Feb. 9 - India’s domestic economic growth is forecast to reach 7.2 percent for 2009-10, against the 6.7 percent recorded a year ago, according to advance gross domestic product estimates released by the Central Statistical Organization (CSO).
As per forecast estimates, per capita income is set to rise to US$945 from US$864 in 2008-09, an increase of nine percent. Farm output is expected to contract by 0.2 percent while maintain moderate growth. Moreover, the manufacturing is estimated to grow by strong 8.9 percent. Read the rest of this entry »
Feb. 9 - India’s Finance Ministry is considering a rate of 16 percent for the proposed Goods and Services Tax (GST) for both Center and states combined on companies and traders with annual turnover of US$21,609 and above.
The new tax will help simplify goods production by setting one tax structure instead of India’s current multiple tax structure. The GST will only be levied once at the point of supply thus decreasing costs for consumers. Read the rest of this entry »
Jan. 12 - India has approved road projects worth a total of US$ 1.36 billion to upgrade highways in five states.
The projects cover the six-laning of 435 kilometers in Rajasthan, Maharashtra and Gujarat and the four/six laning of 122.87 kilometer stretch on Maharashtra-Goa and Goa-Karnataka border. Read the rest of this entry »
Dec. 17 - Italian Minister for Economic Development said it would consider creating preferred shipping routes exclusively for Indian trade.
A collaboration agreement is in the works to link the ports of Venice with Mumbai and Genoa with Chennai with the aim of making Italy the gateway for Indian products bound for the European and Mediterranean market. Read the rest of this entry »
Dec. 15 - India’s apparel exports declined by 17 percent in October as it lost market share to China, Vietnam and Bangladesh due to the higher cost of fabrics in the local market.
Indian apparel exports reach US$603 million in October with exporters complaining of higher cotton prices that has inevitably hiked the cost of yarn, reports Press Trust of India. Read the rest of this entry »
Dec. 7 - The European arm of India-based Tata Steel will in part shutdown its Teesside Cast Products (TCP) plant by the end of January leading to 1,700 job losses.
Corus’ decision to slash jobs came after its international slab buyers canceled a 10-year contract to buy almost 80 percent of the plant’s production.
Italian steel company Marcegaglia, South Korea’s Dongkuk Steel Mill Co., Duferco Participations Holding and Alvory suddenly canceled their signed contracts in April as the global economic crisis depressed steel demand says The Wall Street Journal. Read the rest of this entry »
Nov. 26 - The Indian government is planning to establish a national expressway authority to oversee the construction of expressways Kamal Nath, the minister for road transport and highways, said at the International Construction Equipment and Construction Technology Fair in Bangalore.
Mr. Nath said the establishment of the authority would require approval of legislation by Parliament, and would facilitate the building of expressways running for 17,000 kilometers in the next few years. The speed of implementation of the project “would depend on the extent of cooperation offered by state governments.” Read the rest of this entry »
Nov. 25 - Prime Minister Manmohan Singh said that India is willing to consider a free trade pact with the United States similar to the one it already has with Association of Southeast Asian Nations (ASEAN).
“I don’t mind exploring the possibility for a free trade agreement with the United States,” Mr. Singh said during a meeting with the Council on Foreign Relations during his first four-day state visit to the United States. Read the rest of this entry »
Nov. 24 - India has signed agreements on traditional knowledge, intellectual property and investment promotion with the United States during Prime Minister Manmohan Singh’s first official state visit to the country.
One of the first agreements signed is a Traditional Knowledge Digital Library (TDKL) Access between the Council of Scientific & Industrial Research (CSIR) and U.S. Patent and Trademark Office (USPTO ) reports Zee News. Another agreement involves a deal between India’s Controller General of Patents, Designs and Trade Marks and the U.S. Patent and Trademark Office, U.S. Department of Commerce. Read the rest of this entry »
Nov. 23 - The Indian government is deliberating whether to expand the current coverage of its tax refund scheme to include export industries that have been severely affected by the global slowdown.
This could help alleviate hard hit export manufacturers like gold jewelery, glass art ware and handicrafts and to help them maintain competitiveness.
A government official told The Economic Times that the government will also not lower the existing tax credit rates until the sectors show improvement. As part of its stimulus plans, the government has already lowered excise duties for products and decreased service tax by 2 percent. Read the rest of this entry »
