Daily Economic News - 9 May 2014
EU envoy defends Alphonso mangoes ban, dubs it as more political issue
The 28-member EU had slapped a temporary ban on imports of Alphonso variety and four vegetables from the country on May 1, sparking protests from the government and traders. EU member Britain imports nearly 16 million mangoes from the country and the market for the fruits is worth nearly 6 million pounds a year.
The European Union defended the ban it has imposed on Alphonso mangoes but said it was open to reviewing the decision if all issues related to quality control are addressed even as it dubbed the controversy over its move fallout of electoral politics".
(Source: The Financial Express)
FM pitches for more investments to attain higher growth
Finance Minister P, Chidambaram, on Thursday, made a strong case for encouraging foreign and domestic investment to boost growth, and said public sector undertakings (PSUs) alone were expected to pump in Rs.1.33 lakh crore in the current financial year. The capital requirement of banks in 2014-15 was estimated at Rs.45, 528 crore, as against Rs.14, 000 crore in the previous financial year.
Mr. Chidambaram said foreign direct investment inflows in 2013-14 would exceed $27 billion. The inflows were $26.95 billion in 2012-13 and as per the latest estimate; it was $26.9 billion during April-February.
(Source: The Hindu)
El Niño may impact growth by 1.75%: Assocham
About five per cent deficit rains due to possible El Niño factor could have a bearing on economic growth by 1.75 per cent in the 2014-15 financial year, affecting hundreds of thousands of unskilled jobs, an Assocham report said. Highlighting the 12-point strategy submitted to the government to contain the drought-like situation, Assocham said the government must expand the farm insurance cover and advise financial institutions to settle crop insurance claims in drought-hit areas without delay.
(Source: Business Standard)
India's ranking improves among high-risk nations: Analysis
India remains a high-risk country and is rated 18 on the places most risky to do business in according to the Conflict and Political Violence Index for 2014 compiled by London-based risk analytics firm Maplecroft. But this is an improvement from ninth place on the political violence front among 197 countries in 2011, when it was categorised as an "extreme risk" nation.
China's ranking on the index for instance has risen five places in just six months, owing to a major spurt in fatalities due to terrorist attacks perpetrated by Uighur separatists.
(Source: The Economic Times)
Retrospective tax law damaged India's reputation most: European Union
Expressing confidence that the new government will spur the growth and investment in the country, European Union today said nothing damaged India's reputation more than the retrospective tax legislation (now deferred for two years).
(Source: The Economic Times)
Thaiindianet. Team
9 May 2014
