สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 7 ตุลาคม 2556

Gold imports may pick up, touch 725 tonnes in FY'14: GJF

India’s gold import, which is at a "standstill" now, is expected to pick up and may touch 725 tonnes this fiscal, a top industry body has said. "The gold import is presently at a standstill, but it may pick up in the next three months till December to 150 tonnes and we expect total imports to touch 725 tonnes in FY'14," said All India Gems & Jewellery Trade Federation (GJF) chairman Haresh Soni. The country imported 354 tonnes of gold in April-September 2013, of which 118 tonnes came in April, 162 tonnes in May, 31 tonnes in June, 41 tonnes in July, 2 tonnes in August and nil in September, Soni said. The country's total yellow metal consumption is around 900 tonnes a year, of which 600 tonnes goes into manufacturing and 300 tonnes into investments. Gold imports into India, the world's biggest buyer of the metal, virtually stopped after a July 22 RBI circular which tied domestic consumption to exports. The new rule stipulates that 20 per cent of imports must be turned around for exports, most of which are in the form of jewellery.

(Source: Economic Times)

Govt mulls easing FDI rules for construction development

In a bid to bring foreign money to the cash-strapped realty sector, the department of industrial policy and promotion (DIPP) has moved a Cabinet note seeking relaxation of riders on foreign direct investment (FDI) in the construction development sector. The move comes after FDI in real estate dropped 57 per cent year-on-year in 2012-13. At present, 100 per cent FDI is permitted through the automatic route in the sector, which includes townships, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level built-up infrastructure. DIPP has also sought to reduce to 20,000 sq mt  the minimum carpet area in class-I cities with a population of more than 100,000 against the requirement of 50,000 sq mt built-up area at present. The built-up area is sought to be replaced with carpet area, as the latter can be objectively measured.

(Source: Business Standard)

India intends to extend on arrival visa for 40 countries

India intends to extend visa on arrival facility to tourists from 40 more countries, including the US, the UK, Canada, Brazil, Australia, the UAE and Saudi Arabia, a move which will make the country a more tourist friendly destination and promote foreign exchange earnings. The Planning Commission has called a high-level meeting of different ministries and National Security Advisor on Monday to deliberate on the feasibility of the move. Planning Minister Rajeev Shukla told that we will have called a meeting on October 7 to discuss the possibility of extending tourist visa for 40 more countries as this could help in garnering more foreign exchange and containing the current account deficit. The other countries for which this facility can be extended include Germany, France, Italy, Swedan, the Netherlands, Switzerland, Spain, Belgium, Austria, Denmark, Poland, Norway, Ireland, Portugal, Russia, South Africa, Turkey, Israel, Mauritius, Czech Republic, Oman, Argentina and Kazakhstan. Under the visa on arrival system, India has agreement with different countries, including Japan, Finland, Singapore, Indonesia, Luxembourg, New Zealand, Cambodia, Vietnam, Philippines, Laos and Myanmar.

(Source: Economic Times)

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