Sunday, February 3, 2008
Economy-News
| Household spending on the rise, finds NSSO The 62nd NSSO survey on household expenditure for 2005-06 has highlighted improvement in monthly per capita consumption expenditure (MCPE) for both rural (Rs 625) and urban (Rs 1,171) households. Bengal leads Q3 investment chart State Beats Orissa, Maharashtra With Investment Proposals Worth Rs 1,27,302 Crore . Don’t push for premature deal, India tells WTO India has cautioned the World Trade Organisation (WTO) that any attempt to push for a deal in the ongoing Doha round of trade talks by holding a ministerial meeting without groundwork could prove to be counter-productive. Vidarbha faces looming fertiliser crisis Agricultural districts in Maharashtra, which have been the mainstay of largescale foodgrain supplies to retail majors such as Reliance Fresh and the Aditya Birla group’s More outlets, are these days caught in a different problem that could impact their supplies - shortage of fertilisers. Food subsidy bill for 2007-08 set to inch up The RE for 2007-08 on food subsidy would include dues of about Rs 3,000 crore in estimated annual average budgetary provisions to square up these dues to the FCI. Fertiliser pricing needs rationalisation A regime of uniform pricing of all fertilisers will probably ensure that the farmer buys the fertiliser/s which his crop actually needs rather than the cheapest (the most subsidised) fertiliser. EGoM to take up SEZ land cap issue today The ambitious plans of the three multi-product special economic zones (SEZs) - DLF’s Gurgaon project, Reliance’s Jhajjar project and the Mumbai SEZ also promoted by the Reliance group - to expand beyond the current ceiling of 5,000 hectares will be taken up by the empowered group of ministers (EGoM) at its meeting on Monday. Money market faces crunch The government’s unspent revenue kept in its account with the Reserve Bank of India (RBI) has crossed Rs 50,000 crore. 'W Bengal can boost trade relations with ASEAN countries' Pranab Mukherjee says since the state is strategically located and shares international boundaries with three countries in south Asia, it could expedite industrial and trade ties with them. Total revenue in Haryana grows to Rs 19,186 cr Total revenue in Haryana has grown to Rs 19,186 cr so far this fiscal, higher than the Rs 17,952 crore in the corresponding period. Rs 97.75 cr for development of 195 villages Haryana Government will spend an amount of Rs 97.75 crore for the development of 195 villages of the state. 'Recession hit US economy; remedial measures needed' India has to take remedial measures to avoid the adverse impact of the recession hit Amercian economy. Total revenue in Haryana grows to Rs 19,186 crore Economic development in Haryana has led to increase in state's total revenue generation to Rs 19,186 crore. APEDA to open market facilitation centres in Japan Agricultural and Processed Food Products Export Development Authority is planning to open market facilitation centres for floriculture in Japan and the Middle East. Pak to export raw cotton to India: Report Pakistan will export 3,000 bales of raw cotton to India after a gap of 16 years. FM will have to resort to tightrope walk in the Budget: FICCI FM P Chidambaram will have to do a balancing act in the face of growing pressure from the Left parties for an overall increase in taxes while providing the much-needed stimulus in the Union Budget to push economic growth. Continue land acquisition: ICC urges West Bengal Government The Indian Chamber of Commerce has urged the West Bengal government not to back out from land acquisition for new industrial units in the state. From wines to nuclear: Indo-French S&T ties cover wide gamut the wine industry to the nuclear sector, India and France signed up a series of pacts to enhance ties in science and technology during the recent visit of President Nicolas Sarkozy. Prices of some essential food items gone up to 82%: ASSOCHAM Prices of some essential food items have gone up as high as 82 per cent in the last five years despite government's attempt to contain inflation, industry chamber ASSOCHAM said. ADB's focus in India is on transport, energy Multilateral lending agency Asian Development Bank's focus in Indian will be on the transport and energy sectors during the next three years (2008-10). India-EU trade has potential to touch $572 bn by 2015: FICCI The India-EU FTA is likely to be fully implemented by 2015 by when India's trade in goods with the bloc could be around $251 billion. Shaping India's growth story Tax mop-up from MNCs to cross Rs 15K cr mark Tax collection from MNCs operating in India is set to cross Rs 15K cr mark by the end of the fiscal, 25% more than the projected figure. Weekend platter I ULIP: Tax saver Market meltdown may dash tax payers' hopes Bear phase on stock mkts may lead to a slowdown in tax collection, which, in turn, may dash tax relief hopes of millions of payers. Weekend platter I ULIP: Tax saver Madhya Pradesh sanction Rs 29 cr for modernising jails Madhya Pradesh government has sanctioned Rs 29.53 crore for completing the works under Union government's perspective plan for modernising jails. Govt plans equity funding, other schemes for SMEs SME units are also being encouraged to go for ISO certification, with 15000 units already having gone for the certification. Fund managers on monetary policy Andhra Pradesh budget to be tabled on February 16 The budget session of Andhra Pradesh legislature will begin on Feb 11 while the state budget will be tabled on Feb 16. Chhattisgarh spends over Rs 1400 crore on rural employment Chhattisgarh govt spent $378 mn on the National Rural Employment Guarantee Scheme in 2006-07 and 2007-08. ICAR sanctions CIFT project of Rs 9 cr The Central Institute of Fisheries Technology (CIFT) has been sanctioned the prestigious National Agricultural Innovation Project of the ICAR with an outlay of Rs 9.71 crore. 'Paddy field conversion poses grave threat' Posing a grave threat to the environment and food security, about 41,000 hectares of paddy field in Kerala have been converted into cash crop gardens or real estate in the last two years. Benefit of growth should reach the poor: Chidambaram During the last three years, the economy had moved to a high growth trajectory as the average growth touched 8.5 per cent. UNDP selects Orissa's Ganjam district for PPCP Orissa's Ganjam is among four districts in the country selected by the United Nations Development Programme (UNDP) for implementation of public private community partnership (PPCP) from this year. FM likely to rewrite FBT norms FM may rewrite FBT norms to provide relief to companies, in a move to arrest slowdown in production of FMCG. Tricks to build your business online Smart way to unlock value in India’s rural economy Indian markets have been internationally linked through trade as evidenced from history and the visitors to the country. Time to bring rich agriculturists within income, wealth tax net Agricultural income is totally exempt from tax for umpteen years. Strangely enough, no voices are raised regarding its taxation. Weather-based insurance has a lot to weather despite push Finance minister P Chidambaram dubbed it a “more promising risk mitigation scheme,” during his 2007 Budget speech but the weather-based insurance scheme. FM may need to go the whole hog to spur demand Way back in the mid-nineties, finance minister P Chidambaram had an option to introduce a single rate of excise duty for all goods. Foreign credit info cos may look at India entry after FDI nod The decision to allow foreign investment in credit information companies could not have come at a better time. Inflation rises to 3.93% Wholesale price inflation shot up to a five-month high of 3.93 % for the week ended January 19 due to a further increase in the price of food items and industrial fuels, official data revealed on Friday. Re takes toll, export growth slows to 16% The steadily rising rupee has contained India’s export growth to 16% in December 2007 to $12.3 billion. Incubation business set to hit growth highway: ISBA Business incubation in the country is poised for a strong growth with both government and private sectors seeing good prospects in promoting ideas that have robust commercial potential. Providence eyes stake in media, entertainment companies As part of its India strategy, Providence Equity Partners is looking to pick 10-15% stake in companies for a minimum investment of $50 million (Rs 200 crore). Govt proposes minimum 25% public stake in listed firms A proposal from the finance ministry said powers of the stock exchanges to relax listing conditions needed to be withdrawn. Day in Pics | Airplane decorum Government borrowing from RBI nil as of Jan 25 Short-term borrowings by the Indian federal government from the RBI were nil as of Jan. 25, the central bank said in its weekly statistical supplement on Friday. Government to sell 35 bn rupees of T-bills on Feb 6 The Reserve Bank of India said on Friday it will auction 20 billion rupees of 91-day treasury bills on Feb. 6, including 15 billion rupees under the market stabilisation scheme (MSS). Tax GDP ratio to touch 11.2% this fiscal: FM Finance Minister P Chidambaram on Friday said that Central tax to GDP ratio is estimated to have increased to 11.8 per cent in 2007-08 as per budget estimates, providing additional resources to the Centre for social expenditure and achieve fiscal consolidation. India to unveil bio-fuel policy in March 2008 The Indian government will come out with a policy on bio-fuels by the first week of March, Minister for New and Renewable Energy Vilas Muttemwar said here Friday. Rupee up and Gold price hits new high Exports up 16% in Dec'07; meagre 2% growth Exports grew by a healthy 16.04% in December 2007 in dollar terms but managed a paltry improvement of 2.54% in rupee terms, impacted by a strong domestic currency against the US dollar. PM unveils $ 1.75 bn for Arunachal Pradesh PM Manmohan Singh unveils a $1.75 billion development package for the northeastern state of Arunachal Pradesh. December exports up 16 pc y/y to $12.3 bn India's exports rose 16% in December to $12.3 billion, a slower rate of annual expansion than in the previous month. ADB, other donors to give Bangladesh $190 mn as cyclone relief ADB and other aid agencies will give Bangladesh $190 mn in loans to assist in recovery from cyclone last year. Oil below $91 on weak US data, recession worries Oil fell below $91 a barrel on Friday, ahead of an OPEC meeting later in the day, as a fresh set of weak U.S. economic data. Annual inflation at 3.93% on Jan 19 India's wholesale price index rose 3.93 percent in the 12 months to Jan. 19, higher than the previous week's rise of 3.83 percent, government data showed on Friday. DIPP builds excise relief for cement companies The Budget may bring much-awaited relief to cement manufacturers in the form of a 35% abatement on excise duty and waiver of import duty on coal and pet coke, key inputs in the making of cement. Economy to grow 9% on investment boom Buoyed by revision in growth estimates for 2006-07, finance minister P Chidambaram on Thursday exuded confidence that the country would grow close to 9% this fiscal on the back of an investment boom. 'PE deals set to abate in 2008' Industry players also insighted that 2008 would see niche alternate sectors such as real estate and healthcare being invested into by PEs. Credit crisis may hit fund-raising Most corporates have postponed their decisions to access the loan and bond markets overseas as spreads have widened by around 40 basis points for the best-rated corporates. Meghalaya seeks flexible schemes for jhum cultivation Meghalaya additional chief secretary WMS Paraiat has requested the Centre and state governments to be more flexible in framing schemes to control the problem of ‘jhum cultivation’ or shifting cultivation. Govt revises Air services agreement with Oman India and Oman on Thursday revised their bilateral air services agreements, allowing addition of 11,550 seats per week in each direction. West Bengal plans Hardware IT park in PPP model After scripting success in software industry, West Bengal has turned its gaze now on hardware as it plans to set up a hardware IT park at Rajarhat in public-private partnership. Shivraj Patil asks industry to invest in research and development Union Home Minister Shivraj Patil on Thursday asked industry bodies to invest in the "important area" of research and development and work together with the government for the technological advancement of the country. India's fiscal deficit falls in Dec to $19.7 bn Analysts say the government was well set to meet its annual fiscal deficit target of 3.3% of GDP for the year to March 2008. Shaping India's growth story Rupee flat on exporter dollar sales but Gold rises after Fed rate cut The rupee ended almost flat on Thursday, largely ignoring a hefty U.S. rate cut, as exporters sold dollars while outflows relating to a recent share offering largely checked gains. Rural Indian spends less than Rs 21 a day: NSSO While an average Urban citizen spends just about Rs 39 a day, the expenses on cereals, milk, beverages, vegetables and refreshment etc account for about Rs 16 compared to just over Rs 11 spent on food by rural India. `Kerala ready for joint seepage water measurement system' The Kerala government was not against setting up a joint monitoring mechanism with Tamil Nadu at the Mullaperiyar dam site to measure seepage of water till a new dam was constructed, Water Resources Minister N K Premachandran said on Thursday. Oil prices may remain volatile: UAE Concerned that the world oil prices may stay volatile due to the current state of international economy, UAE Minister of Energy Mohammed bin Dhaen Al Hamli has said OPEC will take necessary measures to keep prices stable. Government confident of 9% economic growth Finance Minister P Chidambaram exudes confidence that the growth during the current fiscal would be close to 9 per cent. GDP records impressive growth of 9.6 per cent in 2006-07 The impressive showing was also reflected in improvement in per capital income, which increased to Rs 29,642 from Rs 25,956. Shaping India's growth story Global economy faces high risks: Moody's The central zone of uncertainty is evidently the US, where the impact of the liquidity and credit crisis on the economic outlook remains unclear. Crucial year of business 'US slowdown may trigger more active monetary policies' Chidambaram expects only minor secondary effects from the US slowdown, but it could be re-assessed if there is a full-blown crisis. Shaping India's growth story Oil falls by more than $1 in Asia World oil prices fell more than a dollar in Asia on Thursday despite a fresh US interest rate cut and after OPEC hinted it will not raise output. Govt raises FDI limit in 7 sectors The government on Wednesday announced further liberalisation of foreign direct investment (FDI) in seven key economic sectors. Expat CEOs in India India lays groundwork for SAARC free trade The Centre has initiated a process to address the concerns of SAARC member countries on non-trade barriers to enable early take-off of free trade within the region. Oil prices rise on Fed rate cut hopes Oil prices rose despite predictions of rising U.S. oil supplies, with traders focusing on expectations the Federal Reserve will cut interest rates later Wednesday and OPEC will not raise its output this week. ADB to grant $1 mn for NPS The Asian Development Bank (ADB) will provide a grant for the New Pension Scheme (NPS) through its Japan Special Fund by giving $1 million for the project. Imports under reward schemes to undergo stringent scrutiny The finance ministry wants imports under Focus Market Scheme, Focus Product Scheme and Vishesh Krishi Upaj Yojana to pass through stringent scrutiny. Sovereign fund may boost India's wealth The finance ministry is planning to set up a committee to examine the pros and cons of an Indian sovereign wealth fund. Punjab to implement revival package for cooperatives The Punjab government has signed an MoU with the Union government and NABARD to implement the revival package for short-term cooperatives in the state. Govt to continue Project Tiger in 11th Plan; allots Rs 600 cr The government on Wednesday decided to continue with a central scheme called 'Project Tiger' during the current 11th Plan and okayed an estimated Rs 600 crore for the purpose. Time to stop messing around in WTO talks - Oxfam The United States and European Union need to shift their negotiating positions and not just their rhetoric to give hope to a new global free trade deal, the head of Oxfam International said on Wednesday. Govt puts Daimler commercial vehicle JV on hold Govt has deferred approval to a proposal by German vehicle maker Daimler for a joint venture to make and sell commercial vehicles, a statement said on Wednesday. NABARD earmarks Rs 8,944 crore credit plans for Orissa NABARD has earmarked Rs 8,944 crore credit plans for Orissa during 2008-09 as against the previous year's plan of Rs 7,732.59 crore, official source said on Wednesday. India expects to add $100 bn to forex reserve in FY'08 Govt said it expects to add $100 bn to the forex reserves in the current financial year. Overall, forex reserves stands at $284.8 bn. Plan a basket of debt instruments Government approves merger of IDA with basic pay for CPSE staff Government on Wednesday decided to merge 50 per cent industrial dearness allowance with the basic pay of employees of profit-making central public sector enterprises, raising their allowances and retirement benefits. India should focus on rural connectivity: Pitroda The challenge before the country is to enhance rural connectivity and using evolving technologies for application in the field of education by facilitiating distance learning and creating virtual classrooms, according to National Knowledge Commission Chairman Sam Pitroda. 'Coffee exports likely to fall by 20%' Exports in the first four months of coffee year (October- January) have already fallen by 7.79 per cent at 59,443 tons against 64,467 tons in the same period last year. Govt relaxes FDI norms; opens commodity exchanges, MROs The amended policy allows 100% FDI in maintenance, repair and overhauling (MRO) facilities for aircraft as also aviation training units. How to choose an MF? | Day in Pics Govt to infuse Rs 900 crore in RRBs Government on Wednesday decided to strengthen 27 Regional Rural Banks spread across 15 states by infusing fresh capital amounting to about Rs 900 crore. Private equity funding to touch $48 bn by 2010: Assocham An Assocham report states that realty sector is predicted to be the best beneficiary of private equity landscape in India. Analysts' picks: Spicejet, L and T, Exide Exporters just won't give up rate cut hope Continued firmness of Re has already eroded the profits of exporters and they hope RBI to reduce India-US interest rate gap. Gainers 'n' Losers| How to choose an MF? Oil prices above $92 in Asian trade Oil prices climbed higher in Asian trade today ahead of an expected fresh cut in US interest rates, dealers said. Easier FDI norms likely for industrial parks Govt is ready to exempt FDI in industrial parks from conditionalities like minimum capitalisation and lock-in period of 3 years. 10 ways to become a business mentor OPEC set to resist pressure for more oil The Organisation of Petroleum Exporting Countries (OPEC) is widely expected to resist consumer calls for more oil when it meets on Friday, worried by a slowing US economy and the onset of seasonally lower demand in the spring. Reddy begs to differ from rest The Reserve Bank of India (RBI) left all policy rates unchanged at its quarterly review of the Credit Policy. Economy to grow at 8.5% despite inflation worries The Reserve Bank of India (RBI) expects the economy to grow at 8.5% this year despite expressing concerns on inflation. RBI's decision has spooked real estate cos The Reserve Bank of India’s (RBI) decision not to cut interest rates has spooked real estate companies facing the brunt of a housing industry slowdown caused by the high cost of mortgage financing. Loans may get cheaper as banks hint at rate review The Reserve Bank of India’s decision on Tuesday to maintain status quo in key rates notwithstanding, some nationalised bank, much to the cheer of borrowers, have not totally ruled out any cut in interest rates. FM calls it a 'stand-still' policy, defends Reddy P Chidambaram justified RBI’s move to hold policy rates in its quarterly monetary review on Tuesday. Reddy speaks out Forget naysayers, the RBI Governor is gung-ho about keeping the growth engine in top shape. US economy is the major concern for RBI One major concern of Reserve Bank of India is that of the US dollar going into a free-fall on the back of a possible recession in the US economy. |
posted by ctsasikumar at 7:58 PM
