The Hindu Review Daily Gk Update : 29th March 2019
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♦ Revenue growth to halve in Q4 on commodity slump: Crisil
- India Inc’s. revenue growth is likely to halve in the fourth quarter due to slump in commodity prices but fall in input costs will shore up profitability of end-user industries, according to Crisil Research.
- Crisil expects on-year corporate revenue growth for the current quarter to print at 8-9%, down sharply from the average of 16.5% in the previous three quarters.
- The plunge would be led by key commodities such as steel products, aluminium, natural gas and petrochemicals, which have softened significantly, impacting realisations.
- The forecast is based on CRISIL Research’s analysis of 354 companies, which account for 67% of the market capitalisation of the National Stock Exchange, excluding banking, financial services and insurance (BFSI) and oil sectors.
♦ GAIL sells U.S. LNG cargo to Europe
- Full storage tanks of liquified natural gas (LNG) in India have prompted Gail India to sell a U.S. cargo bound for the Asia nation to northwest Europe, industry sources said on Wednesday.
- The sale of a cargo already on the water is the latest example of an oversupplied LNG market that has resulted in Asian spot LNG prices falling to an almost three-year low of around $4.30 per million British thermal units (mmBtu) this week.
♦ Singapore airport named world’s best, New Delhi’s IGI up 8 notches at 59th
- Singapore’s Changi Airport has been crowned the world’s best aviation hub for the seventh time in a row, while New Delhi’s Indira Gandhi International (IGI) Airport featured at number 59, according to the Skytrax World Airport Awards.
- The list has been compiled by the UK-based Skytrax, a consultancy firm which runs an airline and airport review and ranking site, featuring 100 airports, CNN reported.
- The prestigious accolade was awarded at the Passenger Terminal Expo 2019 in London on Wednesday. The Skytrax World Airport Awards are voted for by customers in a global airport customer satisfaction survey.
- To be voted the World’s Best Airport for the seventh consecutive year is a truly fabulous achievement for Changi Airport, and this award continues to underline the airport’s popularity with international air travellers,” Edward Plaisted, CEO of Skytrax said.
♦ CBDT raises alarm as direct tax collection stands at Rs 10.21 trillion
- With four days remaining before the current financial year ends, the Central Board of Direct Taxes (CBDT) has sent a strongly worded letter to senior income-tax officials, warning them of an “alarming situation”.
- As of Tuesday, direct tax collection was Rs 10.29 trillion, which is 12.5 percent up compared to the same period a year ago. The revised Budget target for 2018-19 is Rs 12 trillion.
- “Progress based on the online tax accounting system (to calculate dues with interest) has been reviewed and only 85.1 per cent has been collected as of March 23,” goes the letter dated March 26 to principal chief commissioners of income tax.
- The CBDT said: “A head-wise analysis of regulator assessment tax (recovery from arrears and current demand) indicated a worsening trend of negative growth in regular collection at minus 6.9 per cent, as against a minus 5.2 per cent in mid-March.”
♦ Narendra Modi announces success of Mission Shakti, India’s anti-satellite missile capability
- Prime Minister Narendra Modi on Wednesday announced that India had demonstrated anti-satellite missile capability by shooting down a live satellite, describing it as a rare achievement that puts the country in an exclusive club of space super powers.
- “In the journey of every nation there are moments that bring utmost pride and have a historic impact on generations to come. One such moment is today,” he said in an unprecedented broadcast to the nation on television, radio and social media.
- “India has successfully tested the Anti-Satellite (A-SAT) Missile. Congratulations to everyone on the success of #MissionShakti,” the prime minister tweeted later.
- He said the action was not directed against any country and the satellite was a pre-determined target orbiting at an altitude of 300 km.
- The prime minister did not say who owned the satellite but added that India does not breach any international laws or treaties.
♦ India’s space research spending triples to Rs 11,538 crore
- The spending on space research as a proportion of total government spending topped at 0.46 per cent in 2018-19 (FY19). While it was close to this figure a decade ago at about 0.41 per cent of total spending, it had reduced to 0.3-0.34 per cent in between, data presented in the Union Budgets show.
- Under the current government, it has gradually risen from 0.35 per cent in 2014-15 to 0.46 per cent in 2018-19.In absolute terms, India’s spending on space research almost tripled from Rs 4,163 crore in 2009-10 to Rs 11,538 crore in 2018-19, going through a trough in between.
♦ Shivendra Singh set to be appointed as assistant coach of men’s hockey team
- The new chief coach Graham Reid’s tenure will be till 2020, extendable till 2022 World Cup depending upon his performance.
- Former India centre forward Shivendra Singh is set to be appointed assistant coach of the national men’s hockey team and will start working with the side next month.
- A livewire during his playing days, Shivendra will exclusively work with the strikers and form an integral part of the Indian coaching staff set to be headed by Australian Graham Reid.
- Reid’s appointment is just a formality now after Hockey India and Sports Authority of India recommended his name to the Sports Ministry earlier this week.
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