สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 30 มกราคม 2555
Centre, states move closer to consensus on GST design
Ending a long impasse, state governments on Tuesday accepted most of the major changes proposed in the design of the goods and services tax (GST).
The move will give a fresh fillip to the growing efforts to transition to a GST regime by 1 April 2014.
The second day of a meeting of the empowered committee of state finance ministers saw the state governments accept most of the suggestions made by a committee set up by finance minister P. Chidambaram to look into the design of the tax, in a move that will see big changes in the final architecture of GST.
On 28 January, the empowered committee gave its nod to the CST compensation formula put forward by the Centre, removing one major hurdle for GST.
GST aims to economically unify the country by removing all barriers for trade among states. With major issues around GST design and CST getting resolved, a political consensus could see GST being rolled out from 2014-15.
(Sources: Livemint, Hindu Business Line, India Everyday, Zeenews, IBNLive)
Power sector needs more financial incentives: Tata Power
Country's largest private power producer Tata Power today said that more financial incentives as well as speedy clearances for projects are needed to ensure double-digit growth for the domestic sector.
"The power sector has been in need of urgent attention and a number of issues need to be addressed in the Union Budget 2013-14 to let the power sector grow at 12 per cent every fiscal -- which is required to support a GDP growth of 7-8%," Tata Power Managing Director Anil Sardana said.
In a statement, Sardana said exempting power projects from service tax net and removal of import duty on equipment would help in bringing down costs.
(Sources: Business Standard, Moneycontrol, NDTV, India Everyday, the Hindu, Press Trust of India)
Budget 2013: Gems & jewellery industry seeks easy tax norms to boost diamond biz
Gems and jewellery industry has demanded reduction in gold import duty and imposition of simplified tax regime to boost diamond trade in the forthcoming budget.
"With the increasing import duties on gold and other raw material such as cut and polished diamonds, the industry has requested for eased tax norms given the already slowed down economy," the Gem and Jewellery Export Promotion Council said while sharing its Budget demands submitted to the government.
Recently, the government hiked import duty on gold to 6 % from 4 % to curb demand and check high current account deficit.
The gems and jewellery export industry employs 1.5 million people and out of 15 types of diamonds traded in the world, 14 get polished in the country.
(Sources: Economic Times, Indiatimes, Moneycontrol, Zeenews, IBNLive, India Everyday)
Reliance Infrastructure in race to build elevated rail corridor
Anil Ambani-led Reliance Infrastructure (RInfra) has joined the race to build the $4 billion Churchgate-Virar elevated corridor, the largest infrastructure project in the offering under the public-private-partnership (PPP) model.
The project will be offered under the design, build, finance, operate and transfer (DBFOT) model and will provide air-conditioned metro like experience to commuters.
The 63 km route will have a 43 km elevated section and 8 km underground section with 26 stations in-between. SYSTRA & RITES are the technical consultants for the project. The winning bidder is expected to complete the project in five years.
(Sources: Times of India, Moneycontrol, i4u, Rediff News, Hindu Business Line)
RBI rate cut too little to have any major positive impact on demand for auto sector
The key rate cut by RBI is too little to have any major positive impact on demand for automobiles but it is still a move in the right direction, according to the industry players.
"This is definitely a positive development and it is likely to send a positive signal in the market. Although it is very less, with the lowering of interest rates, consumers' sentiments will get a boost," Society of Indian Automobile Manufacturers (SIAM) President S Sandilya told PTI.
(Sources: Economic Times, Indiatimes, Zeenews, i4u, CNBC, Firstpost, Indian Express)
Gems & jewellery exports fall 17% in 2012
India’s gems and jewellery (G&J) exports declined 17.09 % in dollar terms and 4.65 % in rupee terms in 2012 amid stagnating demand in West Asian and European markets. The decline in dollar terms was partly set off by the depreciation in the rupee.
Gems and Jewellery Export Promotion Council (GJEPC) data showed that overall G&J exports fell to $38.3 billion in 2012, compared with $46.2 billion in the previous year. The rupee averaged at 53.49 against the dollar in 2012, compared with 46.68 in the previous year.
(Sources: Business Standard, Times of India, Indiatimes, Moneycontrol, GJEPC, Smart Investors)
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