Nice start, but not enough for India Inc in reform drive
India Inc. demanded simpler tax rules, faster project approvals and tougher rules on corruption at the World Economic Forum (WEF) on Thursday, as companies challenged the government to push for deeper economic fixes than a handful of recent reforms.
India's GDP growth in the current fiscal year that ends in March 2013 is expected to be the worst for a decade, with many corporates blaming a lack of action from a government hamstrung by graft allegations and a lack of political clout.
Hundreds of big ticket infrastructure projects have been hit by delays, hurting investor sentiment. The government has pledged to roll out a National Investment Board (NIB) to speed up implementation, but the initiative has hit opposition.
(Sources: Reuters India, Economic Times, Indiatimes, Business Standard, i4u)
India can achieve 8.2% growth in 12th Plan, says ADB
India can achieve 8.2 % growth rate in the 12th Five Year Plan (2012-17) as envisaged by the Planning Commission, provided steps were taken to address issues like inflation and fiscal consolidation, said an Asian Development Bank (ADB) official.
The Manila-based ADB has recently lowered its projection for India's economic growth for the current fiscal at 5.6 % from 7 % earlier.
The average annual growth rate in the 11th Plan (2007-12) has been estimated at 7.9 %.
(Sources: Economic Times, Indiatimes, Times of India, Business Standard, i4u)
India set to join talks for world’s largest trade bloc
India is set to join talks for creating the world's largest trade bloc, the Regional Comprehensive Economic Partnership or RCEP, comprising Asean members and three manufacturing giants — China, Japan and South Korea — after a committee headed by Prime Minister Manmohan Singh endorsed the move.
The 16 members who will launch talks in Phnom Penh later this month account for over a quarter of the world economy.
(Sources: Economic Times, Indiatimes, Times of India, Worldnews, i4u)
WEF: Big FDI proposals including Ikea to be okayed soon, says Anand Sharma
The government will soon clear the proposal of Swedish home furnishing major IKEA, which has sought approval to invest $ 1.93 billion to set up single- brand retail stores in the country, Commerce and Industry Minister Anand Sharma said at the World Economic Forum on India here.
The IKEA Group, which manufactures and sells home and office furnishing products, proposes to invest in single-brand retail trading in India through a 100 % subsidiary and open 25 stores over a period of time.
This would be the largest investment in the single-brand retailing ever since the government has allowed foreign investment in this sector in January.
(Sources: Economic Times, Indiatimes, India today, i4u, IBNLive, Zeenews)
Gujarat top state with economic freedom: Report
Gujarat is India’s top state in terms of economic freedom, concluded a report titled 'Economic Freedom Rankings of the States of India 2012', which was released on Thursday.
The aim of this report is to measure the level of economic freedom within India. Twenty states of India were included in the study for which data was available. It has been able to establish a strong empirical relationship between economic freedom and prosperity, growth, and improvements in the whole range of indicators of human well being.
The economic freedom Index is based on the three parameters -- size of the government, legal structure and security of property rights, and regulation of business and labour.
(Sources: Business Standard, Zeenews, IBNLive, Worldnews, Moneycontrol, i4u)
Jewellery traders aim $45-50 billion exports this fiscal
After witnessing a decline in exports in the first six months of the fiscal, gems and jewellery traders are now pinning hopes on the festive season for increased business and are targeting exports of about USD 45-50 billion this fiscal.
During 2011-12, gems and jewellery exports aggregated at USD 43 billion. Gems and jewellery constitute 17 % of India's total exports, and employs 1.5 million people.
The major markets for the country's gems and jewellery include Europe, the US, the UAE and Hong Kong.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Zeenews, i4u)
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