India still hot investment hub: Deloitte
India remains an attractive investment destination, even as taxation uncertainties pose a challenge, according to global consultancy Deloitte.
“While India continues to be an attractive investment destination, the dynamic Indian tax framework creates some apprehensions in the investors’ perception about the approach on the tax issues related to transactions in India,” said a survey of investors, spread across various segments, conducted by Deloitte.
About 80 % of the participants indicated there should be rationalisation in India’s corporate tax rates in the range of 20 to 30 %. The survey focused on five key factors —intermediate holding company, permanent establishment, foreign tax credit, GAAR and tax litigation.
(Sources: Business Standard, Economic Times, Indiatimes, Times of India, India Everyday)
Shrimp aquaculture production to increase five-fold
The shrimp aquaculture production and revenue is expected to increase by five-fold, with the inauguration of new expansion of Aquatic Quarantine Facility in Chennai.
According to Department of Animal Husbandry Dairying and Fisheries, Ministry of Agriculture, Seafood exports recorded an all time high figure of around $3508.45 million, an increase of around 29% in Rupee terms and around 23% in dollar terms.
Shrimp accounted for around 50% of the value of seafood exports, an all time high of $1740 million foreign exchange earnings.
The increase in shrimp export was achieved mainly by surge in production from aquaculture mainly contributed by the native shrimp species, the black tiger shrimp.
The Ministry of Agriculture added the increased production of vannamei shrimp was one of the major reasons for setting the new high benchmark in seafood exports.
(Sources: Business Standard, Worldnews, IBNLive, Zeenews, NDTV, Moneycontrol)
India Ratings projects stable outlook for auto sector
Projecting a stable outlook for the domestic auto sector this year, ratings agency India Ratings today said it expects a muted growth in both passenger and commercial vehicles segments due to structural weaknesses and over-capacity among other factors.
The volume growth in the passenger vehicles is estimated to be around 8-9 % which will be largely driven by the utility vehicles, which are expected to clock a growth of 30-35 % in the year, India Ratings said.
The cars and vans are likely to clock lower growth rates of around 2-3 % and 0.5-1.5 % respectively; it said adding volume growth in UVs is likely to be significantly lower than that in 2012 due to an expected increase in diesel prices during the year.
(Sources: Economic Times, Indiatimes, Indian Express, Business Today, i4u)
India ranks low on tackling economic, environmental risk: WEF
India ranks lowest among the world's major economies for its preparedness to tackle global environmental risks and second-lowest for economic risks, while Switzerland is on the top, a report said today.
The rankings of the 10 major economic of the world -- Brazil, China, Germany, India, Italy, Japan, Switzerland, Russia, the UK and the US -- are based on a Global Risks Perception Survey of over 1,000 experts from across the world.
Surveys were conducted across a total of 139 countries. Taking into account the scores of all the countries, India was ranked 38th in terms of its risk management effectiveness and 32nd for its resilience to global risks. Singapore was ranked on top in both these surveys.
Among the top-five global risks in terms of likelihood, severe income disparity is followed by chronic fiscal imbalances, rising greenhouse emissions, water supply crises and mismanagement of ageing population.
(Sources: Financial Express, Indian Express, India Everyday, Daily India News, i4u, T9news)
Toughening biz environment major challenge, says Ratan Tata
Ratan Tata, who has just stepped down as Tata group's head, has said that the biggest challenge for the $100 billion conglomerate's new Chairman Cyrus Mistry will be the country's business environment that is going to be tougher and more complex than the crisis of 1991.
Tata, who stepped down as head of the Tata group on December 28 after 21 years at its helm, was replying to a query about the biggest challenge for his successor. Mistry has taken over from him as Chairman of Tata Sons, the holding company of salt-to-software conglomerate Tata group.
(Sources: Economic Times, Indiatimes, Hindu Business Line, Hindustan Times, i4u, India Everyday)
BMW maintains lead in luxury car market
Last year, German car maker BMW maintained its lead in the Indian luxury car market, even as competitor Audi from the Volkswagen Group narrowed the gap. BMW sold 9,375 units in India in 2012, topping the list of luxury car makers for the fourth consecutive year.
In the same period, Audi sold 9,003 units. Compared with its sales of 5,511 units in 2011, Audi’s sales jumped 63 %. The company has set a target of overtaking BMW in luxury car sales in India by 2015. Since the beginning of 2013, the three luxury car makers — BMW, Audi and Mercedes-Benz — have raised prices in the range of one to five per cent.
(Sources: Business Standard, Business Today, IBNLive, NDTV, i4u, News BCC, T9news)
Government determined to turn setbacks into opportunity: PM Manmohan Singh
Prime Minister Manmohan Singh on Tuesday said the government was determined to turn any setback into an opportunity to improve legal and regulatory frameworks in the context of a "surge of expectation" from an increasingly empowered and articulate public.
Singh's remarks apparently come against the backdrop of the nationwide outcry and outrage over various issues, including corruption and the recent Delhi gangrape incident.
Singh said the government was "determined to turn any setback into an opportunity to improve legal and regulatory frameworks."
(Sources: Economic Times, Business World, Daily Pioneer, Hindustan Times, Indian Express)
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