PSU Banks Asked To Prepare 3-Year Business Plans; 180,000+ Firms Asked To Fill Apprenticeship Gap

Govt Appointed Directors To Review Business Plans Of PSU Banks Every Quarter

Public sector banks have been directed to submit their business plans till 2026-27 to the government by the end of this month, the Economic Times reported. Government-nominated directors on their boards will assess them every quarter henceforth. 

Business plans will include strategies to increase low-cost deposits, raise capital, resolve bad loans, improve cyber security and undertake financial inclusion outreach, said officials quoted in the report. The government also wants lenders to build up long-term strategies to address concerns raised by the Reserve Bank of India (RBI) on issues such as outsourcing of technology services. More here 

Govt Looks To Fill Apprenticeship Gap Ahead Of Election

The Ministry of Skill Development and Entrepreneurship has issued notices to some 180,000 companies last week asking them to hire the mandated number of apprentices as per provisions of the Apprenticeship Act, the  Business Standard reported. 

Under the Apprentices Act, 1961, each establishment is mandated to engage apprentices every year in a band of 2.5-15 per cent of the total strength of the establishment, including contractual staff, of which 5 per cent apprentices are to be freshers and skill certificate holders.

The penalty is a fine of Rs 500 per missing apprentice for the first three months and thereafter Rs 1,000 per month until such seats are filled up, but officials say companies prefer to pay the fine. Here’s more 

Carmakers May Focus On Low Cost Variants To Push EV Adoption 

India’s carmakers are set to release one electric car every month over the next two years, the Economic Times reported. Maruti Suzuki, Hyundai and Tata Motors are looking at breaking consumer resistance over affordability through more mass-market choices than ever before.

There are only about six electric cars priced up to Rs 30 lakh currently, limiting choices for customers at the more affordable end of the market. Twelve models will launched in the mid-SUV segment and another six SUVs are scheduled for launch across the sub-compact, compact and premium SUV categories. An electric hatch launch is expected to heat things up in the segment. Here’s more 

Not Enough Foreign Investment Coming In To Boost Oil Production 

With the economy set to grow at 8 per cent, domestic production is falling way short of meeting India’s thirst for more, Business Standard reported. That leaves a $200 billion fuel import market open for suppliers such as Russia, Saudi Arabia, and Iraq, and global traders Vitol, BP, and Trafigura.

Industry officials say there just isn’t enough on the table for state-run behemoth ONGC or private companies to make large investments in field development. Foreign oil companies prefer to drill in Guyana and Brazil, which offer better prospects. Over the last decade, India’s dependence on foreign oil has climbed to 88 per cent. More here

Non-finance Central PSUs Pay Record Rs 61,149 Crore In Dividends 

The government has raised Rs 61,149 crore in dividend payments from non-financial central public sector enterprises and entities, the Economic Times reported. The figure is 22 per cent higher than the revised estimate for 2023-24, with almost a fortnight to go this fiscal. 

Dividend receipts in the first half of March alone totalled nearly Rs 10,000 crore. The revised estimate in the interim budget last month estimated the dividend collection for 2023-24 at Rs 50,000 crore, higher than the initial target of Rs 43,000 crore. Oil companies and power sector companies are said to be driving the spurt. Here’s more

Microplastics Pose Threat To Indo-Gangetic Plain, Says Study

Polymers in microplastics may pose a risk to the Indo-Gangetic plain, the Business Standard reported quoting a study on rivers Ganga and Yamuna by Goa-based CSIR-National Institute of Oceanography. The study has been published in the Journal of Hazardous Materials. 

Microplastics were detected in Ganga from Haridwar to Patna, with the concentration of the pollutant being higher during the rainy season than the dry season. The highest was in Haridwar and lowest in Patna. During the dry season, Agra had the highest concentration. Microplastics are extremely small pieces of plastic debris in the environment resulting from the disposal and breakdown of consumer products and industrial waste. More here