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Trade policy balances rupee & inflation
TRAI favours mobile number portability by 2009
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Toyota to launch small car in India
Punjab allows free flow of gold
Industrial growth slows down to 8.6 pc
Pay Packets Fattening
Off-colour Mewat gets golden sheen
IDBI not to cut prime lending rate
Yes Bank eyes two pvt banks
Japan looking at
Delhi-Mumbai corridor
Temptation Foods’ expansion plans
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Trade policy balances rupee & inflation
New Delhi, April 11 To curb inflation and rein in prices of commodities like cement and primary steel, Nath has announced withdrawal of export incentives under promotional schemes on these two commodities Though India could not achieve the $200-billion mark in the exports market, Nath is optimistic of shifting this target to the next year.
The UPA government, which initiated the special economic zone (SEZ) program, said the exports from these areas are expected to touch Rs 1,25,000 crore during 2008-09, an increase of more than 86 per cent over the last fiscal. During 2007-08, he said exports from SEZs were projected at Rs 67,088 crore, a 200 per cent increase in two years. Pointing out the massive increase in exports and employment, the minister said: “Development of this nature reassures us of the validity of the basic policy relating to SEZs, notwithstanding the skepticism expressed by a few persons.” SEZs currently provide employment to more than 2.8 lakh persons, Nath said, adding, the incremental employment generated by these SEZs have shown an increase of over 150 per cent in the last three years. In wake of the rising rupee, the government had announced a reduced rate of interest to the exporters in various sectors and small and medium enterprises. The government has decided to continue to extend it for another year so that the rupee does not pinch exporters profits. There is also good news for exporters of fresh fruits, vegetables and floriculturists, who have suffered due to incidence of transport costs. The government has announced additional duty free credit scrip of 2.5 per cent over and above the existing available under the Vishesh Krishi aur Gram Udyog Yojana. A 100 per cent income tax benefit to export oriented units (EOUs) would continue for another year beyond March 31, 2009. The export by these units has crossed Rs 1,25,000 crore in 2007-08 contributing to one-fifth of the total exports. With a view to modernise factories and production thereof, the government under the Export Promotion Credit Guarantee (EPCG) scheme has reduced customs duty payable from 5 per cent to 3 per cent. In addition to this, export obligation under the EPCG shall also be eligible for incentives under promotional schemes. The policy has reduced average export obligations under EPCG for sectors that have witnessed decline in exports in the previous year. In order to encourage export of toys and sports goods, there is a 5 per cent additional credit now available. Moreover, enhanced duty credit of 2.5 per cent would be available for exports of high value-added manufactured products. The coverage of focused market scheme has been increased and additional 10 countries have been included. These are Mongolia, Bosnia-Herzegovina, Albania, Macedonia, Croatia, Honduras, Djibouti, Sudan, Ghana and Columbia.
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TRAI favours mobile number portability by 2009
New Delhi, April 11 The move is likely to push operators to provide quality services to retain their subscribers TRAI has forwarded the draft request for proposal (RFP) to the DoT for the selection of an operator which would be licenced for providing and operating mobile number portability solutions in the country. “The mobile number portability clearing house administrator should be licenced through a competitive bidding process," TRAI said. MNP is expected to lead to shifting of subscribers from one operator to other in large scale. The move has been opposed by the existing GSM operators who had demanded that the number portability should be implemented across the services mobile and fixed line both. — PTI
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Toyota to launch small car in India
New Delhi, April 11 Ending months of speculation over the second plant, Toyota, which runs the Indian operations through a joint venture with the Kirloskar group, has decided to set up the new plant at its existing location in Karnataka. “We have decided to build the second plant in Bangalore at the site of the existing facility with an investment of $350 million,” Toyota Kirloskar Motor (TKM) deputy managing director K.K Swamy said. The new plant will have a production capacity of 1,00,000 units and will become operational by 2010, he added. TKM has been scouting for a location for months and finally zeroed in on the existing location to drive synergies with the existing operations. “From this plant, we will roll out a strategic new small car, which is currently under development at our Japan R&D facility. The small will meet the broad needs of the Indian customers,” Swamy said. The new car, which will have high localisation level, is primarily aimed at the Indian market although some of it will be exported, he added. Asked about the pricing and positioning of the small car, he said it would not be at the ‘Nano’ range nor it would be too expensive. — PTI
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Punjab allows free flow of gold
Chandigarh, April 11 This will bring a lot of cheer to gold trade in the state, which has been at its worst over the past couple of months. With the traders now being allowed to bring gold freely, they expect a growth in business. Also, with correction in gold price, traders hope to reverse the negative growth in their business. Sources informed The Tribune that a delegation of jewellers from Amritsar, Jalandhar, Ludhiana, Patiala and Sunam held a meeting with Chief Minister Parkash Singh Badal today and apprised him on how gold trade in the state had come to a virtual standstill because of the legislation on declaring gold at the ICCs. Confirming the development, excise and taxation commissioner (Punjab) A.Venu Prasad, said though traders would not have to declare gold at the ICC, they have been asked to ensure tax compliance. Ever since the government made it compulsory to declare gold being brought in or taken out of the state, the sales have been hit hard. Because of security concerns, the traders were not ready to declare their gold and traders from other states had also stopped bringing the yellow metal to Punjab. Devinder Khanna, secretary, Punjab Sarafa Association, said as a result of the compulsory declaration, availability was down by over 40 per cent. “Punjab was the only state to have this regulation on gold trade and traders were restricting their supply. As a result, new designs of jewellery were not available to customers, who had to go to jewellers in Delhi and Mumbai. Jewellers in the state suffered huge losses,” he rued.
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Industrial growth slows down to 8.6 pc
New Delhi, April 11 Afflicted by a poor showing in the crucial manufacturing sector, the industrial growth, as measured by Index of Industrial Production (IIP), was 8.7 per cent during the first 11 months of the current fiscal, down from 11.2 per cent in the previous year. Coupled with a soaring inflation rate that touched a 40-month high at 7.41 per cent in the last week of 2007-08, the industrial performance was poorest in the consumer durable sector that recorded a negative 1 per cent growth during April-February period. The silver lining was that the sector swung back into positive, recording a 3.3 per cent growth in February, thus helping overcome the fear of a major slowdown in the economy. In fact, the consumer durables, which included auto, grew at much faster rate in February than 1.8 per cent a year ago. This might give the RBI some headroom to tighten money supply in its annual for combating the surging inflation. In February, manufacturing, which occupies the highest weight of around 80 per cent in IIP, grew at 8.6 per cent against 12 per cent a year ago. However, electricity generation grew by 9.8 per cent from a low of 3.3 per cent a year-ago. Mining output maintained growth rate of 7.5 per cent in February this year.
— PTI |
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AMCs offer new products
Shveta Pathak Tribune News Service
Ludhiana, April 11 Finding valuations, particularly in case of large cap companies, quite attractive, fund managers feel smart investors would not miss the opportunity and respond well to new fund offerings. Tax benefits announced in the Budget and recommendations of the sixth pay panel are acting as catalysts encouraging these companies to come out with new options for investors. “Market at current levels may not be attractive but for an investor there could be no better time than now as they can buy at rates that prevailed in 2004. The growth from this point would be faster and give more than expected returns,” said Deven Sangoi, head equity, ICICI Prudential Asset Management Company. Despite the current state, there is ample wealth available for investment and those observing the economy closely would view it as a new phase, he said, adding: “Tax benefits and pay panel recommendations would mean that people have more money for consumption and also investment. It is an opportunity which would generate positive response for new investment options." The company has come out with an open-ended equity fund that would invest in about 20 large cap companies with a view to attain "optimal diversity".
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Off-colour Mewat gets golden sheen
Mewat, April 11 Being set up at Rozkameo industrial area here, the facility is a joint venture of MMTC and PAMP of Switzerland. It is expected that this venture would help give necessary impetus to developmental activity. This is the first foreign investment in the area. "We expect this would attract more foreign as well as domestic players to set up their shops here," said deputy commissioner C.R Rana. A major factor behind this world-class facility is the significant increase in demand of the gold and silver coins vis-a-vis jewellery in the country. As per the report of the World Gold Council, the present demand for coins in the country is estimated to be 15 million pieces. The projected demand is to be more than 17 million in the next year, which may grow further. Unfortunately, the quality of gold content in gold coins and jewellery was never systematically assured in the country. BIS puts the meltdown purity to as low as 14 to 18 carat for a supposedly 22-carat gold content. Therefore, the facility addresses main concern of the buyers in terms of their genuineness and purity. The project will be implemented with an investment of around Rs 150 crore and sales of over Rs 1,600 crore in third year of its operations. The project is expected to generate employment for the skilled and semi-skilled categories besides serving as a growth catalyst in the region.
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IDBI not to cut prime lending rate
Mumbai, April 11 Last month, it had announced its decision to effect a 0.50 per cent downward revision, which it subsequently put on hold. Citing “prevailing market conditions”, IDBI had then said that it would review the situation in about two weeks time. “After seeing the latest inflation figure (7.41 per cent), we have decided not to reduce our BPLR. A cut in lending rates may not be prudent since the RBI might hike the cash reserve ratio (CCR) in its credit policy if inflation remains high,” IDBI’s chief financial officer R K Bansal said here today. The RBI is scheduled to announce its monetary policy for on April 29.
— PTI |
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Yes Bank eyes two pvt banks
Mumbai, April 11 “We have one or two banks on our radar...in 18-24-month time, we should be looking at this (a possible acquisition),” Yes Bank CMD Rana Kapoor said here. With bank valuations still at reasonable levels and not expected to increase in the medium-term, an acquisition would certainly be attractive, he said without giving the names of the two banks. Ruling out its acquisition by another bank, Yes Bank chief said: “(We feel) it would not be desirable to merge with other banks. We don’t want to lose our identity, direction and our vision by doing so.” While Kapoor remained tight-lipped, the banking industry grapevine feels Karnataka Bank, Karur Vysya Bank and Kerala-based Catholic Syrian Bank, Federal Bank and South Indian Bank could be potential acquisition targets.
— PTI |
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Japan looking at
Delhi-Mumbai corridor
New Delhi, April 11 Koji Omi will be calling on Prime Minister Manmohan Singh and will deliver a message from the Prime Minister of Japan inviting the Indian Prime Minister to visit Japan in October as chief guest at the annual conference of science and technology in society forum to be held in Kyoto. Kumar told the visiting dignitary that there was a complete convergence of interests between India and Japan and a comprehensive partnership between the two countries would contribute to Asian prosperity and global stability. |
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Temptation Foods’ expansion plans
Mumbai, April 11
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Punj Lloyd bags orders Festival of gold Kingfisher expands network Web portal for filing IT returns World’s cheapest laptop
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