure ‘Prachand’ helicopters
Shares of HAL soared 6% to reach an all-time high of Rs 5,484.20 on the Bombay Stock Exchange (BSE) during Tuesday's trading session. The surge came after the company disclosed that the Ministry of Defence has issued a request for proposal (RFP) to procure 156 Light Combat Helicopters from HAL.
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Govt allows global tenders to access 120 key, patented drugs
In what could ease access to some patented medicines, the government has allowed global tenders to be floated for procurement of 120 drugs, including anti-diabetic medication Semaglutide, after the health ministry raised concerns over lack of domestic options.
Sheela Foam sees 14-15 pc CAGR growth in next 3-5 yrs: CEO Nilesh Mazumdar
Sheela Foam, owner of Sleepwell and Kurlon, projects a 14-15% CAGR growth over the next 3-5 years, according to CEO Nilesh Mazumdar. Following its acquisition of Kurlon, Sheela Foam aims to surpass Rs 1,000 crore in revenue. The company plans to expand market share and maintain distinct brand identities for Sleepwell and Kurlon.
Environment Day: Noida Airport to have 8-acre forest with local species, 133-hectare green area
Noida International Airport (Google Trends): The Noida International Airport CEO Christoph Schnellmann has emphasized a net-zero emissions philosophy. With 580 trees transplanted and an eight-acre forest reserve, biodiversity preservation is a priority. The airport's eco-friendly initiatives include renewable energy and innovative technology to reduce carbon emissions, paving the way for a greener future in Indian air travel.
As India sizzles, rotten bananas expose a cold problem
India is the world’s largest producer of bananas, which are highly perishable. To keep fruit cool on the journey, they’re covered with leaves during transit. It’s far from a solution: India lost 1.53 trillion rupees ($18.4 billion) of food in fiscal year 2020-21, about a fifth of that from spoilt fruit.
Govt plans big scale radiation processing of onions to prevent shortages
Government plans to irradiate onions to create a 1,00,000-tonne buffer stock amidst a projected 16% output decline. Radiation aims to extend shelf life, curb price volatility. Fifty irradiation centers identified near consumption areas; NAFED and NCCF tasked with procurement. Controlled atmosphere storage at railway hubs considered for quicker transportation.
Wheat processors calls for removal of import duty to ease supply shortage
The wheat processing industry is urging the removal of the 40% import duty on wheat to address the shortage in the local market. With government procurement falling behind targets and carry-forward stocks at a 16-year low, industry representatives argue that eliminating the duty would facilitate imports, bolster buffer stocks, and stabilize wheat prices. International wheat prices have surged by over 15% in the last 10 days, making it financially viable for some mills in South India to import wheat if the duty is lifted.
Delays in Schengen visa appointment prompt Indians to change course to Georgia, Japan
For the third consecutive year, delays in Schengen visa appointments have led Indian travelers preparing for their summer vacations to explore alternative destinations. Industry executives note a growing trend of Indian holidaymakers turning to countries like Georgia, Australia, and Japan, which offer simplified visa procedures. Particularly noteworthy is Georgia's e-visa system. According to Rajeev Kale, President of Holidays at Thomas Cook (India), demand for Georgia has skyrocketed by an impressive 600% year-on-year.
Supreme Court notice to Centre, RBI on plea seeking alternate digital KYC process for acid attack survivors
The Supreme Court has requested responses from the Centre on a plea for an alternative digital KYC process for acid attack survivors and persons with permanent eye damage. Acid attack activist Pragya Prasun and others filed the plea citing challenges faced due to current KYC requirements hindering access to essential services for survivors with eye disfigurement.
BlackRock's India bond ETF 'One-Stop-Shop' for foreigners
Pointing out that global bond markets are still largely over-the-counter institutions, Koay said that for foreign investors looking to invest in Indian bonds, there are four layers at present - setting up a specific account to access bonds located here, determining the exchange rate considerations, procuring the bonds and posting margin considerations while looking at tax considerations.
Portugal is facing suspension from the Schengen Zone. Here's what you need to know if you have a trip planned
Travelers eyeing Portugal must be aware of the EU's pressure on the country to implement a new border control system by July 2024, or face suspension from the Schengen Area. Delays attributed to bureaucratic hurdles and financial constraints highlight the urgency and potential impact on tourism and travel plans.
Jamnagar-based Winsol Engineering’s IPO GMP soars over 250% as issue booked 400x on last day
The IPO is entirely a fresh issue of 31.15 lakh shares and through the issue, the company aims to raise nearly Rs 23 crore. The company is offering its shares at Rs 71-75 apiece, and investors can bid for 1,600 shares in one lot.
Jamnagar-based Winsol Engineering's IPO booked 140x so far on Day 3; Refractory Shapes' issue subscribed 24x
Winsol Engineering IPO: The initial public offer (IPO) of Jamnagar-based Winsol Engineering has been receiving a bumper response from investors with an overall subscription of 140 times on Wednesday, the third day of the bidding process. The issue closes on May 9.
Salasar Techno Engineering completes acquisition of EMC for Rs 178 crore
On the objectives behind the acquisition, STEL said the integration of EMC Ltd will strengthen its market position as a leading engineering and infrastructure company. STEL is also into manufacturing of steel structures.
Indian wheat was poised to feed the world. It now grapples to replenish reserves
India's wheat policy requires a comprehensive review to ensure the production and procurement balance is maintained.
DGGI launches probe into 'tax evasion' worth Rs 18k cr by agricultural brokerage houses
During a sector-wise analysis of GST data, the DGGI detected evasion by 58 brokerages, engaged in procurement of crops from farmers for businesses and government agencies, and in processing and packaging for exports, said officials. Some of these brokerages were not even registered under GST, despite huge turnover, and action could be initiated against more such entities, they said.
NewsClick case: Requisite sanction procured to prosecute Prabir Purkayastha under UAPA, police tell court
Under the Unlawful Activities (Prevention) Act, an independent authority makes a recommendation to the competent authority (central or state government) about prosecuting an accused after reviewing the evidence gathered by the investigating agency. It is for the competent authority to decide whether or not to grant sanction.
Delhi government's outdated essential medicines list has more drugs than national, WHO lists
Last updated in 2013, the Delhi government's EML is under scrutiny now as the national capital is reportedly suffering a severe shortage of medicines and consumables at government hospitals and dispensaries. According to a Times of India report, the list has not been reviewed since 2016, with new drugs and medicines being added to the EML. Ideally, any additions to the EML have to be reviewed by a committee that assesses requirements, availability of drugs in markets, new additions and old medicines that become redundant.
There can't be shortage of Polio vaccine; Serum Institute can make it: CEO Adar Poonawalla
Pune-based Serum Institute of India (SII) is prepared to increase production of injectable poliomyelitis vaccine (IPV) to fill the gap left by France's Sanofi closing its manufacturing plants in India. SII currently supplies half of the 20 million IPV doses to the government's immunization program and can provide additional doses with a 3-4 month notice. Adar Poonawalla, SII CEO, stated that supplying IPV to the government at current prices is unviable for most companies, but SII continues to do so as a service to the nation.
MoD inks contracts worth Rs 8073 cr with HAL to procure 34 advanced light helicopters
The defence ministry signed contracts worth Rs 8073 crore with Hindustan Aeronautics Ltd for 34 advanced light helicopters for the Indian Army and Coast Guard. The acquisition is under the Indian-IDDM category and is expected to generate employment and have a positive impact on the sector.
Kalpataru Projects International to lay 800 kms gas pipeline for Aramco
Kalpataru Projects International Ltd (KPIL) has received the letter of intent (LoI) from Aramco for carrying out engineering, procurement and construction works for three packages of the third expansion phase of the Master Gas System Network (MGS-3) in Saudi Arabia, KPIL said in a statement.
State government to provide Rs 5 additional benefit on each litre of milk to dairy farmers next year: Assam CM Himanta Biswa Sarma
Assam CM Sarma announced additional benefits for dairy farmers and unveiled the expanded Purabi Dairy plant, increasing milk processing capacity. The new plant will produce ice cream and meet additional demand, contributing to higher revenue turnover. The government and NDDB have supported dairy development in Assam.
Procurement from GeM portal to cross Rs 4 lakh crore this fiscal: Official
Singh said that the share of Central Public Sector Enterprises (CPSEs) such as Coal India in the total buying of goods and services is increasing at a healthy rate.
Govt says only processing charges to be levied for procuring blood at hospitals, blood banks
The Drugs Controller General of India (DCGI) has issued guidelines directing hospitals and blood banks to charge only processing fees for blood to prevent overcharging. The decision, based on the perspective that "blood is not for sale," was conveyed to states and Union Territory drugs controllers.
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