สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 10 ตุลาคม 2556

India may see revival in jewellery exports: Trade secretary S. R. Rao

Jewellery exports from India are likely to revive going ahead, Trade Secretary S.R. Rao said on Wednesday, adding government curbs on imports of non-essential items have been effective.  India, the biggest buyer of bullion, has been trying to boost exports of jewellery and limit imports of gold -- its biggest non-essential import -- after the trade deficit surged to a record in the last fiscal year. India shipped out $2.68 billion worth of gold jewellery in value terms from April to August, down 59.4 percent on the year ago period, the Gems and Jewellery Export Promotion Council (GJEPC), a trade body, said on Sept. 24.The trade ministry is expected to announce financial incentives for jewellery exporters by end-October, Rao said on Sept. 27.

(Source: Economic Times)

Customs duty rise on 8 telecom items mulled

To boost local manufacturing, the government is planning to increase the Customs duty on eight telecom products, mainly network equipment, required for broadband and wireless services. According to reports of a recent discussion of an inter-ministerial panel, the duty was likely to be 17.5 per cent. It had proposed the duty be 10-12 per cent. Most such equipment are imported. During the past few months, the government has been discussing a proposal to make it mandatory for telecom companies to buy a percentage of their requirement of such products from local manufacturers. The Department of Telecommunications (DoT) had raised concerns, considering the zero-duty promise made at the World Trade Organization. During a recent discussion, the DoT had noted that the proposal to impose Customs duty could have negative implications, and there were possibilities that tariffs would increase for consumers. The Department of Revenue had also objected to the proposal saying the government should take legal advice on what the implications (from the WTO angle) could be.

(Source: Business Standard)

No police clearance for tourist visas from October 15

Come October 15, police clearance certificates (PCCs) will not be issued to Indians proceeding abroad on tourist visa. The decision by the Ministry of External Affairs(MEA) was made in order to stop gullible people from falling prey to the designs of agents. "In view of instances like agents cheating workers and emigration authorities detaining thousands of people for overstaying in foreign countries after the expiry of tourist visa, the MEA has decided to implement a few rules and regulations in issuance of PCCs," regional passport officer (RPO), K Srikar Reddy, said while briefing the media at the Begumpet passport seva kendra (PSK) on Wednesday. The MEA has identified 17 emigration clearance required (ECR) countries, including the United Arab Emirates (UAE), the Kingdom of Saudi Arabia (KSA), Qatar, Oman, Kuwait, Bahrain, Malaysia, Libya, Jordan, Yemen, Sudan, Afghanistan, Indonesia, Syria, Lebanon, Thailand and Iraq. The MEA has also prescribed a few documents to be produced by skilled/semi-skilled, unskilled, and women workers for issuance of PCCs, he said. For skilled/semi-skilled workers, the applicant has to produce an employment contract from a foreign employer and insurance policy under the Pravasi Bharatiya Bima Yojana (PBBY) in order to get a PCC. For unskilled/women workers, the applicant has to produce documents like employment contract duly attested by the Indian mission or a permission letter from the concerned embassy of India or Consulate General of India, and insurance policy under PBBY, Srikar Reddy said. "The new decision would be implemented countrywide, but the MEA has particularly asked us to implement it strictly in Andhra Pradesh as a large number of people go abroad seeking jobs," he added.

(Source: Financial Express)

India garners support for Nalanda University at East Asia Summit

Lending support for India's ambitious Nalanda University project, six countries on Thursday began the process of signing inter-government agreements to pledge their commitment for this academic institution. Addressing the East Asia Summit here, where these MoUs are being signed, Prime Minister Manmohan Singh also expressed his gratitude to the countries supporting the project. The countries which are signing these MoUs here include Australia, Cambodia, Singapore, Brunei, New Zealand and Lao PDR. These agreements are key to India's plans to establish Nalanda University as an institution of international repute. Prime Minister had arrived here yesterday to participate in the ASEAN-India Summit and the East Asia Summit (EAS), which is a forum for cooperation between various countries of this region with ASEAN and includes Australia, China, India, Japan, Republic of Korea, New Zealand, Russia and the US, in addition to the ten ASEAN (Association of South East Asian Nations) countries.  The 10 ASEAN nations are Brunei, Combodia, Indonesia, Malaysia, Myanmar, Laos, Philippines, Singapore, Thailand and Vietnam. According to sources, China has already committed $ one million for the project, Singapore has pledged $ 5-6 million, Australia about $ one million Australia dollar and all these funds have been committed on voluntary basis.

(Source: Economic Times)

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