สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 7 มิถุนายน 2556

P.Chidambaram hints banks likely to stop gold coin sales to curb demand:

A day after raising the import duty on gold to 8 per cent, the second increase in six months, Finance Minister P Chidambaram Thursday indicated that banks could impose restrictions on selling gold coins. The RBI has so far only put restrictions on banks from selling gold coins to those planning to use it for bullion trade or speculation. But sources said the minister was articulating a plan that is in the works. The World Gold Council’s India managing director Somasundaram P R said that the nature of demand at the retail level was such that restricting supply would not be effective, and would likely to lead to non-transparent price premiums in the market.

(Source: The Financial Express)

FinMin asks public sector banks to not sell gold coins:

To curb the demand for gold, the finance ministry has asked public sector banks not to sell gold coins to customers. At a meeting this morning, Finance Minister P Chidambaram, with other finance ministry officials, conveyed this to senior managements of public sector banks. The Reserve Bank of India (RBI) has taken a number of steps to cut gold imports. It has advised banks not to sell gold coins aggressively. Recently, however, RBI Governor D Subbarao had clarified the central bank hadn’t asked banks to stop selling gold completely. Earlier, RBI had tightened gold import norms by imposing restrictions on banks and nominated agencies such as premier and star trading houses. It had said these entities could only import gold on a consignment basis to meet the genuine needs of gold jewellery exporters.

(Source: Business Standard)

Ask customers not to buy gold, but invest in financial assets: FM to banks

Finance Minister P Chidambaram has asked banks to advise their customers not to buy gold but to invest in financial assets that will encourage economic growth, arguing that surging imports of the yellow metal are unsustainable. On Wednesday, the government had raised import duty on gold to 8% from 6%, the second such hike within six months.

(Source: The Economic Times)

US lawmakers express concern over Indian economic policies:

US lawmakers and some top business organisations of the country have alleged that the "restrictive" and "protectionist" policies of India is hampering bilateral trade, an issue said to be of deep concern for the Obama administration. Mike Froman, National Deputy Security Advisor on economic policies to US President Barack Obama said that  compulsory licensing, patent issues, preferential market access, localisation as some of the issues of concerns, as a number of influential Senators alleged that the recent Indian policies have been detrimental to the India-US relationship.

(Source: Business Standard)

Govt clarifies: Mandatory for multi-brand retail hopefuls to create greenfield back-end infra :

Foreign retailers keen to enter the Indian multi-brand retail sector will have to create new back-end infrastructure and put in 50 per cent investment in greenfield assets to comply with the foreign investment policy on retail. The government on Thursday clarified that investments in existing back-end infrastructure or acquiring supply chain would not be counted towards the investment requirement.

However, clarifications including sourcing restriction among ‘group companies’, and requirement of 50 per cent investment in back-end within three years of first FDI tranche are still being considered by the government. The clarification, experts say, will most likely send the retailers “back to their drawing boards for reworking their strategy”. Further, the companies would also not be allowed to supply the back-end services to franchisees run by its partners. The retailers, however, will be able to set up such infrastructure in even in the states, which have not allowed the multi-brand retail in their jurisdiction,

(Source: The Financial Express)

Economic Section

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