Italian foreign minister Giulio Maria Terzi di Sant’Agata will be on an official visit to India from 28-29 February and that this will be the “first high-level visit from Italy since the new government (of Prime Minister Mario Monti) was formed in Italy in November 2011. In 2010-11, bilateral trade reached €7.21 billion.
(Source: Livemint, Hindustan Times)
Frette enters India, eyes $20 million revenue in 3 yrs
Leading Italian luxury linen brand Frette has entered into the Indian market with the opening of its first store in Mumbai and is eyeing revenue of USD 20 million from here in three years. The Milan-based company has entered through a franchise route. Frette has launched its select range of bed linens, baby wear, bags and perfumes, and plans to have an India-dedicated range.
(Source: Economic Times, Hindustan Times)
Indo-Pakistan bilateral trade may touch $10 bn by 2015: PHD chamber
According to PHD Chamber of Commerce and Industry, bilateral commerce between India and Pakistan may touch USD 10 billion by 2015, if trade and investment barriers are removed. In 2010-11, the bilateral trade between the two countries stood at USD 2.7 billion, with the trade balance heavily in the favour of India. India's top export items to Pakistan include sugar, cotton, man-made filaments and chemicals, while its imports comprise mineral fuels and organic chemicals
(Source: Economic Times, Hindu Business Line)
CII asks Finance Minister not to hike excise tax
Industry body CII yesterday asked Finance Minister Pranab Mukherjee to retain the current rates of excise and service tax in the Budget to boost investments.
Finance Minister Pranab Mukherjee will present the Budget for 2012-13 fiscal on March 16. The industry chamber has recommended continuation of 10 per cent standard rate of excise duty in the next financial year.
According to CII, the government's plan to attract an average annual investment of USD 200 billion over the 12th Five-Year Plan starting next fiscal requires many bold initiatives, especially as 50 per cent of the investment is to come from the private sector.
It has also recommended that depreciation rates be raised for plant and machinery from 15 per cent to 30 per cent, at least for a period of two years to encourage more capital investment.