สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 30 ธันวาคม 2556

Govt may delay exporters' duty refunds to maximise revenue, control fiscal deficit

With the finance ministry being relentless about keeping tax revenues on course so that the fiscal deficit is contained at budgeted levels, exporters could be the next to feel the pinch after oil marketing and fertiliser companies. Exporters are unlikely to get any more duty refunds for the rest of the year as field officials look to maximise revenues in the remaining three months of FY14. Finance Minister P Chidambaram will meet chief commissioners handling both direct and indirect taxes on January 6 to take stock of mopup. Chidambaram's message to chief commissioners when he meets them is expected to focus on energising collections in the last few months. With global rating agencies keeping a close watch on India, any slip-up will cost the country dear, not something the government may want to explain in the months leading up the general election. Any hitch in duty refunds would, however, be bad news for Indian exporters.

(Source: Economic Times)

India needs FTAs, can't have wall around itself: Sharma

Defending the policy of inking FTAs with different countries, Commerce and Industry Minister Anand Sharma has said India needs to connect and integrate with the world and can't have a "wall around" itself. He said that India's share in the global trade is low and to enhance the overall economic growth, the country has to increase its share by boosting exports. The minister said several countries are integrating with each other to enhance trade and investments between them. When it comes to trade agreements, there is always a balance and then there is an inbuilt review mechanism. India's share in global trade is still very low. It is little over 2 per cent. India has so far implemented FTAs with countries like Singapore, Korea, Japan, Malaysia and Asean. The country is negotiating similar pacts with several nations include Australia, Canada, European Union and New Zealand.

(Source: Business Standard)

CSR rules to be finalised by January first week: Sachin Pilot

Moving ahead with implementation of the new companies law, government will soon begin notifying detailed rules for its various provisions, beginning with the much-awaited CSR (Corporate Social Responsibility) norms in first week of January. Replacing the nearly six-decade old regulations for corporates, the new Companies Act makes it mandatory for certain class of profitable enterprises to spend money on social welfare activities and such expenses are estimated to total about Rs 15,000-20,000 crore (2417037774.16 USD approx)  a year. The rule-making process for Companies Act, 2013, saw extensive public consultations and the exercise is now nearing completion, while CSR regulations would be among the first to get a detailed set of rules. Companies having net worth of at least Rs 500 crore (80567925.81 USD) or having minimum turnover of Rs 500 crore or those with at least net profit of Rs 5 crore (805679.26 USD) have to make CSR spend.

(Source: Economic Times)

Rupee might rise again

The rupee is likely to move with an appreciation bias this week as dollar demand is seen limited due to the holiday season for the New Year. Government bond yields are seen range bound amid thin trades. The rupee ended at 61.85 on Friday compared with its previous close of 62.16. The rupee had appreciated on Friday due to dollar flows from corporates. But during intra-day trades it had also breached the 62 to the dollar mark. The currency dealers also added that the Reserve Bank of India (RBI) will ensure that the rupee do not weaken significantly against the dollar. Meanwhile, government bond yields are seen range bound this week.

(Source: Business Standard)

Economic Section

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