Delhi may become first state to have global retail chains Walmart, Tesco stores
Delhi may soon become the first city in the country to have global retail chains like Walmart and Tesco, with the city government all set bring a bill in the Winter session of assembly beginning Tuesday to remove hurdles in ensure "effective" implementation of FDI in multi-brand retail.
The city government will bring an amendment to the Agricultural Produce Marketing Committee (APMC) Act for facilitating direct purchase of produce from farmers by multi-national retailers.
The amendment to the existing legislation will allow direct connectivity between retailers and farmers.
(Sources: Economic Times, Indiatimes, IBNLive, Press Trust of India, Hindu Business Line)
Indian economy may beat expectations in 2013: Goldman Sachs
India's GDP may exceed all expectations next year as there are signs that policymakers might spring up positive surprises, Goldman Sachs has said.
Reserve Bank Governor D Subbarao last week said he is expecting inflation to trend down starting the fourth quarter (of the fiscal year ending March 31, 2013).
The country's gross domestic product (GDP) was 5.5 % in the April-June quarter of 2012-13 fiscal. It was 6.7 % in the July-September period of the previous fiscal.
India had been growing around 8-9 % before the global financial meltdown of 2008. The growth rate in 2011-12 slipped to 9-year low of 6.5 %.
(Sources: Economic Times, Times of India, Business Standard, Financial Express, NDTV)
Cheaper spares to benefit Toyota, Honda, Nissan, Ford as import tariffs from Asean to fall by 50%
The new year is expected to give automobile industry some respite, as import tariffs for critical components imported from the Asean block, India's largest trading partner, are slated to halve from January, thus cushioning the impact of incessantly rising costs of auto components.
Carmakers such as Toyota, Honda, Suzuki, Ford and Nissan are likely to be the key beneficiaries when the lower tariffs kick-in. The lower tariffs will cover major components such as brakes, gears, airbags, fuel tanks, suspension system, steering systems and seat belts. The tax will be halved to 5% from January onwards, from the existing 10%. The tax would finally be eliminated when total exemptions under the Indo-Asean free trade agreement (FTA) for these critical parts take effect in December 2013.
(Sources: Economic Times, Indiatimes, EXIM News, i4u, Zeenews, IBNLive)
FDI in telecom sector plunges to $43 million in April-September FY'13
FDI as a source of funding has shrunk to a trickle for the once lucrative telecom sector with foreign investment inflows plunging to $43 million in the April-September period of the current fiscal.
FDI in the telecom sector, which includes radio paging, cellular mobile, basic telephone services, attracted $1.9 billion in April-September 2011, according to the latest data of the Department of Industrial Policy and Promotion (DIPP).
Sectors that attracted sizeable FDI inflows during the first six months of this fiscal include services ($3.04 billion), metallurgical ($685 million), construction ($644 million) and automobile ($635 million).
For the April-September period, India received maximum FDI from Mauritius ($6.25 billion), Japan ($1.32 billion), Singapore ($1.12 billion) the Netherlands ($968 million) and the UK ($592 million).
(Sources: Economic Times, Indiatimes, Moneycontrol, Financial Express, Business Standard)
India's seed industry to grow by 53% by 2015: Assocham
The country's seed industry is expected to grow by 53 % to $ 1.95 billion by 2015 on increased demand for high-yielding varieties to ensure food security, according to industry body Assocham.
Awareness about high-yielding varieties among farmers and public private partnership (PPP) with a strong regulatory framework and collaborative research would be key measures to ensure smooth growth of the seed industry, it said.
Stating that the domestic seed market has been growing at a compounded annual growth rate of about 15 %, Assocham said its analysis showed the country has the potential to increase total seed production to 63 million quintals by 2015 from the current level of 40 million quintals.
The leading commercial seeds producing states in India include Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal.
(Sources: Economic Times, Indiatimes, All India Radio, Agriculture Industry Today, IBNLive)
MoU signed companies generate 27,690 jobs
Steel companies that have entered into memorandum of understanding (MoU) with the Odisha government have generated direct employment for 27,690 people.
Of this 19,304 jobs have gone to persons within the state with the balance 8,386 jobs going to the outsiders, steel & mines minister Rajani Kant Singh informed the state assembly.
The employment generation has been mostly driven by 30 steel units in small & medium scale that have gone into partial or full scale production while big ticket projects struggle to procure land for their mega projects.
Besides Essar Steel, Jindal Steel & Power, Bhushan Steel and Jindal Stainless, none of the mega steel players has made any substantial impact on employment front.
(Sources: Business Standard, i4u, Times of India, Zeenews, IBNLive, Moneycontrol)
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