FM begins work on rollout of Budget announcements
Finance Minister P Chidambaram has already started work on implementing Budget 2013-14 announcements, even before the proposals are approved by Parliament. Today, Chidambaram called a meeting of finance ministry officials to prepare a road map to implement the Budget proposals.
Chidambaram would soon visit Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and the National Capital Region of Delhi to ask companies to boost capital expenditure. He would also review the capital expenditure of public sector companies this financial year.
To woo foreign investors, he would visit the US, Japan, Canada and countries in west Asia. The Securities and Exchange Board of India (SEBI) would convene a meeting of foreign institutional investors to address their concerns.
(Sources: Economic Times, Indiatimes, Business Standard, Smart Investors, Hindu Business Line)
Chief economic adviser Raghuram Rajan says current account deficit biggest concern
Country's record-high current account deficit is a chief worry as it is increasing the dependence on foreign investments, the government's top economic adviser said on Tuesday, making the country vulnerable to a sudden stop and reversal in fund inflows.
The current account deficit widened to 4.6 % of GDP in the first six months ending September 2012 as export growth slowed more sharply than imports and is expected to be at its highest at around 5 % in 2012/13, more than 4.2 % in 2011/12.
While the government will have to boost exports to improve the current account balance, it needed to take steps in the interim, chief economic adviser Raghuram Rajan said.
(Sources: Economic Times, Indiatimes, Firstpost, IBNLive, Reuters India, the Hindu, Livemint)
Saudi business team looks at investment opportunities
A visiting business delegation from Saudi Arabia on Tuesday met chief minister N Kiran Kumar Reddy. The delegation is on a visit to pursue and promote two-way investments between India and their home country.
The chief minister has assured that the state government would extend all incentives and facilities to the Saudi industrialists who are looking at investment opportunities in Andhra Pradesh.
“Andhra Pradesh provides a sea of opportunities in areas such as petrochemicals, bulk drugs and pharmaceuticals, IT, biotechnology, mining for Saudi investors,” a statement quoted him as saying in the meeting.
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) vice chairman and managing director Jayesh Ranjan told the Saudi businessmen to look at investing in sectors like food processing, pharma, textiles and IT among others.
(Sources: Business Standard, Hindu Business Line, Smart Investors, Yahoo News, Indian Express)
Mahindra Reva to launch electric car e2o in March
Mahindra Reva, part of the Mahindra Group, today said it will launch its new generation electric vehicle, e2o in the middle of this month.
While the price of the electric car is yet to be announced, the company said e2o will use next generation Lithium Ion batteries and "will have a range of 100 kilometers on a full charge, which is suitable for most urban commuters today".
Commenting on the planned launch of the product on March 18, Mahindra & Mahindra President, (Automotive & Farm Equipment Sectors) Pawan Goenka said: "Electric vehicles today epitomize clean and green driving and Mahindra wants to take the lead in developing this segment and its surrounding eco system.
(Sources: Economic Times, Hindustan Times, Times of India, Indian Express, the Hindu, Business Today)
Exports from SEZs grow 35 pc to $ 64.53 billion in Apr-Dec 2012
Exports from special economic zones increased by over 35 % year-on-year to $ 64.53 billion during April-December 2012, the Export Promotion Council for EOUs and SEZs (EPCES) said today.
IT, IT-hardware, petroleum, engineering, leather and garments are the leading exports from the SEZs.
Exports from these zones totalled $ 47.53 billion in the April-December 2011, the council said.
As on December 2012, the 166 operational SEZs have attracted investments worth $ 43.69 billion and the sector has generated employment to 1, 020,000 persons, EPCES Chairman P C Nambiar said in a statement.
(Sources: Economic Times, Indiatimes, Exim News, Exporter, Daily India News)
High inflation prompting more gold buys, says RBI Governor D Subbarao
Reserve Bank of India Governor Duvvuri Subbarao expressed concern that high inflation was forcing people to indulge in buying gold rather than depositing funds with banks.
The government has announced several measures to discourage people from buying gold and prodding them to invest in financial instruments.
Deposits were up 11.2 % in the first 10 months of financial year 2012-13, compared with 11.5 % in the same period a year ago.
Subbarao was speaking at the convocation ceremony of a banking and finance institute in Pune.
The government on Monday said it is not considering any proposal to reduce import duty on gold in view of the impact it will have on the country's Current Account Deficit (CAD).
(Sources: Economic Times, Indiatimes, Business Standard, NDTV, Moneycontrol, India Everyday)
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