สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 3 มิถุนายน 2556

UPA coordination meeting today to get a fix on issues
New Delhi: UPA will hold a coordination meeting on Monday as it attempts to find a way out of the impasse over key legislations on food security and land acquisition. Congress wants to have its allies on board before approaching the Opposition, which did not let Parliament function in the second half of the budget session.

On Sunday, just a day before the meeting, BJP leader Sushma Swaraj said Parliament's monsoon session, which is due in July, should be advanced to pass the bill. "There are media reports that the government is considering the option of an ordinance or to convene a special session of Parliament. The ordinance route for such an important legislation is not desirable.
(Source: The Economic Times)

China, India, Pakistan boost nuclear arsenals: Study
Stockholm: Three of the world's nuclear powers -- China, India and Pakistan -- have increased their nuclear arsenals over the past year, the Stockholm International Peace Research Institute said Monday. China now has 250 nuclear warheads against 240 in 2012; Pakistan has increased its warheads by about 10 to between 100 and 120; and India has also added roughly 10 for a total of 90 to 110, SIPRI (Stockholm International Peace Research Institute) said in its annual report.
(Source: The Economic Times)

Working hard to ensure ties with India strengthened: Australian Prime Minister Julia Gillard
Melbourne: Australian Prime Minister Julia Gillard has said she is working very hard to ensure bilateral ties with India are strengthened, as her government was making efforts to help Indian migrants settle in the country.

"I can certainly tell the Indian community that we are investing in settlement services and monitor work with community members as they settle into Australia," Gillard told reporters here yesterday.

"I can also say to the Indian community that as Prime Minister I work very hard to make sure that our relationship with India is strengthened," she said, admitting that Australia's refusal to sell uranium to India was a blockage in their bilateral relationship.

"I have cleared that out of the way. So I'm incredibly optimistic about the relationship between our two countries," Gillard said, adding, "And also about the prospects for the Indian community members who come to settle in Australia."

Gillard made the comments at a Labor party supporters' meeting held here which was organised by Indian and other South Asian communities. Gillard said her government was investing heavily on settlement services for new migrants and have also invested heavily on low social houses to help people with accommodations.
(Source: The Economic Times)

Buy into India on market correction
Foreign fund-flows into India is likely to continue until August, but may slow down subsequently as impending national polls would add political uncertainty to the list of concerns of fund managers. Between January and May, FIIs have invested around $15 billion. "There is large money splashing around on the sidelines and investors are ready to pay a premium for good companies with strong fundamentals and earnings visibility," says Avinash Gupta, managing director and head of institutional equity sales at Bank of America Merrill Lynch. The bank had recently hosted three investor conferences in the US, the UK and Singapore for its clients. "The advice for global investors is to buy India on any market correction," (Source: The Economic Times)

Finance Minister asks I-T (Income Tax Department) to avoid raids
With the corporate sector, especially multinational firms, flagging off concerns over an aggressive tax department, Finance Minister P Chidambaram has asked officials to tread cautiously while chasing tax evaders and avoid raids as long as possible.

Chidambaram, who has assured foreign investors of a stable and non-adversarial tax regime during his road shows, has asked the income-tax department to focus on building a tax case by gathering information from third-party sources, instead of a raid, and then confront tax evaders with that information.
(Source: Business Standard)

RBI to give new licensees more time to set up banks
The Reserve Bank of India (RBI) seems likely to allow new banking licensees more time to set up banks. The earlier guidelines said aspirants would get a year after in-principle approval to do so, failing which the licences were to be withdrawn.

The banking regulator would announce a consolidated clarification on the new licence norms tomorrow. Sources said the central bank had got a little over 400 queries from aspirants after the final guidelines were announced. Instead of responding to each individually, RBI decided to do so at one go.
(Source: Business Standard)

FY13 inbound shipments tad up on higher petro, edible oil imports
India's imports marginally rose by 0.3 per cent to $491 billion in 2012-13 from $489.3 bn the previous year, driven by petroleum products and edible oils, along with still elevated demand of gold.

Imports of petroleum, oil and lubricants rose nine per cent to $169.3 bn in 2012-13 from $155 bn a year before. Oil and gold imports accounted for 45 per cent of the total bill. Gold imports fell five per cent to $53.8 bn in 2012-13 from $56.5 bn a year before, the data showed. This is why imports still rose, though moderately, although six of the 10 leading items (those leading to forex outgo of at least $10 bn) contracted in 2012-13 year-on-year.

Imports of edible oils, however, saw the steepest rise by 16 per cent to $11.2 bn from $9.7 bn in 2011-12, crossing the $10 bn mark for the first time. India imports around 60 per cent of its requirements, mainly from Indonesia and Malaysia.Another farm item, organic chemicals (mainly fertiliser), rose by eight per cent to $14.4 bn this year from $13.3 bn in 2011-12.

Metal scrap moved up 12 per cent to $15 bn from $13.4 bn the previous year. This is a positive sign, as these are mainly imported to meet the requirements of small scale industries. The rise in imports was arrested by fall in six other big items — gold, electronic goods, machinery barring electric and electronic goods, pearls and expensive stones, coal and transport equipment.
(Source: Business Standard)

Govt raises import tariff value of gold to $459/10 gram
Keeping in view the volatile price trend in the global bullion market, the government has raised the import tariff value of gold to $459 per 10 gram, while it has been slashed at $737 per kg for silver imports. Tariff value is the base price on which the customs duty is determined to prevent under-invoicing. Last month, the tariff value of gold was at $440 per 10 gram and silver at $761 per kg. The notification in this regard was issued by the Central Board of Excise and Customs.
The government has raised the import tariff value of gold as global prices have steadily been going up. On May 31, gold prices in Singapore rose to a two-week high of $1421 per ounce but the metal prices fell later to close at $1388.30. However, silver prices declined by 2.24% to $22.27 per ounce last week.
(Source: The Financial Express)

Economic Section
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